photo by thirdman from pexels Cancer is the most prominent principal cause of death in Singapore, with 28.4% of deaths…
AXA Cancer ReCover is the first plan in Singapore that is specially designed for cancer survivors. Here’s a look at why we like AXA Cancer ReCover and why we think that you should consider it as part of your financial portfolio.
Most cancer plans in the market insures only late stages of cancer, i.e. Stage 3 or 4 cancer. As a result, many policyholders end up having their claims rejected when they suffer from Early Stage Cancer or even Carcinoma-In-Situ (CIS) aka pre-cancer. This makes AXA Cancer ReCover one of the most comprehensive coverage plans in the market for cancer.
If you have ever had an episode of cancer, chances are no insurer will offer to cover you for cancer again. But unlike in the past, cancer is no longer a death sentence today. Compared to 50 years ago, the odds of survival from cancer have risen. For male, the survival rate rose from 13% to 46% while the survival rate for female more than doubled from 26% to 54%. Thus, you will need to be financially protected after you have recovered from cancer.
With AXA Cancer ReCover, you can be covered even if you have a history of cancer. The only condition is that you need to be in remission for at least 3 years. In layman terms, it means that there are no signs or symptoms of cancer for 3 years.
While recovery rate is improving, the truth is that some cancers can return to haunt you again.
For instance, the recurrence rate for Advanced Stage Ovarian Cancer is as high as 80%. Not only do you have to go through the whole chemotherapy treatment again, it will also take a toll on you and your family, both mentally and financially.
Surviving one cancer episode alone is tough enough, let alone multiple cancer episodes. Thus, it is essential for cancer survivors to have adequate protection in the event it strikes again. With AXA Cancer ReCover, you can give yourself the assurance that you will be financially covered in the event of cancer recurrence.
Did you know that a cancer survivor is 14% more likely to be diagnosed with a new cancer than someone who has never had cancer?
According to the National Cancer Institute in the US, one in six cancer patients have already battled a different cancer before being dealt a new cancer. That’s why AXA’s Cancer ReCover plan not only covers recurrence of the same cancer, it also provides coverage for new cancer diagnosis.
|Early or Intermediate Stage Cancer||15% of the sum assured|
|Advanced Stage Cancer||100% of the sum assured, less any Early or Intermediate Stage Cancer claim paid previously|
Table 1 – Payout for AXA Cancer ReCover plan
However, one thing that we don’t quite like about AXA Cancer ReCover is that the sum assured is capped at 100%. If you have made prior claims, your sum assured is reduce by how much you claimed previously.
To be honest, nobody is mentally prepared for cancer to strike. Thus, when cancer strikes, your world can come crashing down on you. At that moment in time, premiums should be the least of your concerns. You should be concentrating on undergoing medical treatments to work towards your recovery.
The plan comes with a premium waiver clause that waives your premium for 24 months when you make an Early or Intermediate Stage Cancer claim.
According to scientific research, 5-10% of cancers are caused by inherited genetic mutations. This means that if you have been diagnosed with cancer, it means that your child might be at risk of one too due to genetic inheritance. With the plan’s Free Child Cover Benefit, it provides your child with free coverage of 15% of sum assured should he/she be diagnosed with any Advanced Stage Cancer.
If you are a healthy individual and wish to get yourself comprehensively covered for critical illness, check out best 3 recurrent critical illness coverage
If you are cancer survivor and looking to get yourself insured to protect you and your family, reach out to us by answering two simple questions below to see if you qualify
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