To protect yourself from expensive cancer treatments, high-coverage cancer insurance is essential. We compare the top three plans to find out which one best suits your needs.
Treatments are an expensive but necessary part of recovery if you are diagnosed with cancer. This is where cancer insurance specifically geared towards cancer-related finances can help protect you and your family from high medical costs.
But what cancer insurance is up to the task when the chips are down? We compare the top three cancer insurance policies out there and find out which one has what it takes to protect you and your loved ones.
MSIG vs. FWD vs. Tiq
| Cancer insurance plans | Main advantages |
| MSIG CancerCare Plus | Major Cancer Base Benefit: $ 100,000 Insured Amount Up to 50 percent of the Early Cancer Base Benefit. Automatic renewal up to 84 years. Up to USD 50,000 payout for early-stage cancer. Can buy the insurance plan online; immediate issue of the policy. Three health declarations to be insured |
| FWD cancer insurance | Maximum Coverage: up to $ 200,000 100 percent payout for all cancer stages, including early stages. Death grants: up to $ 5,000 if cancer is determined to be the cause of death. Free second opinion from FWD medical partners |
| Tiq cancer insurance | Cancer Benefit: $ 50,000, $ 100,000, or $ 200,000. Death benefit: up to $ 5,000. Automatic renewal up to 85 years. 100 percent payment for all cancer stages, including early stages 6 percent no damage discount if no claims were made in the previous contract period |
What these cancer insurance companies have in common
When you look at all three plans, it’s clear that a 100 percent cash-safe payout on a cancer diagnosis is a common trait across the board. These amount insured options vary, however, with FWD and Tiq Cancer Insurance guaranteeing the highest amount insured (up to $ 200,000) while MSIG only offers a fixed amount insured of $ 100,000.
The payment for early cancer detection is also a common feature of these insurances. This is good news considering that this is usually not part of a standard critical illness plan. By taking out cancer insurance, you close a potential coverage gap here.
More importantly, early cancer treatment also increases your chances of survival and should never be overlooked when purchasing cancer insurance.
ALSO READ: 7 Best-Benefits Cancer Insurances That Fit You
How these cancer policies differ
1. Cancer benefit
| MSIG CancerCare Plus | FWD cancer insurance | Tiq cancer insurance |
| $ 100,000 (fixed) | $ 50,000, $ 100,000, or $ 200,000 | $ 50,000, $ 100,000, or $ 200,000 |
Now, if you take a quick look at the table above, you will find that MSIG is much more limited on cancer benefits payout with a maximum of $ 100,000. This amount is also set which can be a problem for you if you are looking for more flexible coverage.
Its competitors, on the other hand, are at the top with twice the amount of a maximum of 200,000 US dollars. Both FWD and Tiq offer two other options that are $ 50,000 and $ 100,000.
2. Payout for early-stage cancer
| MSIG CancerCare Plus | FWD cancer insurance | Tiq cancer insurance |
| Up to 50 percent of the sum insured | Up to 100 percent of the sum insured | Up to 100 percent of the sum insured |
Early-stage cancer diagnosis is also covered by all three plans, with Tiq and FWD in the lead with 100 percent of the sum insured. MSIG only offers up to 50 percent coverage (or $ 50,000) for early-stage cancer diagnosis.
On the plus side, the remaining 50 percent will happen if you are ever diagnosed with a later stage cancer.
3. Death grants
| MSIG CancerCare Plus | FWD cancer insurance | Tiq cancer insurance |
| Not available | Up to $ 5,000 | Up to $ 5,000 |
We have come a long way in terms of medical advancement, but the cold harsh truth is cancer remains one of the leading causes of death. If you want to maximize your cancer insurance plan, death benefit is another benefit worth looking at.
This payout is important as it could help reduce the financial burden on your family in the event you develop cancer.
If death grants are high on your priority list, you’ll be delighted to learn that FWD and Tiq are offering payouts of up to $ 5,000. MSIG leaves that out here as there is no death benefit.
ALSO READ: Critical Illness vs. Cancer Insurance: A Critical Comparison
4. Benefits and savings
| MSIG CancerCare Plus | FWD cancer insurance | Tiq cancer insurance |
| Automatic annual renewal up to the age of 84. Three health declarations for insurance cover | Get a free second opinion A health declaration to be insured; no health examination required | Automatic annual extension up to the age of 8 56 percent no damage discount if no claims have been received in the previous contract period |
This is where the comparisons get interesting as each plan is tailored to different needs. If you’re more prone to straightforward auto-renewals (which remain in effect even after an early diagnosis claim), MSIG is worth a look. There are bonus points here as insurance coverage is relatively simple and only three health declarations are required.
If you like the idea of a free second opinion with a medical partner of the insurer, you have come to the right place with FWD. Here, the coverage claim is even easier, as only a health declaration is required at the beginning.
However, if saving remains an irresistible perk, Tiq is your best bet here, as the plan offers a neat 6 percent annual discount upon renewal if no claims were made in the previous year.
Conclusion: which cancer insurance stands out from the rest?
From a utility point of view, it’s fair to say that TIQ and FWD are pretty much head to head. But hey, don’t count on MSIG just yet – the premiums are affordable, starting at just $ 53.50 * per year given the relatively high insured sum of $ 100,000.
If you are a high risk patient having cancer in the family, your best bet is to go for the most rounded option of AKA FWD Cancer Insurance.
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This high coverage plan may also be a better option if you are the sole breadwinner of the family, as the payout is higher and you can last longer – even if your income stalls while you recover.
However, if you’re the average Joe primarily out to cover his base (and you already have serious illness coverage in your back pocket), it may be more advisable to go for the Tiq cancer insurance plan through the FWD Take advantage of the no-claims discount and save money on your premiums.
* Premium amount applies to men aged 20 to 29 years
Protected by SDIC up to the specified limits.
Note: This is product information only. You can seek advice from a qualified advisor before purchasing the product. If you decide not to seek advice from a qualified advisor, you should check whether the product is right for you. Buying an insurance product that is not right for you could affect your ability to fund your future healthcare needs.
If, after purchasing the policy, you decide that the policy is unsuitable, you can cancel the policy in accordance with the free-look provision, if any, and the insurer can reclaim from you any costs incurred by the insurer Signature of the policy.
This article was first published on SingSaver.com.sg.
