Here’s Why Having Cancer Insurance Is So Important In Today’s Times

 


Cancer as a disease is on the rise, across the world including Singapore. According to studies from the Singapore Cancer Society, between 2014 to 2018, an average of 41 people got diagnosed with cancer each day. Those numbers are high and serve to reflect the seriousness of the situation at hand. Though modern medical advancements allow for successful treatment in a lot of cases, one needs to first have access to adequate finance. The total cost for the diagnosis and treatment of cancer can drain out a person’s savings. To prevent financial ruin that sometimes accompanies ill health, it is important to have cancer insurance.

How does cancer insurance protect you?

A cancer insurance plan offers you coverage for all stages of cancer. Insurers are known to give their policyholders 100% payout of the sum assured for all stages of cancer. The sum assured can start at around S$10,000 and go much higher. Some of the best cancer insurance plans cover you for a sum assured as high as S$300,000.

These days, you can buy cancer insurance online in an easy application process on insurance websites.


What are some of the benefits of having cancer insurance?

A cancer insurance plan can prove to be an important form of coverage that supplements the coverage you already have from MediShield Life or an Integrated Shield Plan. Remember that the treatment costs for cancer can go way beyond the coverage you have from your health insurance. For instance, if you are covered by MediShield Life alone, your claim for chemotherapy is capped at S$3000 per month. However, the costs for chemotherapy can exceed that figure, especially if you get treated at a private hospital of your choice. In such a situation, the financial coverage of a cancer insurance plan can truly save the day. Your cancer insurance plan can:

ü  Protect your hard-earned savings from getting depleted during your illness

ü  Help you afford bills and other expenses that may arise in the course of treatment

ü  Help you afford co-pay in health insurance

You can use the lump sum payout for any purpose you deem necessary. If you are the sole breadwinner of your family, it is important to look into buying this insurance product. Should you need to stop working while receiving treatment for cancer, your family will still be able to stay financially afloat. These days, you can easily get an instant quote for cancer insurance online.  So, why not begin researching available plans today!


If you are buying cancer insurance for the first time…

Here are a few things you might want to keep in mind:

·         Certain medical conditions may result in the application of an extended waiting period on your cancer insurance plan

·         Cancer insurance plans have a survival period; do speak to your insurer about this

·         Consider speaking to a financial consultant for help in selecting the appropriate cancer insurance plan and sum assured

 

With a proper cancer insurance plan to back you up, you can go ahead and live life to the fullest. After all, a worry-free mind is truly a happy mind! Take care.


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