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 per cent 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 $200,000), whereas MSIG only offers a fixed sum assured of $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.

ALSO READ: 7 cancer insurance plans with best benefits suited to you

How these cancer insurance plans 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, 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 $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 $200,000. Both FWD and Tiq provide two other options that amount to $50,000 and $100,000.

2. Early-stage cancer payout

MSIG CancerCare Plus	FWD Cancer Insurance	Tiq Cancer Insurance
Up to 50 per cent of sum assured	Up to 100 per cent of sum assured	Up to 100 per cent of sum assured

Early-stage cancer diagnosis is covered by all three plans too, with Tiq and FWD leading the pack here with 100 per cent of the sum assured. MSIG only offers up to 50 per cent sum assured (or $50,000)for early-stage cancer diagnosis.

On the plus side, the remaining 50per cent will kick in if you’re ever diagnosed with a later stage of cancer somewhere down the line.

3. Death benefit

MSIG CancerCare Plus	FWD Cancer Insurance	Tiq Cancer Insurance
Not available	Up to $5,000	Up to $5,000

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 $5,000. That leaves MSIG as the odd one out here as there is no death benefit provided. 

ALSO READ: Critical illness vs cancer insurance plans: A critical comparison

4. Perks and savings

MSIG CancerCare Plus	FWD Cancer Insurance	Tiq Cancer Insurance
Automatic annual renewal up to age 84 Three health declarations to get covered	Get second opinion at no cost One health declaration to get covered; no health examination required	Automatic annual renewal up to age eight 56 per cent no claim discount if zero claims made in the previous policy term

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. 

If you like the idea of getting a complimentary second-opinion consultation with one of the insurer’s medical partners, look no further than FWD. Its coverage requirement is even simpler here with only one health declaration necessary to kick things off.

That said, if savings remains an irresistible perk, Tiq is your best bet here as the plan provides a decent 6per cent yearly discount upon renewal if there are no claims made in the previous year.

Conclusion: Which cancer insurance plan stands out from the rest?

From a benefits point of view, it’s fair to say that TIQ and FWD are pretty much neck and neck. But hey, don’t count out MSIG just yet — its premiums are affordable and start from as low as $53.50* a year given the relatively high $100,000 sum assured.

If you’re a high-risk case as you have a family history of cancer, it’s best to go for the most well-rounded option of the bunch AKA FWD cancer insurance.

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This high-coverage plan may also be the better option if you’re the sole breadwinner of the family as the payout is larger and able to tide you through longer — even if your income is at a standstill while you recover.

However, if you’re an average joe who’s mainly looking to cover your bases (and you’ve got critical illness coverage in your back pocket already), it might be more prudent to go for the Tiq cancer insurance plan over FWD as you can leverage on its no-claim discount and save some money on your premiums.

*premium amount applies to males, age 20 to 29

Protected up to specified limits by SDIC.

Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that are not suitable for you may impact your ability to finance your future healthcare needs.

If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.

This article was first published in SingSaver.com.sg.