CANCER INSURANCE
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Guide to Cancer Insurance
Frequently Asked Questions
What is Cancer Insurance?
This type of insurance specifically and comprehensively covers only cancer from the early stage to the final stage of development. This is different from a critical illness insurance policy. Major Cancer, usually defined as the cancer already reaching a critical stage, is one of the listed 37 Critical Illnesses covered under a standard critical illness insurance policy.
Why should I buy this insurance?
Therefore it is not surprising that 1 in 4 people in Singapore may develop cancer in their lifetime. Thankfully more than 80% of the patients diagnosed with early stage cancer survived. Above 2 data is according to the National Registry of Diseases Office, Singapore Cancer Registry, Singapore Cancer Registry 50th Anniversary Monograph (1968 – 2017), data period from 2013-2017.
But according to a study by Life Insurance Association of Singapore, most Singaporeans are under-insured in the event of cancer. So patients who survive usually will face certain financial hardships during the cancer recovery period where they are unable to continue full employment to support their lifestyle needs. Household expenses and mortgage loans make up the bulk of the lifestyle needs.
https://www.lia.org.sg/news-
Thankfully Cancer Insurance coverage will help pay you a lump sum of money so that you can still maintain your lifestyle even when you are ill. This is not the same as your typical life insurance that only pays when you are dead, going to die soon or permanently disabled. It is also misunderstood with medical insurance which pays your hospital bills only. We call it a “Living Insurance” that pays you to survive and live well.
It is always better to have, and not need, than to need and not have.
It is never too late, and you only need to answer 1 to 3 Health Questions to get yourself insured. Get a Quote now.
I have some health problem. Can I still apply?
Medical underwriting is still applicable for cancer insurance. Depending on what is your medical condition, you may still be eligible for such insurance. No complicated medical declaration is needed, simply answer 1 to 3 Health Questions. Get a quote now.
Do I need to be hospitalized to claim?
This is not a hospitalization insurance policy. So you do not have to be hospitalized to qualify for a claim. As long as you are diagnosed to have cancer by a medical practitioner with the relevant report as evidence, that will qualify you for a claim submission.
Who can apply?
Is it expensive?
Premiums can be as low as 40cents a day depending on your age.