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Cancer is a major disease affecting people. In Singapore, studies show that in the years between 2014 and 2018, an average of 41 people were diagnosed with cancer each day. The numbers go to show how common cancer has become. Fortunately, it is possible to access excellent healthcare to treat cancer, and being sufficiently covered with insurance can make a difference.
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Cancer is a major disease affecting people. In Singapore, studies show that in the years between 2014 and 2018, an average of 41 people were diagnosed with cancer each day. The numbers go to show how common cancer has become. Fortunately, it is possible to access excellent healthcare to treat cancer, and being sufficiently covered with insurance can make a difference. Your MediShield Life or Integrated Shield Plan can help to cover hospitalisation expenses if you fall ill. However, as we know, the costs of being affected by cancer can go way beyond these expenses. You may decide to leave your job as you undergo treatment such as chemotherapy and focus on recovery. You may also consider hiring a domestic worker to care for you and prepare meals for you as you recover. In the absence of a salary, you may find it hard to get by. A cancer insurance plan may be just what you need to safeguard such unexpected scenarios.
What is cancer insurance? • Cancer insurance is a type of insurance plan that pays you a lump sum amount if you get diagnosed with cancer. This insurance plan offers a 100% payout for all stages of the disease. • You can enjoy coverage up to the age of 100 years. • You can choose the sum insured for your cancer insurance plan according to your affordability. Coverage generally starts at around S$10,000 and goes up to S$300,000. It is advisable to calculate your entire household expenses and debt, and decide on your cancer coverage that will suffice for all of these expenses when you fall ill. Life Insurance Association (LIA) Singapore estimates that it takes around 5 years for a person to recover from a critical illness and return to normal life. As per research by LIA, the critical illness protection gap for every economically active adult in the country is S$256,826 which is a huge amount. It is advisable to ensure that your sum insured covers this figure and a bit more too for some financial cushioning. • How much does cancer insurance cost? • Fortunately, there are affordable cancer insurance options available. Coverage of S$100,000 can cost a 25 year old female, non-smoker as little as S$16 per month. Those rates are affordable and can help you get the financial protection you need against the heavy expenses associated with illnesses.
Coverage for specific types of cancer • You can also buy microinsurance plans to cover specific types of cancers. Leading insurers in Singapore offer these plans through their health app. You can buy prostate cancer insurance and breast cancer insurance through the app. Do bear in mind that although microinsurance plans cost a lot less, they also provide less coverage. You can expect a payout of around S$10,000 when making a claim with such plans. • How to buy cancer insurance? • You can easily get an instant online quote for your cancer insurance plan. You need to provide a few basic details about yourself such as your gender, residential status in Singapore, and date of birth. You will then get a quote, where you can easily buy your cancer coverage online. It just takes a few minutes to get cancer coverage for yourself . • For further help in shortlisting cancer insurance plans, you can speak with a financial consultant. • Remember to get insurance coverage for yourself and your loved ones so that you stay secured against the uncertainties in life. Take care. • READ MORE: Protect Your Parents In Their Senior Years With Cancer Insurance.
