Are you worried about the financial impact of a cancer diagnosis? You're not alone. Cancer is a leading cause of death in Singapore, with 1 in 4 people developing cancer in their lifetime. FWD Cancer 2.0 Insurance offers a comprehensive solution to protect you and your loved ones from the financial burden of cancer. Let's dive into the details of this policy to help you make an informed decision.
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FWD Cancer 2.0 Insurance is a critical illness insurance plan that provides financial protection against various stages of cancer . It's designed to offer peace of mind by covering you from early-stage cancer to late-stage cancer, with unique features that set it apart from other cancer insurance plans.
Covers early-stage and late-stage cancers. Includes a Pre-early Cancer Benefit.
Late-stage Reload Benefit. Optional Early-stage Reload Benefit.
Entry age up to 65 years old. Coverage until age 85.
No medical check-up required for basic plan.
S$5,000 payout upon death.
Pays 10% of sum insured or S$10,000 (whichever is lower). Covers benign tumors requiring surgical excision and borderline malignant tumors. One-time claim only.
Pays 100% of sum insured. Covers both early-stage and late-stage cancers.
After a Cancer Benefit claim, you get a 24-month reload period. Premiums are waived during this period. After 24 months, you're covered again for late-stage cancer at 100% of original sum insured. Can claim for same or different cancer after complete remission.
Similar to Late-stage Reload Benefit, but covers early-stage cancers as well.
S$5,000 payout upon death of the insured person.
FWD Cancer 2.0 Insurance offers six plans with different sum insured amounts:
Plan A: S$100,000
Plan B: S$200,000
Plan C: S$300,000
Plan D: S$500,000
Plan E: S$750,000
Plan F: S$1,000,000
The premium depends on your age, gender, smoking status, and chosen plan. Here's a general idea of annual premiums (including 8% GST):
For Occupation Class 1 & 2 (low-risk jobs):
For Occupation Class 4 (high-risk jobs):
Remember, these are just examples. Your actual premium may differ.
This feature sets FWD Cancer 2.0 apart from many other cancer insurance plans. After making a claim, you get a 24-month reload period where premiums are waived. After this period, you're covered again for late-stage cancer (and early-stage cancer if you opt for the Early-stage Reload Benefit).
This benefit covers benign tumors that require surgical excision and borderline malignant tumors. Many cancer insurance plans don't offer this level of early protection.
You can apply for this policy up to age 65, which is higher than many other cancer insurance plans.
This long coverage period ensures you're protected well into your senior years when the risk of cancer increases.
For the basic plan, there's no medical check-up required, making it easier to get coverage.
Imagine you're diagnosed with early-stage prostate cancer at age 55. FWD Cancer 2.0 would pay out 100% of your sum insured. If you had Plan D (S$500,000), you'd receive S$500,000 to help with treatment costs and any loss of income .
Let's say you claimed for early-stage breast cancer at age 60. After the 24-month reload period, you're diagnosed with late-stage lung cancer at age 65. With the Late-stage Reload Benefit, you'd receive another 100% payout of your original sum insured .
At age 70, you're diagnosed with a benign brain tumor requiring surgery. The Pre-early Cancer Benefit would pay out 10% of your sum insured or S$10,000, whichever is lower, helping with the surgical costs.
There's a 90-day waiting period from the policy start date or reinstatement date. Any cancer diagnosed within this period won't be covered.
FWD Cancer 2.0 won't cover: Pre-existing conditions, Self-inflicted injuries or suicide within the first year, Unlawful acts, Drug or alcohol abuse, HIV/AIDS-related cancers, Congenital or hereditary conditions.
Comprehensive cancer coverage from early to late stages
Unique reload benefits for multiple claims
Pre-early Cancer Benefit for added protection
High entry age and long coverage period
Guaranteed acceptance for basic plan
Premiums are not guaranteed and may increase
Only covers cancer, not other critical illnesses
Pre-existing conditions are not covered
90-day waiting period for cancer claims
This policy could be a good fit if:
However, you might want to look at other options if:
Remember, while FWD Cancer 2.0 Insurance offers robust cancer protection, it's essential to consider it as part of your overall financial and health protection strategy. It works best when complementing a comprehensive health insurance plan and other critical illness coverage.
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Read the complete transcript of our expert discussion about FWD Cancer 2.0. This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
Welcome to the deep dive. Today we're cutting through the noise on a really key topic for anyone just stepping into their first big
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