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Cancer is a disease that affects a sizeable portion of the population in Singapore. Studies show that 1 out of every 4 people in the country stands a chance of developing cancer at some point. A disease such as cancer necessitates a lot of treatment, diagnosti
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Cancer is a disease that affects a sizeable portion of the population in Singapore. Studies show that 1 out of every 4 people in the country stands a chance of developing cancer at some point. A disease such as cancer necessitates a lot of treatment, diagnostic tests, and medical attention. Your regular hospitalisation insurance plan may be insufficient at handling the ensuing costs. In such a situation, having a cancer insurance policy can truly be a boon.
What is a cancer insurance policy? A cancer insurance policy is one that pays the insured individual a lump sum amount if they are diagnosed with cancer. Leading insurance companies in Singapore offer coverage for all stages of cancer in their cancer insurance policies. This means that you get 100% payout for all stages of cancer as per terms defined in your policy. Most cancer insurance products offer coverage from the age of 1 up to the age of 100 years. A good cancer care insurance policy will offer a sum assured that goes as high as S$300,000. With that kind of financial support from insurance, you can focus on treatment and recovery for true peace of mind.
What can I use my cancer insurance payout for? You can use your cancer insurance payout for any expenses that you incur during your illness. For instance, you may use the payout to afford your home rent or mortgage payments. Or, you might want to use some of the amount to pay for co-pay or deductibles in health insurance. You can use this to support you and your family financially during this difficult time – from your child’s school fees to the salary of a domestic worker and the utility bills, you can use your cancer insurance lump sum payout for any expenses you need to cover. Best of all you do not need to collect the receipts to show your insurer. Once you receive the money, it is yours to use as you deem fit.
Why do I need cancer insurance? If you are diagnosed with cancer, you may need to stop working for a while. It might be difficult to go to the office while dealing with side effects from treatments like chemotherapy. You will need a lot of rest and good care. In this case, the payout from your cancer insurance policy will provide you with a payout that can temporarily serve to replace the loss of income, at least for a few years.
Moreover, the coverage from your regular health insurance plan might prove to be insufficient at covering all the heavy bills for cancer treatment. For instance, if you are only covered by MediShield Life, then your monthly coverage for chemotherapy is capped at S$3000 per month. Treatment expenses that go in excess of that will need to come from your own pocket. As one cannot compromise on the quality or frequency of life-saving medical care, you might soon find your savings reduced to zero. In this case, a cancer insurance policy can protect your savings by providing the funds you need to access timely treatment with no compromises.
Microinsurance for cancer coverage Insurance companies in Singapore also provide bite-sized microinsurance plans that cover specific types of cancer. For instance, you can buy a microinsurance plan that only offers coverage for prostate cancer or breast cancer. These plans are very affordable. For instance, a breast cancer insurance plan might cost from S$9 for coverage for 12 months for a female, non-smoker who is 20 to 25 years (age next birthday). Do speak to a financial consultant for help in selecting a cancer insurance policy. Good luck and take care.
