In tremendous protected Singapore, the place being chopped into items by a serial killer or stepping on a landmine are pretty distant potentialities, getting most cancers might be the scariest factor that might occur.
In the event you get a most cancers analysis, you possibly can depend on medical insurance to cowl the majority of your hospitalisation payments and remedy. (Don’t have medical insurance but? Contemplate an Built-in Protect Plan or IP.)
However you may also like to purchase a most cancers insurance coverage plan for extra monetary safety. Right here’s a information to selecting an reasonably priced most cancers insurance coverage coverage.
What’s most cancers insurance coverage, and why contemplate it?
Most cancers insurance coverage has comparable mechanics to essential sickness insurance coverage: When you get a analysis, your insurance coverage coverage offers you a lump sum payout.
The principle distinction is that most cancers insurance coverage covers solely most cancers, whereas essential sickness insurance coverage covers an extended listing of ailments together with most cancers. The previous is often cheaper.
So, why do you continue to want most cancers insurance coverage if you have already got medical insurance?
Nicely, medical insurance plans pays for the majority of your hospital payments. However they won’t change your misplaced revenue if you must give up your job or tackle a much less demanding one. Most cancers remedy will be long-drawn and costly, so you could possibly be taking a look at years with out work.
In the event you’ve determined that you really want this kind of safety, your greatest query is definitely whether or not you must go for a essential sickness insurance coverage plan or simply go for most cancers insurance coverage. Most cancers insurance policy are typically comparatively reasonably priced and straightforward to purchase, with no medical underwriting required by many insurers, so there’s that.
Simply to provide you a style of what’s out there, listed below are 5 most cancers insurance policy in the marketplace.
5 reasonably priced most cancers insurance policy in Singapore
| Most cancers insurance coverage | Pattern premium* | Sum assured |
| MSIG CancerCare Plus | $282.48/yr | $100,000 |
| FWD Most cancers Insurance coverage | $348/yr | $200,000, $100,000 or $50,000 |
| Etiqa Most cancers Insurance coverage | $376/yr | $200,000, $100,000 or $50,000 |
| SingLife Most cancers Plus Plan | $344.89 to $475.42/yr | $20,000 to $100,000 |
| Prudential PRUCancer 360 | $427.50/yr | $10,000 to $300,000 |
*primarily based on citation for 35-year-old feminine non-smoker, for $100,000 sum assured
FYI, “$100,000 sum assured” means you’ll get a $100,000 lump sum payout for those who get identified with late stage most cancers. (As for early stage most cancers, some plans pays out the total quantity, whereas others provide solely, say, 25% or 50%.)
You’ll be able to go for a decrease or increased sum assured relying on how a lot safety you want. Your premiums will range accordingly.
MSIG CancerCare Plus
This MSIG most cancers insurance coverage plan is without doubt one of the least expensive on the town, nevertheless it’s restricted to $100,000 sum assured solely. The $100,000 sum assured is paid out in full if you’re identified with main most cancers.
In case you are identified with early stage most cancers, the plan pays out $50,000 as a substitute of the total $100,000, however is then robotically renewed, so you possibly can nonetheless make one other declare for the remaining $50,000 if you’re later identified with main most cancers.
This can be a very cost-effective most cancers insurance coverage coverage for those who’re sure that the payout is adequate on your wants.
Pattern premium for a 35-year-old feminine non-smoker: $282.48 a yr for $100,000 sum assured
FWD Most cancers Insurance coverage
FWD Most cancers Insurance coverage presents a alternative between a sum assured of $200,000, $100,000 or $50,000, which is nice for those who’re not trying to lay our a fortune on a excessive protection quantity.
It’s a little bit dearer than the MSIG most cancers insurance coverage plan above, however FWD’s most cancers insurance coverage plan has the massive benefit of providing a full payout of the sum assured in any respect levels of most cancers. All kinds of most cancers in any respect levels are coated.
That is not like most different most cancers insurance policy that may solely offer you 100% of your payouts for those who get late stage most cancers. The plan additionally presents a free medical second opinion at certainly one of their 3 medical centres.
Pattern premium for a 35-year-old feminine non-smoker: $348 a yr for $100,000 sum assured
Etiqa Most cancers Insurance coverage
Just like FWD, Etiqa’s most cancers insurance coverage plan pays out 100% of the sum assured for all levels of most kinds of most cancers, together with early stage most cancers. You’ll be able to select between protection quantities of $200,000, $100,000 or $50,000.
After your first yr, you’ll pay 6% much less premiums if in case you have not made any claims within the earlier coverage time period. In addition they provide a loss of life good thing about $5,000.
Pattern premium for a 35-year-old feminine non-smoker: $376 a yr for $100,00 sum assured
SingLife Most cancers Plus Plan
Singlife’s most cancers insurance coverage plan presents protection of $20,000 to $100,000 for all levels of most cancers. You’ll obtain 100% of the payout for those who get identified with late stage most cancers, 50% for intermediate stage most cancers and 25% for early stage most cancers.
The plan gives for a number of claims if you’re identified with something lower than late stage most cancers. As an illustration, after a primary declare of intermediate stage most cancers, you possibly can nonetheless make a declare for the remaining 50% of your sum assured for those who later get identified with late or intermediate stage most cancers. In case you are subsequently identified with early stage most cancers, you get 25% of the sum assured.
The plan additionally presents a $5,000 loss of life profit. If you wish to beef up your protection, you possibly can pay extra to get complete protection in any respect levels of most cancers.
Pattern premium for a 35-year-old feminine non-smoker: $344.89 to $475.42 a yr for $100,000 sum assured
Prudential PRUCancer 360
Prudential’s most cancers insurance coverage plan presents protection in any respect levels of most cancers. One benefit of this plan is that it presents protection as much as the age of 100, which is a a lot increased age restrict than what most different plans provide.
The plan additionally pays out 100% of your sum assured for all levels of most cancers. Protection quantities vary from $10,000 to $300,000. In the event you’re prepared to spend to get probably the most full protection and a excessive sum assured, this is without doubt one of the most complete plans in the marketplace.
Pattern premium for a 35-year-old feminine non-smoker: $427.50 a yr for $100,000 sum assured
How a lot “sum assured” must you get?
Most plans provide minimal sums assured of $20,000 to $50,000, which you’ll go for if you wish to hold your premiums low.
Nevertheless, for those who can afford to, attempt to get a sum assured which might truly be useful primarily based in your liabilities and bills, assuming you can’t work after getting most cancers.
For instance, for those who’re single with no mortgage or different liabilities, a payout of $100,000 ought to tide you over a couple of years of not working as a consequence of most cancers.
Nevertheless, if in case you have children and a mortgage, the payout won’t final very lengthy. These with dependants ought to most likely go for increased sums assured for the reason that payouts can be feeding a couple of mouth.
Learn extra: How A lot Insurance coverage Protection Ought to You Have in Singapore?
What if the most cancers insurance coverage plan isn’t sufficient?
Most cancers insurance coverage will help complement your current insurance coverage protection, however you must completely be certain your medical payments are coated by shopping for a hospitalisation plan equivalent to an Built-in Protect Plan.
That is in order that you don’t find yourself utilizing your most cancers insurance coverage payout to pay the medical payments. The payout is supposed extra for changing your revenue so you possibly can take time without work work to get better.
You too can contemplate standalone essential sickness insurance coverage or time period insurance coverage with a essential sickness rider as a substitute of (or along with, for those who’re being actually cautious) most cancers insurance coverage.
Such plans usually cost increased premiums, however they provide increased payouts and in addition cowl non-cancer essential diseases equivalent to coronary heart illness.
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