No one wishes to face a critical illness, the reality is that such events can occur unexpectedly. While an average 40-year-old has only a 1 in 5 chance of suffering a critical illness in the next 20 years, for a 50-year-old this chance is already 1 to 2.5. Having insurance coverage for critical illnesses is not just a financial decision but also a proactive step towards ensuring the well-being and stability of oneself and one’s family. This critical illness protection plan offers a safety net, ensuring that health-related challenges do not translate into insurmountable financial challenges.
The question this article plans to answer for you is:
- Is FWD Big 3 Critical Illness right for you?
- Significance and Impact
- Key Features and Benefits
- Policy Comparison
- Eligibility Criteria
We all want peace of mind for our future, and our loved one’s future in case something were to happen to us.
Understanding The Big 3 Critical Illness
While there are 37 different types of critical illnesses, 90% of them account for just 3 types of critical illness. They are:
- Cancer
- Heart Attack
- Stroke
With FWD’s Critical Illness insurance, the aim is to lower the cost of insurance while having the best coverage for your health. To check your maximum coverage, click on the link below.
Significance and Impact
While some might assume they’re immune to unforeseen challenges, a recent incident involving my healthy 36-year-old colleague experiencing a heart attack serves as a stark reminder that life can throw unexpected curveballs. Fortunately, having the right insurance coverage allowed him to take a necessary break from work. Additionally, the data highlights a concerning shift: the proportion of Singapore residents diagnosed with cancer at ages 70 and above more than doubled from 16.3% in the five years from 1968 to 1972 to 38.2% in the span from 2016 to 2020. (Singapore Cancer Registry’s Annual Report 2020).
Insurance allows individuals, businesses, and other entities to transfer the financial burden of potential future losses to an insurance company in exchange for payment of a premium. The key objectives of insurance include:
- Financial Protection: Insurance provides a financial cushion to policyholders by offering compensation for covered losses. In the aftermath of a covered event, insurance can facilitate the recovery process by providing the necessary funds for repairs, replacements, or medical treatments. This helps prevent them from facing severe financial hardships in the event of an unexpected incident.
- Peace of Mind: Knowing that insurance coverage is in place allows you to focus on your activities without constantly worrying about the potential financial consequences of unforeseen events.
Why is it a good idea to purchase a critical illness plan? and how much coverage should I be looking at?
In general, it takes about 2 to 3 years for most early-stage critical illnesses to get better. So, it’s suggested to have insurance coverage equal to 3-5 years of your income. This depends on your stage in life and responsibilities like dependents, bills, and debts. Unfortunately, these responsibilities don’t go away when we’re sick!
For example, if you earn $5,000 per month, you should consider getting coverage for early-stage critical illnesses between $180,000 to $300,000. This gives you peace of mind, allowing you to focus on getting better without worrying about money. With this coverage, you can take time off work for 3-5 years, knowing you have financial support for your expenses.
Key Features and Benefits
Every product has its Unique Selling Point, and what insurers offer is coverage for critical illness. Some important things to note:
- Income and Expenses
- Number of Dependents
- Coverage
- Type of CI covered under the policy
- Premium
- Premium payment term
- Cash Value or No Cash Value
After considering these factors, you can then see which product suits them best.
