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Cancer insurance in Singapore can be found as standalone policies or linked to health insurance and critical illness insurance as supplementary benefits. Cancer insurance is designed to provide financial support in the event that you are diagnosed with cancer.
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Are you looking to secure cancer insurance? In this guide, we will cover the ins and outs of cancer insurance in Singapore, from where you can get it to how it can protect you in the event that you are diagnosed with cancer.
What is Cancer Insurance
Cancer insurance is a specialized type of insurance that is designed to provide financial support in the event of cancer diagnosis. Coverage for cancer insurance may vary from plan to plan. Generally, cancer insurances will cover cancer treatments.
Cancer insurance policies may also include a lump sum benefit where the policyholder will receive a payout upon diagnosis of cancer. The lump sum can be used to cover medical costs, loss of income, and other financial needs that may occur during the cancer journey including alternative treatments.
It is important to know that cancer insurance isn’t always a standalone coverage policy. You can often find cancer insurance as a supplementary benefit to health insurance policies. Alternatively, you can also opt to secure critical illness insurance for cancer coverage.
What is Critical Illness Insurance
Critical illness insurance is an insurance policy that offers a lump sum payout that the policy holder will receive in the event of a critical illness. Critical illnesses can range from major cancer to permanent damages such as irreversible loss of hearing.
What constitutes a critical illness can vary from country to country. In Singapore, according to the Life Insurance Association (LIA), the standard 37 critical illnesses include:
- Major Cancer
- Heart Attack of Specified Severity
- Stroke with Permanent Neurological Deficit
- Coronary Artery By-pass Surgery
- End Stage Kidney Failure
- Irreversible Aplastic Anaemia
- End Stage Lung Disease
- End Stage Liver Failure
- Coma
- Deafness (Irreversible Loss of Hearing)
The LIA also breaks down the definition of each critical illness in their Standard for Severe Stage of 37 Critical Illnesses document.
If you are interested in securing critical illness insurance in Singapore, we have a guide on how to choose The Best Critical Illness Insurance which covers the ins-and-outs of critical insurance and everything you need to know to choose a critical illness insurance policy that works for you.
Cancer Coverage in Critical Illness Insurance
In the case of a diagnosis of cancer, the policyholder of the critical illness insurance will receive a payout from the insurer to cover the expenses that come with cancer treatments and cancer recovery. Depending on your policy, even the early stages of cancer may be covered.
Cancer Insurance vs Critical Illness Insurance
The main difference between the two is how they provide the financial support. Cancer Insurance will typically cover costs of treatments such as hospitalization, surgery, and chemotherapy, critical illness insurance will offer a lump sum payout which the policyholder can use to cover cancer expenses.
If you are deciding between Cancer insurance and critical illness insurance, the first step is to evaluate your circumstances and risks. Depending on your age, health status, family history, and lifestyle, you may be at risk of more than just cancer.
If your main concerns and risks are primarily cancer-related, then a cancer insurance policy will suit you more. If you are at risk of more than just cancer, then a critical illness insurance will provide better protection at a higher cost.
Which brings us to the second key factor which is your budget. Due to the niche coverage of cancer insurance, the premium costs for cancer insurance are generally lower than critical illness insurance which covers more than just cancer.
Whether you decide to secure cancer insurance or a critical illness insurance, it is important that you carefully review the policy terms to understand the waiting periods and exclusions to the policy so as to avoid avoidable losses.
Tips on Securing Cancer Coverage
When securing cancer coverage and critical illness insurance, the earlier you get a plan the more you will benefit from it. Key factors such as your health, needs, and requirements are things to consider when looking for a plan that is right for you.
Here are a few tips to help you get started:
- Determine your health status – A clear understanding of your current health status means knowing if you are in good health, whether or not you have pre-existing conditions, and whether you are at risk of any chronic conditions or not.These can affect your needs and your premium costs.
- Determine your budget – Setting a clear budget is crucial when securing any insurance. It is important that you can afford to stay insured to fully utilize your policy. Be sure to also look for deductible and copayment options to effectively manage your premium costs.
- Coverage and exclusions – In order to make an educated decision, it is important that you understand how the policy will cover you. Understanding the coverage and the exclusions will avoid future conflicts and problems with your insurer during the claiming process
- Read up on insurance jargons – When conducting any sort of insurance research, you are bound to come into numerous insurance jargons. Understanding insurance jargons will help you better understand how a policy can protect you. This is vital in helping find the right plan.
- Read the terms and conditions – Once you are more familiar with the common insurance jargons, the next thing is to understand the terms and conditions of the policy. Make sure you thoroughly read the insurance policy to make sure you’re aware of all the finer details, including any exclusions.
- Seek help from a broker – If you’re not sure which plan best meets your needs, consider speaking to insurance brokers like Pacific Prime. Our expert advisors will be able to filter through plans from our top insurance partners and provide you with the best options for your needs.
Frequently Asked Questions
What does critical illness insurance cover in Singapore?
Common conditions covered by critical illness insurance in Singapore include cancer, heart attack, stroke, kidney failure, and major organ transplant. Policyholders will typically receive a payout from their insurer if diagnosed with a covered illness.
Do I need cancer insurance as an expat in Singapore?
Cancer insurance may not be necessary but it is highly recommended in a country like Singapore where the cost of healthcare can be very high especially for expats seeking medical treatment in the private sector.
What type of cancer insurance plans are there in Singapore?
Cancer insurance in Singapore can be found as standalone plans or as supplementary benefits attached to health insurance and critical illness insurance.
Does cancer insurance cover all types of cancer in Singapore?
Cancer insurance will cover a wide range of cancer types but it may vary depending on your policy. It is important to refer back to your policy details to check the limitations and exclusions of your policy.
Can you secure cancer insurance if you have a pre-existing condition?
It is possible to secure cancer insurance even if you have a pre-existing condition, however it may be harder to secure one and you may have a longer waiting period and more exclusions and limitations.
What factors do I need to consider when getting cancer coverage?
When securing cancer coverage, it is important to consider your current health status, whether you have any pre-existing conditions, chronic conditions, and what sort of cancer your family has a history with. These factors can help you determine your needs and requirements.
Conclusion
If you are an expat relocating to Singapore looking for protection against financial losses in the unfortunate event that you are diagnosed with cancer, then cancer insurance and critical illness insurance is what you want.
Whilst both cancer insurance and critical illness insurance will provide financial support during your cancer journey, how you are covered will be slightly different depending on which kind of policy you secure.
Securing a cancer insurance will cover the hospitalization, surgery, and treatments. A critical illness insurance will provide a lump sum payout that will help you cover the medical costs and financial losses that may occur such as income loss during your cancer journey.
It is important to conduct thorough research on different policies and policy providers in order to find a plan that works for you, but this can be a daunting task. This is where Pacific Prime can help.
Pacific Prime is a global health insurance broker with over two decades of experience in the industry, we can help you find the perfect plan from our extensive list of partner insurers for you based on your unique needs and requirements.
If you are interested in securing critical illness insurance, check out our comprehensive guide on the Best Critical Illness Insurance in Singapore where we dive into critical illness insurance in Singapore and how you can find the best critical insurance policies.
Contact us today for a free plan comparison and an obligation-free quote!
Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.
In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.
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