FWD launches new critical illness cover for Singaporeans
It protects policyholders from early stages of cancer, heart attack and stroke.
FWD Singapore has launched FWD Critical Illness Plus, a comprehensive online critical illness plan that covers early stages of cancer, heart attack and stroke, late-stage critical illnesses and unknown illnesses with multiple payouts.
According to the 2017 Life Insurance Association (LIA) Singapore Protection Gap Study, the average protection gap for critical illness in Singapore is 3.1 times greater than one’s average annual income. This means that the average Singaporean is not getting the sufficient financial protection needed to cover expenses and provide for their dependents following an episode of critical illness.
To address the protection gap, FWD Singapore is giving consumers an online option for a critical illness plan that covers early-stage cancer, heart attack and stroke, in addition to late-stage critical illness. The cover can be purchased online in minutes without a medical examination.
According to a proprietary study conducted by FWD Singapore, 70% of respondents cited early-stage heart attack, cancer, and stroke coverage as the most desirable feature for a critical illness plan and 55% highlighted reset benefit as a key feature. 52% of respondents also said that making a comprehensive critical illness plan available for purchase online is a key factor in generating interest in getting themselves covered.
CI Plus can be purchased for as low as S$100 per month. Customers need only answer four simple health questions without the need for a medical exam to avail. The plan has coverage for late-stage critical illness after an early-stage claim meaning customers will continue to be covered for late-stage critical illness even after a claim for early-stage cancer, heart attack or stroke.
Customers under the plan will receive 100% of their policy’s sum insured for early, intermediate, or late-stage heart attack, cancer, stroke, the 37 late-stage critical illnesses or even unknown illnesses through the Intensive Care Unit (ICU) Benefit.
“At FWD Singapore, we empower customers with customer-led insurance products that are easy to know, easy to buy, easy to engage, easy to claim and easy to love. The team has been working behind the scenes with Singapore residents to better understand their needs and what they want in CI plans. We’re pleased to offer a comprehensive suite of CI protection plans to our customers so they can choose the right plan based on their needs and preferences.” said Khor Kee Eng, CEO of FWD Singapore