Comparison: FWD Big 3 Critical Illness vs. Other Policies
| FWD Big 3 Critical Illness insurance | TIQ 3 Plus Critical Illness | Great Eastern GREAT Critical Cover: Top 3 CIs | |
| Critical Illness Coverage | $50,000-$200,000 | $30,000-$300,000 | $100,000-$350,000 |
| Policy Term | Up to age 85 | Up to age 85 | Up to age 85 |
| Increasing/Decreasing/Level Term | Increasing Term – Premiums will gradually increase with age till the policy term expires | Increasing Term | Increasing Term |
| What It Covers | All stages of cancer, heart attack, or stroke | All stages of cancer, heart attack, or stroke | All stages of cancer, heart attack, or stroke Up to 2 additional payouts for subsequent CI diagnosis |
| Monthly Premiums (For $200,000 Coverage of a 26 year old male) | $14.59 | $19.34 | $29.95 |
| Death Benefits | $20,000 | $20,000 | $25,000 |
| Optional Rider | Heart and Neurological Disorder Benefit | Heart and Neurological Disorder Rider | Protect Me Again |
Claim Process and Requirements
With FWD insurance, making a claim is very simple, all you have to do is follow these steps:
Download the FWD SG App -> Submit your claims within minutes with the FWD SG App -> Our dedicated claims assessor will get in touch with you to support you every step of the way
Eligibility Criteria
A great thing about FWD Big 3 Critical Illness is that if you get cancer, a late-stage heart attack, or a late-stage stroke (which make up 90% of critical illness claims), you will receive 100% of the sum insured or total premiums paid (whichever is higher). This means you get the full lump sum, not just a part of it. Another benefit is that you can buy insurance online without a medical examination if you have no health issues, making it easy to get insured.
- Buy online with no medical examination Get your coverage with ease by answering a simple health declaration
- Singaporean citizen or permanent resident with a valid NRIC or FIN
- Between 17-65 years old (yearly renewable up to age 85)
- No existing FWD Cancer Insurance
Premium Rates and Payment Options
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely.
Policy has a guaranteed renewability option which is very important. When each Period of Insurance ends, your policy will automatically renew for one more year if: Your policy is still active; You have not turned 85 yet.
The premium we charge you for the next year will be the same as the premiums we charge people who have the same age, gender, sum insured, and smoking status as yourself on the day your policy is renewed. We will not take into account any changes in your health to allow your policy renewal, the same conditions we made when we first approved the policy will apply to your policy renewal.
Insurance Policy review
Address the protection gap in your existing critical illness coverage with up to S$200,000 in coverage from Big 3 Critical Illness insurance: Heart Attack, Stroke, and Cancer
So, the important question to think about is whether to invest in critical illness coverage for as little as $14.59 per month with FWD Big 3 Critical Illness for peace of mind or take the chance of assuming nothing will happen without financial protection. (The illustration is for a 26-year-old male, non-smoker).
Future Outlook: Enhancements and Updates
Buying a life insurance policy is a long-term commitment. You may wish to seek advice from a financial adviser representative before making a commitment to purchase the policy. In the event that you choose not to seek advice from a financial adviser representative, you should consider whether the policy is suitable for your needs. Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. Switching from an existing policy to a new one may have potential disadvantages.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
While there are 37 different types of critical illnesses, 90% of them account for just 3 types of critical illness. They are:
- Cancer
- Stroke
- Heart Attack
With FWD’s Critical Illness insurance, the aim is to lower the cost of insurance while having the best coverage for your health. To check your maximum coverage, click on the link below.
FAQs
What is the Big 3 critical illness?
The term “Big 3 critical illness” typically refers to the three most prevalent and severe critical illnesses covered by insurance policies. These illnesses often include conditions like cancer, heart attack, and stroke.
What are the top 3 critical illnesses in Singapore?
The top 3 critical illnesses in Singapore generally include cancer, heart-related ailments, and stroke. These conditions are significant contributors to critical illness claims in the country.
What is the ICU benefit for FWD?
The ICU (Intensive Care Unit) benefit for FWD is a specific coverage that provides financial support to policyholders who require intensive care treatment due to critical illnesses or injuries. The benefit aims to alleviate some of the financial burdens associated with prolonged ICU stays.
Can I buy FWD’s Big 3 Critical Illness insurance and how do I buy it?
Yes, if you are a Singaporean resident with an NRIC or FIN, between the ages of 18 and 65 (inclusive), and have completed our short online health declaration, you are eligible to purchase FWD’s Big 3 Critical Illness insurance.You are not eligible to purchase FWD’s Big 3 Critical Illness insurance if you currently have FWD Cancer, FWD Heart Attack, or FWD Stroke insurance.
