While the rest of us are gearing up for the long weekend thanks to our nation’s 54th birthday (yay!)…
Singapore Life has been busy with the release of two new cancer insurance products: Cancer Plan and Cancer Plus Plan.
You might be wondering, “Is cancer insurance really necessary?”
FYI: the cost of treatment for cancer can range from $8,000 to $17,000 per month.
And if you’re going, “Aiya… Won’t happen to me one lah.”
Well… We’re not saying you will be (touch wood), but it’s a fact that 14,148 Singaporeans are diagnosed with cancer each year (that’s 38 each day, mind you!).
So as with all insurance products, cancer insurance is pretty much a form of protection to ease your burden should the unfortunate happen to you.
Disclaimer: This is NOT a sponsored post
TL;DR: What Singaporeans Need To Know About Cancer And Cancer Plus
Singapore Life Cancer And Cancer Plus Insurance
Here’s a closer look at the two cancer insurance products offered by SingaporeLife.
Cancer Plan
With monthly premiums starting from $2.60, the Cancer Plan provides:
- 100% Coverage of the sum assured for late-stage cancers
- Death Benefit of $5,000 for your beneficiaries
Cancer Plus Plan
Being the first in the market, the Cancer Plus Plan provides the following:
- 25% Coverage of the sum assured for early-stage cancers (Accelerated Benefit)
- 50% Coverage of the sum assured for intermediate stage cancers (Accelerated Benefit)
- 100% Coverage of the sum assured for late-stage cancers (Less previous payouts)
- Recurrent Benefit for relapse claims or diagnosis for a new type of cancer
- Death Benefit of $5,000 for your beneficiaries
Depending on your concerns, you can choose your preferred amount of coverage from $20,000 to $100,000.
The policy comes with renewable terms of 10, 15 or 20 years.
What Are The Premiums Of SingaporeLife Cancer And Cancer Plus?
If you’re seriously considering cancer insurance, then you’d want to know how much SingaporeLife’s cancer insurance will cost you.
Here’s the scenario we assumed:
- Coverage amount: $60,000
- Term: 15 years
And because we want to get the best deal, here’s the annual premium (save 5% as compared to monthly) for SingaporeLife Cancer and Cancer Plus Plan:
| Gender, Age | Smoker/ Non-Smoker | Coverage | Yearly Premium (Cancer Plan) | Yearly Premium (Cancer Plus Plan) |
|---|---|---|---|---|
| Female, 25 | Smoker | $60,000 15-Year Term | $205.07 | $205.07 |
| Male, 25 | Smoker | $149.01 | $176.40 | |
| Female, 25 | Non-Smoker | $134.48 | $225.86 | |
| Male, 25 | Non-Smoker | $97.71 | $115.67 | |
| Female, 35 | Smoker | $385.15 | $385.15 | |
| Male, 35 | Smoker | $235.71 | $281.89 | |
| Female, 35 | Non-Smoker | $252.54 | $353.67 | |
| Male, 35 | Non-Smoker | $154.56 | $184.84 |
What Are The Benefits Of SingaporeLife Cancer And Cancer Plus Plan?
| Benefits | Cancer Plan | Cancer Plus Plan |
|---|---|---|
| Major Cancers (Late Stage) | 100% of sum assured | 100% of sum assured (less previous payouts) |
| Early stage cancers: Carcinoma in situ Early Prostate Cancer Early Thyroid Cancer Early Bladder Cancer Early Chronic Lymphocytic Leukemia Skin Cancer | - | 25% of sum assured as an acceleration of late stage Major cancers benefit |
| Intermediate stage cancer: Carcinoma in situ of specified organs treated with Radical Surgery | - | 50% of sum assured as an acceleration of late-stage Major cancers benefit |
| Recurrence for early and intermediate stage cancers | - | Covered |
How To Apply
With Singapore Life’s Cancer Plan and Cancer Plus Plan, simply answer a couple of health-related questions when applying online to determine your insurability.
Of course, we’ve taken a look at the questions, what they’re looking out for is basically any prior diagnosis of cancer and a brief medical history.
Oh, the really cool thing about this application is that there is zero waiting time!
Your policy will be issued immediately after your application and payment have been processed.
Importance Of Insurance
As we celebrate the joyous occasion of our beloved country’s independence, it’s important to take the time out to ensure that you and your loved ones are well taken care of.
We’re not saying that SingaporeLife’s cancer insurance is something that you definitely need, but it’s a product worth considering if you’re seeking protection with regard to cancer.
Read also: What Are The Key Insurance Policies To Get?
Got questions about insurance? Why not ask them in our Seedly QnA?
