Cancer is a word that strikes fear into the hearts of many. But did you know that cancer survival rates have dramatically improved over the past 50 years? Today, the 10-year survival rate for all cancers is 54% for women and 46% for men , compared to just 26% and 13% respectively 50 years ago. While this is certainly cause for celebration, it also presents a new challenge: how can cancer survivors protect themselves financially if cancer returns?
Enter HSBC Life Cancer ReCover, a groundbreaking insurance plan designed specifically for cancer survivors. Let's dive deep into what this unique product offers and how it can provide peace of mind for those who have already battled cancer once.
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HSBC Life Cancer ReCover is the first insurance plan in Singapore that provides cancer survivors with coverage against a new diagnosed cancer or relapse of previous cancers . This innovative product aims to fill a crucial gap in the insurance market, offering hope and financial protection to those who might otherwise struggle to find coverage.
This is the cornerstone of the plan. It provides coverage for:br>- Early or intermediate stage cancer: 15% of the sum assuredbr>- Advanced stage cancer: 100% of the sum assured, less any early or intermediate stage cancer claim paid previously
The free child cover benefit provides your child with free coverage of 15% of the sum assured (capped at S$25,000) if they're diagnosed with any advanced stage cancer.
If you make an early or intermediate stage cancer claim, your premiums will be waived for the next 24 months.
Choose from policy and premium payment terms of 5, 10, 15, 20, and 25 years to suit your financial needs.
Receive 15% of the sum assured if the life assured passes away or is diagnosed with a terminal illness.
This plan is designed for cancer survivors who meet the following criteria:
It's important to note that HSBC Life will make a full assessment of the applicant's medical history. For a complete list of eligibilities, it's best to speak with an HSBC Financial Planner.
Let's consider the case of Elizabeth, a 45-year-old non-smoker with a 10-year-old daughter, Kelly. Elizabeth was diagnosed with Stage 2 breast cancer at age 40 and was confirmed to be in remission at age 42. At age 45, she purchases HSBC Life Cancer ReCover with a S$100,000 sum assured and a policy term of 20 years, paying a monthly premium of S$303.
Here's how the policy could potentially benefit Elizabeth and her family:
This example illustrates how HSBC Life Cancer ReCover can provide crucial financial support at various stages of life, covering not just the policyholder but also offering protection for their child.
Premiums for HSBC Life Cancer ReCover are not fixed and may vary based on factors such as the policyholder's age, health condition, and chosen sum assured. In the illustrative example, Elizabeth's monthly premium for a S$100,000 sum assured was S$303. It's important to note that premiums are not guaranteed and may be adjusted based on future claims experience .
It's the first plan in Singapore to offer coverage for cancer recurrence or new primary cancers to cancer survivors.
Knowing you're protected if cancer returns can significantly reduce stress and anxiety.
The policy provides substantial payouts that can help cover medical expenses, loss of income, or other financial needs.
The free child cover benefit extends protection to your children, addressing concerns about hereditary cancer.
With various policy and premium payment terms, you can choose a plan that fits your financial situation.
The premium waiver benefit allows you to focus on recovery without worrying about insurance payments.
While HSBC Life Cancer ReCover offers valuable protection for cancer survivors, it's important to consider a few points:
HSBC Life (Singapore) Pte. Ltd. is a wholly-owned subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited, which is ultimately owned by HSBC Holdings plc. The company has received an A+ rating by Standard & Poor's in February 2023 , indicating strong financial stability. HSBC Life Singapore offers a wide range of insurance solutions catering to various needs, including life, health, retirement, protection, education, legacy planning, and wealth accumulation.
HSBC Life Cancer ReCover represents a significant step forward in providing financial protection for cancer survivors. By offering coverage for cancer recurrence or new primary cancers, it addresses a crucial gap in the insurance market. However, as with any insurance product, it's essential to carefully consider your personal needs, financial situation, and the specific terms of the policy before making a decision.
Remember, buying a life insurance policy is a long-term commitment. It's always advisable to seek advice from a qualified Financial Planner who can help you understand if HSBC Life Cancer ReCover is the right choice for your unique circumstances.
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Read the complete transcript of our expert discussion about HSBC Life Cancer ReCover. This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
Welcome to the deep dive. We cut through the noise to bring you the essential insights you need to be truly well-informed. Today we're d
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