I was reading Seedly’s article on CI insurance, it seems like FWD’s Big 3 Critical Illness Plan is good enough. What am I missing?

Hi Anon,

I think that is a mis-conception that other plans tend to lack the coverage for Early Stage Critical Illness. The truth is they actually do, just that it's not part of the base plan, and they are usually added on as Riders to the policy. And usually the cost for Early Stage Critical Illness is on the higher side because there is a higher possibility for Early Stage Critical Illness occuring. Also the ratio of 1 being diagnosed for CI in Singapore is actually 1:4 or 5. So that's a 20 - 25% chance, so it is definitely important to have coverage for all CIs and not just the main ones.

Just to add, the main thing about getting a CI plan is actually for have coverage against CI for the whole of life, as CI is one of those things that can happen at any point of our lives. So that is something you might want to think about as well.

Above all, Seedly is not licensed to provide any form of financial advice. In addition, the information that they have presented may not always be factual. Therefore, you are advised to speak to a MAS licensed agent for the most accurate information.

Generally, you need to understand the terms for the policy, alongside with the renewal terms. For instance, is the policy on level premium? Next, it is also important to understand the conditions for payout, as not all the definitions are the same. I have explained it in my post on the upcoming critical illness definitions changes.

More Details:

Critical Illness Definition Changes Singapore: Clarity comes with a Cost!

Meanwhile, there are many plans in the market that provides coverage for early stage critical illness. In detail, one of the covered condition is for early stage cancer. Therefore, you may wish to research further, or to speak to a qualified consultant for responsible financial advice.

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