Did you know that cancer is one of the leading causes of death in Singapore ? According to HealthXchange.sg, it's among the top 10 most common cancers for both men and women in the country. With medical costs rising, a cancer diagnosis can be not only emotionally devastating but financially crippling as well. That's where Income Cancer Protect comes in - a specialized insurance plan designed to provide financial support when you need it most.
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Income Cancer Protect is a term life insurance policy that offers protection against both early and advanced stages of cancer . It's designed to alleviate the financial burden of cancer treatment, allowing you and your loved ones to focus on recovery without the added stress of medical bills.
Protects you against cancer at both early and advanced stages. No medical check-up required for most applicants.
Your coverage remains intact even after claiming for early stage cancer.
Starting from as low as $14.40 per month.
Policy can be renewed every 10 years up to age 84.
Extra 25% of sum assured if no claim was made for early stage cancer.
Up to 100% of sum assured for accidental death. Coverage for non-accidental death as well.
Pays out 25% of the sum assured . You must survive at least 30 days after diagnosis. Only paid once, even if policy is renewed.
Pays out 100% of the sum assured . You must survive at least 30 days after diagnosis. Additional 25% if no early stage claim was made.
Up to 100% of sum assured if death occurs within 365 days of accident. Reduced to 30% if participating in restricted activities at time of accident. For those aged 70 and above, benefit is either premium refund or $5,000.
100% premium refund if death occurs within first year of policy. $5,000 payout if death occurs after first year.
The coverage amount, or sum assured, can be tailored to your needs. For example, a 40-year-old non-smoker could get a sum assured of $100,000 for an annual premium of $335 .
Let's look at how Income Cancer Protect might work in practice:
Mr. Lee, age 40, non-smoker, buys a policy with a sum assured of $100,000:
If Mr. Lee hadn't made the early stage claim, he would have received an additional $25,000 for the advanced stage diagnosis, totaling $125,000.
Cancer treatment can be extremely expensive. For instance: Breast cancer treatment (ages 30-40) can cost up to $376,923 (90th percentile). Lung cancer treatment (ages 41-50) can cost up to $812,929 (90th percentile).
According to the Life Insurance Association Singapore (LIA), the average working adult in Singapore has a critical illness protection gap of $256,826 .
The rule of thumb for critical illness coverage is approximately 3.9 times your annual income .
With financial protection in place, you can focus on your health rather than worrying about medical bills.
Covers both early and advanced stages of cancer
No reduction in sum assured after early stage claim
Affordable premiums
Guaranteed renewal up to age 84
Additional benefit for advanced stage if no early claim made
Accidental and non-accidental death coverage
Only covers cancer, not other critical illnesses
90-day waiting period from policy start date
Survival period of 30 days required after diagnosis
Pre-existing conditions may not be covered
Yes, coverage may be provided even for those with existing non-cancer related medical conditions.
No benefits will be paid if you're diagnosed within 90 days from the cover start date.
Yes, you can claim for early stage and later for advanced stage if your condition progresses.
Your sum assured remains intact even after an early stage claim.
Premiums are not guaranteed and may be adjusted based on future claims experience.
Income Cancer Protect offers a targeted approach to cancer insurance, providing financial support at both early and advanced stages of the disease. With its affordable premiums, guaranteed renewal, and additional benefits, it can be a valuable addition to your overall financial protection strategy.
However, as with any insurance decision, it's crucial to carefully consider your personal needs, existing coverage, and financial situation. While Cancer Protect offers robust cancer-specific coverage, it doesn't cover other critical illnesses. You might want to consider how it fits into your overall insurance portfolio.
Remember, the best insurance plan is one that provides you peace of mind and fits your specific circumstances. If you're considering Income Cancer Protect or any other cancer insurance plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.
Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on cancer protection insurance. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your needs. Don't leave your protection to chance – get the expert advice you deserve today .
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