WHY YOU NEED
CANCER INSURANCE

The notion of “this will not happen to me” defies the statistics of increasing critical illnesses, in particular, the dreaded cancer disease, which has succumbed many lives.  In Singapore, cancer accounts for 28.4% of all deaths¹, and unfortunately, there are no cures for any kinds of cancer, but there are treatments that may help to remove the cancer.  Being diagnosed of having cancer can be devastating physically, emotionally and also financially to the person and the family.  

With the advancement of medical technology, which has led to early detection of cancer, has entailed better survival rates amongst patients.  However, over the years, such treatments have grown increasingly costly, and with a prolonged period of health care needed, affordability becomes a heavy financial burden to oneself and the family.  

It has been said that when one is diagnosed with a dreaded disease, one needs time and finances to get on to the road to recovery. While we may not have control over the time period to get better, one should not have to worry about finances given that there are steps to create a financial safety net. The financial implication is indeed inevitable, it is thus advisable to consider taking up insurance.

In recent years, insurance providers have been developing single illness focused policies. Cancer being the main cause of death in Singapore¹, it has given cause for greater concern.

What is cancer insurance? 

Cancer insurance is a form of supplemental standalone insurance covering gaps in primary insurance plans.  Some primary health/medical and critical illness plans do provide cancer coverage that may overlap with cancer insurance plan.  So, one needs to weigh it out for a comprehensive protection consideration. Most cancer-only plans will have lower premiums (as it only provides coverage for cancer) than early-stage critical illness plan (since this covers across various critical illness), and it provides a lump sum payout upon cancer diagnosis, regardless of the stage. 

Cancer insurance is meant help lessen the financial burden when one is diagnosed with the cancer disease and its numerous manifestations. Specific cover terms may differ from one insurance provider to another. 

Unlike MediShield Life that is based on a reimbursement basis, most cancer insurance does not stipulate how the money is to be used.

Why do you need cancer insurance coverage? 

Some people may just want to avoid the topic altogether but to others, taking up cancer insurance is for the additional financial protection over-and-above their health/medical insurance, in case they are diagnosed with cancer and their medical insurance alone may not be enough to cover the expenses.

Cancer insurance can help alleviate financial burden from treatment costs, the unexpected, and other household expenses.  Depending on the insurance providers, one can make a claim upon diagnosis, regardless of the stage of cancer. Some providers such as Allianz Insurance Singapore provides a lump sum of up to $100,000 upon diagnosis and successful claim and monthly income benefit of up to $3,500 per month for 12 months (depending on the policy plan taken).

What does cancer insurance cover? 

Most Cancer insurance covers both major and non-invasive types of cancer occurrences. Major Cancer means a malignant tumour positively diagnosed with histological confirmation and characterized by the uncontrolled growth of malignant cells with invasion and destruction of normal tissue. The term Major Cancer includes, but not limited to, leukemia, lymphoma and sarcoma. The policy terms would also specifically define what is not covered within the definition of Major Cancer.

Non-Invasive Cancer is defined as Carcinoma in situ types of cancer. This is the earliest stage of cancer, where the malignant cells are found in one place and not yet spread. These types of cancer may include Early Prostate Cancer, Early Thyroid Cancer, Early Bladder Cancer, Early Chronic Lymphocytic Leukemia and Early Melanoma.

You do not need medical examination to get Allianz Cancer Protect

To make it easy for anyone wanting to have this type of insurance cover, one can purchase the Allianz Cancer Protect insurance policy directly online, and does not require to go through any medical examination. Simply choose from 3 plan type and answer 3 health-related underwriting criteria questions for eligibility.  As an indication of affordability, a 30-year-old male only needs to pay $23.80 of premiums a month under the Platinum plan.

With the ease and such affordable plans, it is worth a consideration to create certainty of a financial safety net against such uncertainties in our lives.