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Cancer Insurance Singapore: Is It Necessary Or Worth It?

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Cancer is the most prominent principal cause of death in Singapore, with 28.4% of deaths caused by cancer in 2019. Although it is scary to be diagnosed with it, more people are also living with cancer with appropriate treatments today.

Consider those statistics together with the fact that Singaporeans are found to be insufficiently prepared to cope with medical expenses should critical illness (like cancer) occur, according to a 2017 study by Life Insurance Association. Are you one of them? Have you pushed the possibility of getting cancer aside because you are now healthy?

Although treatment costs of cancer—such as hospitalisation and chemotherapy bills—may be covered by the basic MediSave, MediShield Life and any Integrated Shield Plans, having cancer also means higher costs of living, since you would consider things like going for a second opinion for screening, and buying more health supplements and mobility devices. Additionally, to alleviate your stress, you may want to work less by working part-time or even take a sabbatical, resulting in loss of income.

Hence, it would provide peace of mind to have insurance coverage for cancer. In Singapore, there are two types of insurance policies that cover cancer. One, the more comprehensive critical illness (CI) plans, which cover a list of 37 critical illnesses, including cancer. Two, cancer insurance policies, which specifically cover for cancer only.

The pros and cons are self-explanatory. Comprehensive CI plans cost more, but offer wider protection across various diseases. On the other hand, cancer insurance offers targeted protection against cancer at a lower cost. Plus, did you know that 80% of all critical illness diagnoses are due to cancer ? This means that having coverage for cancer alone is pretty significant.

If you are primarily concerned about developing cancer and are on a budget, then the latter will make more sense. In this article, we take a closer look at two such cancer insurance plans: MSIG CancerCare Plus and Tiq Cancer Insurance.

MSIG CancerCare Plus

Cancer Insurance Singapore

The MSIG CancerCare Plus is one of the more affordable cancer insurance plans in the market. What it offers is $100,000 in sum assured, with two possible scenarios of claims.

In the first scenario, the insured is diagnosed with major cancer. He will then get the full payment of $100,000. In the second scenario, the insured is diagnosed with early stage cancer. In that case, he will receive a $50,000 payout. In the event that the cancer worsens to major cancer, then the remaining $50,000 will be paid out. This also means that the cover continues with automatic renewal after the first payout, when the insured discovers that he has early stage cancer.

MSIG, also makes it easy to make claims as it uses a fast and straightforward online application process with 3 simple health declarations.

The key disadvantages of this plan are the lack of flexibility and absence of any additional death benefit. On the upside, it is one of the most affordable cancer insurance available right now.

For a female who is a non-smoker, aged 30, the premium for MSIG CancerCare Plus is around $86.74 a year, or just $7.23 per month. The same plan would cost $3.56 per month or $42.80 per year for a male non-smoker aged 30.

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+ S$100,000 sum assured if diagnosed with a major cancer

+ Accelerated payout of $50,000 (50%) for early stages of cancer

+ 100% payout for major cancers

+ Auto renewable on a yearly basis up to age 84

+ Fuss-free online application and claims process

– Pre-existing conditions are excluded

– There is a 90-day waiting period from the policy issue date or the latest reinstatement date (if applicable) before you can make a claim.

Tiq Cancer Insurance

Tiq Cancer Insurance

Another attractive cancer insurance policy is offered by Etiqa Insurance. Tiq Cancer Insurance covers all stages of cancer, which offers a complete peace of mind for people who are afraid of being diagnosed with cancer.

As compared to MSIG’s payout plans, Tiq Cancer Insurance compensates the full sum assured regardless of the stage of cancer. Additionally, it includes a lump sum benefit of $5,000.

Additionally, insured policyholders who stay in good health will receive a no-claim discount on the renewal premium, which is equivalent to 6% of total premium paid for the previous year. This means that the premiums get even more affordable.

A Tiq Cancer Insurance plan with $50,000 coverage for a 30-year-old, female non-smoker, costs as low as $136 per year or $11.90 per month. Increasing the coverage to $100,000, the premium is $236 per year or $20.65 per month.

For a male non-smoker, it costs only $96 per year or $8.40 per month to get coverage of $50,000. Increasing the coverage to $100,000, it will cost $146 per year or $12.78 per month.

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Product Features:

+ 100% payout for all stages of cancer

+ Get 6% yearly savings upon policy renewal if no claims have been made in the previous policy term

+ Death benefit: S$5,000

+ Get covered up to S$200,000 in sum assured

– Pre-existing conditions are excluded

– There is a 90-day waiting period from the policy issue date or the latest reinstatement date (if applicable) before you can make a claim.

– Annual premium and sum assured stated is based on a 30-year-old female, non-smoker

Is critical illness insurance necessary?

Comprehensive critical illness insurance is a big bonus to your insurance coverage, as it covers 37 critical illnesses ranging from stroke, heart attack of specified severity, kidney failure, and paralysis.

The best in class of critical illness insurance plans are multi-pay, which means that if you get a CI diagnosis, you are still able to claim again for another CI from the same policy. Read our analysis of the three best recurrent multi payout CI plans in Singapore.

However, some may find the premiums for critical illness insurance, which could range between $300 and $600 depending on the policyholder’s profile, to be a tad expensive. To secure targeted coverage for cancer, it might be sufficient to purchase cancer insurance, where the premiums could cost a third or less.

But buying insurance is always about getting the most comprehensive coverage that is catered to your individual profile, within your comfortable budget. Hence, you will have to draw your own conclusions, with the help of a financial advisor, whether it is necessary or not.

One thing is for sure. Regardless of age, you should highly consider getting covered for cancer. Statistics from the National Registry of Diseases Office have shown that more young adults are developing cancer as well, making it a risk that you should not ignore.

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good to have a link or source.

good to provide specific figures here to compare the premiums of CI plans and cancer insurance plans to substantiate our point.

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