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Old 04-12-2018, 07:50 PM   #1
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Question FWD Cancer Insurance?

Hi Bros

Recently FWD has released a cancer insurance plan. https://www.fwd.com.sg/cancer-insurance/

As medical technology is advancing, many people are detecting cancer at earlier stages and getting treatment for it. In addition, cancer is the most common form of CI. Thus I felt there is a gap missing in terms of my early cancer coverage and have thus decided to get GE's early cancer care. See https://imgur.com/a/UMqKB

The main reason I bought this is because traditional CI (critical illness) rider plans only pay out on critical illnesses (which includes cancer) at only stage 3/4 (FYI chances of recovery from stage 3/4 is usually low). Thus if one were to get a stage 1 or 2 cancer, they would not to be able to make any claims and would have to bear the majority of medical costs.

I believe there are early CI plans that do early payouts but there are either very expensive or are only available in ILP riders.

I've read in this forum that ISP(Integrated Shield Plans) would be able to cover your treatments for stage 1/2 cancer but I am not fully confident this is the case.

Question : Do you guys think it is worth switching to FWB Cancer insurance? On first glance it seems to offer the same benefits as GE's early cancer insurance but at 1/5 the price. Also not sure the claim rate in FWD since it is a relatively new company. What do you guys think?
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Old 04-12-2018, 08:26 PM   #2
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Itís a good plan to have, but should not be your sole plan. The premiums go up in 5 year bands. So it may get expensive as you age
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Old 05-12-2018, 05:51 AM   #3
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I've read in this forum that ISP(Integrated Shield Plans) would be able to cover your treatments for stage 1/2 cancer but I am not fully confident this is the case.
Would reading your Integrated Shield planís policy letter make you more confident?

If the cancer (or any other medical ailment) involves medically necessary hospitalization, itís covered, along with related pre-/post-hospitalization treatment within the coverage window which varies, depending on carrier and policy, from 90 days/90 days to 13 months/13 months.

Just go read your policy letter.

MediShield Life and MediSave also offer coverage for cancer and other ailments, per their terms.
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Old 05-12-2018, 10:59 AM   #4
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Would reading your Integrated Shield plan’s policy letter make you more confident?

If the cancer (or any other medical ailment) involves medically necessary hospitalization, it’s covered, along with related pre-/post-hospitalization treatment within the coverage window which varies, depending on carrier and policy, from 90 days/90 days to 13 months/13 months.

Just go read your policy letter.

MediShield Life and MediSave also offer coverage for cancer and other ailments, per their terms.
I second that. Thread starter should read the policy letter.

Generally, the common cancer procedure and treatment are covered - surgery, chemo, radio, immuno etc.

Not entirely true that 3rd or 4th stage cancer is "too late". It depends on the individual - the type of cancer and where it affects, the age, any other medical conditions, how the body reacts to the treatment, luck etc.
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Old 05-12-2018, 11:45 AM   #5
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Personally i am diagnosed with stage 2/3 cancer.

currently have AIA shield plan - the most expensive one with rider. all treatment is covered under the shield plan.

i had a NTUC whole life with CI rider and was paid the full payout.

hope this helps.
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Old 05-12-2018, 02:35 PM   #6
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currently have AIA shield plan - the most expensive one with rider. all treatment is covered under the shield plan.
To clarify, you haven't even touched your MediSave funds, correct?

i had a NTUC whole life with CI rider and was paid the full payout.
To clarify, you haven't had to spend even a dime of this payout on medical care, correct? In your case, in this instance, is this payout essentially a "sympathy gift"?
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Old 05-12-2018, 05:03 PM   #7
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To clarify, you haven't even touched your MediSave funds, correct?


To clarify, you haven't had to spend even a dime of this payout on medical care, correct? In your case, in this instance, is this payout essentially a "sympathy gift"?
nope i don't need to use medisave.
yes, i don't need to spend a single cent on my treatment so far and to date, i have incurred close to $24K in total medical bills.

yes the payout is like a sympathy gift, cash money to pay for my miscellaneous expenses such as medical wigs, transport (cos i'm taking taxi now instead of public transport to avoid crowds) etc.

some ppl need the payout as a income replacement as they cannot work. but for my case, i am still working from home so i do not need to use the payout to replace my income.
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Old 05-12-2018, 05:20 PM   #8
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Wishing you a speedy and full recovery, Juju. Thanks for the report!
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Old 05-12-2018, 05:35 PM   #9
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nope i don't need to use medisave.
yes, i don't need to spend a single cent on my treatment so far and to date, i have incurred close to $24K in total medical bills.

yes the payout is like a sympathy gift, cash money to pay for my miscellaneous expenses such as medical wigs, transport (cos i'm taking taxi now instead of public transport to avoid crowds) etc.

some ppl need the payout as a income replacement as they cannot work. but for my case, i am still working from home so i do not need to use the payout to replace my income.
yes good to have ci cover to cover other expenses not covered by ISP.

My friend diagnosed with cancer, luckily after operation recovered and back to work, also got her payout from ci policy.

I understand older ci policies might cover compared to new ones because of the wording of the policy. So check with your insurer what is covered.

wish u a speedy recovery.

Last edited by maple96; 05-12-2018 at 05:40 PM..
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Old 05-12-2018, 06:48 PM   #10
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yes good to have ci cover to cover other expenses not covered by ISP.
OK, but by that standard it's also good to have an insurance payout if your refrigerator breaks and needs repair. Yes, OK, the refrigerator might still be under warranty, but maybe you could use the money to buy $200 of groceries to restock?

