FWD Launches First-in-market Big 3 Critical Illness Insurance Plan to Plug Singapore’s Protection Gap

July 28, 2020 - 11:45
FWD Launches First-in-market Big 3 Critical Illness Insurance Plan to Plug Singapore’s Protection Gap

Priced from as low as one-third[1] the cost of a traditional critical illness (CI) plan, the FWD Big 3 CI plan offers one-time full pay-out upon diagnosis of any cancer, heart attack or stroke -- which collectively account for 90% of all CI insurance claims in Singapore


SINGAPORE - Media OutReach - 29 July 2020 - FWD Singapore ("FWD") has launched a first-in-market insurance plan - Big 3 Critical Illness Insurance - that offers working adults comprehensive financial protection against three leading causes of death -- cancer, heart attack or stroke -- that together account for 90% of all critical illness (CI) insurance claims in the country.

This newly created plan is available from as low as one-third[1] the cost of a traditional CI insurance policy, providing a more affordable choice for working adults in Singapore. For example, a 35-year-old non-smoking male can get S$50,000 of coverage from as low as S$18 a month. According to a study[2] published by the Life Insurance Association (LIA) in 2018, a patient diagnosed with a critical illness requires at least S$316,000 to cover family needs and support recovery that would take approximately five years. However, the study revealed that the average critical illness coverage for a working adult in Singapore is just S$60,000, or about 20% of the recommended coverage. FWD Singapore offers this new Big 3 Critical Illness Insurance plan -- which is available in three coverage sums of $50,000, $100,000 and $200,000 -- aiming to help Singaporeans plug the shortfall in their CI protection gap.

Sociologist Tan Ern Ser attributed this worrying protection gap to the heavy financial constraints and pressures faced by many working adults in Singapore. Associate Professor Tan, who researched on family issues and social policies at the National University of Singapore, explained, "I believe most people would like to have adequate critical illness insurance cover, but they don't, or feel, they don't have enough disposable income to pay for all sorts of insurance, important as they are, and this is most likely because they have multiple financial commitments, such as to parents and children, and servicing housing loans."

Against this worrying backdrop, FWD Singapore CEO Khor Kee Eng said, "The Big 3 Critical Illness Insurance offers all working adults an affordable solution and an important safeguard for their dependents, young and old. As the LIA study clearly states, inadequacy in critical illness insurance coverage among them can lead to significant social and economic impact for their loved ones, especially given the prevalence of cancer, heart attack or stroke in Singapore. We will continue to ride on our customer-led approach to innovate more easy-to-understand products to support Singaporeans."

Cancer is the leading cause of death in Singapore, with one in five Singaporeans likely to contract a form of the disease in their lifetime, while an average of 17 lives are lost to heart diseases or stroke every day, according to 2018 statistics from the Singapore Heart Foundation.


The FWD Big 3 Critical Illness Insurance plan is a protection policy that provides coverage for heart attack, cancer and all stages of cancer. Insured customers will receive a one-time full pay-out of the insured sum upon diagnosis of any of the three diseases, to enable them to focus on recovery and taking care of their financial commitments and those of their loved ones. The other key features of the product are:

  • No medical examination -- The application process can be completed fully online at www.fwd.com.sg. Applicants need only to answer one health declaration and does not require medical examination like applying for traditional CI plans.
  • Comprehensive yet affordable protection -- A 35-year-old non-smoking male can get S$50,000 of coverage from as low as S$18 a month.
  • Guaranteed cover up to age 85 -- Residents between 18 and 65 years old (both inclusive) with a valid NRIC or FIN number can buy the FWD Big 3 Critical Illness Insurance, with the guaranteed option to renew up to age 85.
  • Death benefit -- In the event of death, we pay a lump sum benefit of S$20,000.
  • All stages of cancer -- FWD is the first digital insurer that offers full pay-out for all stages of cancer.
  • Enhanced coverage with riders -- Guaranteed one-time full pay-out should you suffer from or require procedures from any of the 24 covered heart and neurological conditions that affect your brain (11 conditions) or heart (13 conditions) function. These include coronary artery disease and bacterial meningitis.

Kee Eng added, "For insurance, the moments of truth come in three areas, namely the affordability and extent of coverage, the ease of the application process and most crucially, the ease of making a claim. We believe the Big 3 Critical Illness Insurance satisfies all three criteria and clearly demonstrates how FWD is changing the way people feel about insurance in Singapore."

[1] Information correct as of 25 June 2020 according to internal proprietary research. Base plan comparison is for All stage Cancer, late stage Stroke and late stage Heart attack against similar plans (not identical) in the market.

[2] The Life Insurance Association's Protection Gap Study 2017

About FWD

FWD Group spans Hong Kong & Macau, Thailand, Indonesia,the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life andmedical insurance, general insurance, employee benefits, Shariah and FamilyTakaful products across a number of its markets. 


FWD is focused on creating fresh customer experiences, witheasy-to-understand products, supported by digital technology. Through thiscustomer-led approach, FWD aims to become a leading pan-Asian insurer thatchanges the way people feel about insurance.


Established in Asia in 2013, FWD started operations inSingapore in 2016 and is the insurance business of investment group, PacificCentury Group. For more information please visit www.fwd.com.sg