Cancer Insurance Comparison: MSIG vs FWD vs Tiq

To protect against pricey cancer treatments, a high coverage cancer insurance is key. We compare the top three plans to see which best serves your needs.

Undergoing treatments is an expensive yet necessary part of recovery when you’re diagnosed with cancer. This is where cancer insurance — specifically catered to cancer-related finances — helps protect you and your family against high medical costs. 

But which cancer insurance plan is up to the task when the chips are down? We compare the top three cancer insurance plans in the market and find out which one has what it takes to protect both you and your loved ones.

MSIG vs FWD vs Tiq

What these cancer insurance plans have in common 

After looking at all three plans, it’s clear that 100% sum assured payout upon a cancer diagnosis is a common feature across the board. However, these sum assured options vary, with FWD and Tiq Cancer Insurance assuring the highest amount option (up to S$200,000), whereas MSIG only offers a fixed sum assured of S$100,000. 

Payout for early cancer detection is also a unifying feature among these insurance plans. This is good news considering that this is not usually covered in a standard critical illness plan. By getting cancer insurance, you’re closing up a potential coverage gap here. More importantly, early cancer treatment also boosts your chances of survival and should never be overlooked when you’re shopping for cancer insurance.

How these cancer insurance plans differ 

#1 Cancer benefit

Now, a quick glance at the above table and you’ll find that MSIG is a lot more limited when it comes to its cancer benefit payout, with a maximum of S$100,000. This amount is also fixed, which may be a deal-breaker for you if you’re looking for more flexible coverage. 

Its peers, on the other hand, come out on top with twice that amount at a maximum of S$200,000. Both FWD and Tiq provide two other options that amount to S$50,000 and S$100,000.

#2 Early-stage cancer payout

Early-stage cancer diagnosis is covered by all three plans too, with Tiq and FWD leading the pack here with 100% of the sum assured. MSIG only offers up to 50% sum assured (or S$50,000) for early-stage cancer diagnosis. On the plus side, the remaining 50% will kick in if you’re ever diagnosed with a later stage of cancer somewhere down the line.

#3 Death benefit

We’ve come a long way in terms of medical advancement but the cold hard truth is that cancer remains one of the leading causes of death. If you’re looking to maximise your cancer insurance plan, another benefit that’s worth looking at is the death benefit. This payout is important considering it could help ease your family’s financial strain should you pass on from cancer.

If death benefit is high on your priority list, you’ll be happy to know that FWD and Tiq offer a payout of up to S$5,000. That leaves MSIG as the odd one out here as there is no death benefit provided. 

#4 Perks and savings

This is where the comparisons get interesting, as each plan caters to different needs.

If you’re more inclined towards fuss-free auto-renewals (which remains in force even after making a claim upon an early-stage diagnosis), MSIG is worth looking into. It gets bonus points here as getting covered is reasonably simple, and only three health declarations are required. Plus, there's no price difference for non-smokers and smokers — this means you'll both enjoy the same premiums.