Insurance (and "insurance") isn't free, and every dollar you spend on such products that isn't really helping is one less dollar that you could keep or that you could spend on much more valuable insurance that would defend against genuine calamities you're undefended against. As a notable example, I'm mystified why so many people rank CI coverage ahead of DII coverage. That makes no sense to me at all.

Sure, cancer is scary, but most people have reasonable defenses against it, or at least are better defended against it than they are some against other much more horrible risks.

The above is not a criticism of Juju. He won this lottery ticket, as it were, and that's great (not the cancer). He didn't need the money, but he got it anyway and can save almost all of it.

Last edited by BBCWatcher; 05-12-2018 at 06:51 PM..
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Old 05-12-2018, 06:57 PM   #11
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OK, but by that standard it's also good to have an insurance payout if your refrigerator breaks and needs repair. Yes, OK, the refrigerator might still be under warranty, but maybe you could use the money to buy $200 of groceries to restock?

Insurance (and "insurance") isn't free, and every dollar you spend on such products that isn't really helping is one less dollar that you could keep or that you could spend on much more valuable insurance that would defend against genuine calamities you're undefended against. As a notable example, I'm mystified why so many people rank CI coverage ahead of DII coverage. That makes no sense to me at all.

Sure, cancer is scary, but most people have reasonable defenses against it, or at least are better defended against it than they are some against other much more horrible risks.

The above is not a criticism of Juju. He won this lottery ticket, as it were, and that's great (not the cancer). He didn't need the money, but he got it anyway and can save almost all of it.
Hello, u got short memory?

I have discussed this before, more than 20 years ago, I can only buy whole life to cover CI, it is a savings plan, if nothing happens I will get back all my premiums with 4% compounded returns! If I no longer need the cover, it becomes my retirement funds!

Even if they sold DII in the past, I will not waste my money on it! It is an expense, not a savings plan, if nothing happens, money down the drain. My preference.

Insurance play on your greed and fear. If u have extreme greed and fear and cannot manage it, u will be donating all your hard monies to the insurer!

I am a human being, u are a refrigerator?

Last edited by maple96; 05-12-2018 at 07:03 PM..
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Old 05-12-2018, 07:07 PM   #12
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Hello, u got short memory?
My comments are not directed at your choices, only at the logic (or lack thereof) in your argument -- the principles of getting value-for-money in insurance.

I have discussed this before, more than 20 years ago, I can only buy whole life to cover CI, it is a savings plan, if nothing happens I will get back all my premiums with 4% compounded returns! If I no longer need the cover, it becomes my retirement funds!
Right, 20 years ago Singapore's financial and insurance markets were less evolved, and maybe an expensive hybrid of savings and insuring was the best you could do. DII wasn't available (or at least you didn't know about it), and well diversified and low cost index fund investing wasn't easily available from Singapore either. So you did the best you could in the circumstances, 20 years ago. OK!

Even if they sold DII in the past, I will not waste my money on it! It is an expense, not a savings plan, if nothing happens, money down the drain. My preference.
And this is where you lose me (and others).

Practically everybody who has looked at this, who isn't trying to sell you an insurance product, sees that insurance carriers' investment products (and sometimes their insurance products) are just not good value for money. You can get more bang for your savings buck if you turn to the low cost savings/investment outlets.

Nobody is saying you shouldn't have future wealth and income. You should! It's just how you do it, and how to maximize your results, that's all. There are loads of people saddled with lousy whole life policies in terms of value for money; it's the perfectly normal, typical landscape.

Now, there are a couple exceptions. One important exception is if somebody just cannot save unless "forced" to save in the form of premium bills from their insurance carrier. If the choice is between not saving (because you just don't have the discipline) and paying a whole life premium for many years, then I think I would choose the second option!
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Old 05-12-2018, 07:28 PM   #13
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My comments are not directed at your choices, only at the logic (or lack thereof) in your argument -- the principles of getting value-for-money in insurance.


Right, 20 years ago Singapore's financial and insurance markets were less evolved, and maybe an expensive hybrid of savings and insuring was the best you could do. DII wasn't available (or at least you didn't know about it), and well diversified and low cost index fund investing wasn't easily available from Singapore either. So you did the best you could in the circumstances, 20 years ago. OK!


And this is where you lose me (and others).

Practically everybody who has looked at this, who isn't trying to sell you an insurance product, sees that insurance carriers' investment products (and sometimes their insurance products) are just not good value for money. You can get more bang for your savings buck if you turn to the low cost savings/investment outlets.

Nobody is saying you shouldn't have future wealth and income. You should! It's just how you do it, and how to maximize your results, that's all. There are loads of people saddled with lousy whole life policies in terms of value for money; it's the perfectly normal, typical landscape.

Now, there are a couple exceptions. One important exception is if somebody just cannot save unless "forced" to save in the form of premium bills from their insurance carrier. If the choice is between not saving (because you just don't have the discipline) and paying a whole life premium for many years, then I think I would choose the second option!
What is value? Value is in the eyes of the beholder!

I dun believe in insurance, but still bought something which I can get back my monies and not "cheated" by the insurer if nothing happens, now is called a savings plan, not like that in the past.

I have my own strong choice and plans, and my road to success = my focus have always been building a career to grow my income/savings/wealth. It works, my choice, plan/way to retirement. Luckily, my whole life policies are working well as well! Now I dun need all those insurance I bought, but since it is paying well, I just continue to grow my wealth!

Now is different, health insurance is the most important.

Last edited by maple96; 05-12-2018 at 07:31 PM..
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