Cancer Insurance in Singapore | Five Things to Consider for Cancer Insurance

Health Insurance | Insurance

As important as it is to protect yourself from the leading cause of death, read the fine print before purchasing cancer insurance. Cancer insurance is becoming increasingly popular in Singapore. In this blog, we tell you about cancer insurance in Singapore. 

First and foremost, cancer is the leading cause of death in the United States. With the National Cancer Centre of Singapore estimating that one in every four Singaporeans will develop cancer during their lifetime, it’s no surprise that cancer accounts for nearly 30% of all deaths.

Cancer Insurance in Singapore

Cancer insurance and medical insurance are not the same thing

The most frequently asked question about cancer insurance is how it differs from medical insurance. The answer can be found in the payout structure. Medical insurance covers actual medical costs, whereas cancer insurance is concerned with a one-time lump sum payout in the event of a cancer diagnosis.

As a result, medical insurance can only reimburse you for the actual cost of surgery, consultations, and other similar services. When you are diagnosed with cancer, your cancer insurance will pay you the agreed-upon sum. Whatever you do with the money is entirely up to you. This payment will be in addition to any existing plans you may have, whether medical or critical illness.

It includes all types of cancer

There are over 100 different types of cancer that affect humans. If you have cancer insurance, it makes no difference whether you get one of the less serious forms or the more serious ones. You will be eligible for the payout if you have a confirmed cancer diagnosis.

The value of the policy is limited to the sum assured

Many insurance plans, particularly those linked to investments, have rather complex structures. You must consider factors such as cash value, guaranteed and non-guaranteed amounts, the investment vehicles in which your premiums will be invested, and so on.

All of this does not apply to cancer insurance, which is straightforward and simple. If you are diagnosed with cancer, you will receive the lump sum payout and the policy will be terminated. Until then, you simply pay an annual fee.

It is very affordable

Cancer insurance has a structure that is nearly identical to critical illness insurance. The only distinction is that critical illness insurance covers a wide range of diseases, whereas cancer insurance is much more narrowly focused. Because of this distinction, it is also significantly less expensive. While annual premiums for critical illness insurance can run into the thousands, cancer insurance premiums can be as low as S$100.

Cancer Insurance in Singapore – The structure differs from one plan to the next 

Although cancer insurance plans are basic, there are differences between insurers’ plans. Some, for example, may pay out the entire sum assured upon a confirmed cancer diagnosis, regardless of whether it is early or late. This means that if the incident occurs again, the policy will have already expired.

Some plans, on the other hand, may vary the payout amounts depending on the stage of cancer, with any remaining amount paid out in the event of a recurrence. Others may only cover late-stage cancers, requiring additional riders to cover early-stage diagnoses. Finally, keep an eye out for promotions to save money on premiums.

Insurance | Credit Cards | Loans | Banking |