Importance of Cancer Protection | Buy Cancer Insurance in Singapore

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While not everyone prioritizes cancer protection among life’s many responsibilities, cancer insurance can be a lifeline for you and your loved ones if you are diagnosed with the disease. In this blog, we tell you the importance of cancer protection in Singapore. 

Cancer is a frequent sickness in Singapore, and the incidence rate is quite high. According to the Singapore Cancer Society, one in every four people may develop cancer during their lifetime. 

Importance of Cancer Protection in Singapore

Statistics about Cancer

Did you know that cancer accounts for over 30% of all fatalities in Singapore each year? The most frequent type of cancer in men is colon-rectum cancer, which is followed by prostate cancer, lung cancer, and liver cancer. Breast cancer, on the other hand, is the most frequent malignancy in women, affecting over one-third of all women. 

Last but not least, cancer medications in Singapore are becoming more expensive. In fact, Singapore is predicted to spend S$2.7 billion on cancer medications by 2030.

Related – Health Insurance in Singapore 

Cancer makes no Distinctions

Cancer does not only strike the elderly and the frail; it can impact anyone, regardless of age, gender, or ethnicity. Cancer can strike young people as well.
Different types of cancer may also influence an individual’s risk of developing it at a specific age. Lymphomas, for example, are more common in those under the age of 25, but breast, cervical, and colorectal cancers are more common in people beyond the age of 25.

Cancer Insurance and Critical Illness Insurance

This is true, even if there are some overlaps. Critical illness insurance provides basic coverage for catastrophic illnesses such as heart attacks of varying severity, strokes, and major cancers, whereas most cancer insurance provides specialized coverage for all types of cancer (regardless of early, mid, or later stages of cancer).

Some critical illness insurance policies, unlike cancer insurance, may not provide reimbursements for the early or mid-stages of cancer, which means patients will have to utilize their savings to cover the costs of their treatment or to support their daily expenses if they are unable to work.

Cancer Insurance Pays for a Wide range of Fees and Expenses – Importance of Cancer Protection in Singapore

The majority of us would agree that Singapore has exorbitant medical costs. When it comes to cancer insurance, lump-sum payouts come in handy to cover – potential income loss owing to temporary or permanent inability to work, high medical treatment and drug costs, and non-medical charges such as caretaking fees associated with employing a maid or nurse.

Although hospital and surgery insurance may provide some cash reimbursements, they are primarily meant to cover the cost of your medical bills and are not intended to help you reduce long-term expenses, replace lost income, or support your dependents. It’s also worth noting that cancer treatment can take years before a patient achieves remission. This implies they may be unable to work or earn a living during the lengthy healing period. Keep in mind that the specific coverage you’ll receive will be determined by the cancer insurance plan you’ve chosen.

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