This post was written in collaboration with FWD. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
We all spend money in different ways. Some make it a point to update their wardrobe every month, while others make sure they have the best facial products to help keep them looking young. But one area that is consistently overlooked by many is having adequate life and health insurance.
While most people understand that it is important to have some form of financial coverage should something unfortunate happen, when it comes to cancer protection, Singaporeans don’t seem to know enough to get the relevant insurance coverage.
Cancer – the top killer in Singapore
Nobody wants to get cancer, but unfortunately, according to the 2017 Singapore Cancer Registry Annual Report, which describes the incidence, mortality and survival of cancer cases between 2011 and 2015, one in every four to five Singaporeans will develop cancer in their lifetime.
The recently published 2017 Protection Gap Study from LIA found that, in the event a critical illness like cancer strikes, Singaporeans aren’t prepared sufficiently to cope with the financial burden.
One way to mitigate against this risk is to be financially prepared for a possible prolonged treatment journey. This is where having the right insurance coverage comes in handy.
According to the same study, the average person will require about four years’ of their annual income to cope with their expenses during the estimated five-year recovery period upon diagnosis of the critical condition. However, Singaporeans have critical illness insurance coverage of only around 8.5 months of their salaries.
Being prepared to beat the dreaded disease
Like most illnesses, the earlier one commences treatment upon the diagnosis of cancer, the higher the chances of a full recovery.
Yet, it is a fact that treatment, which includes chemotherapy and radiotherapy, can be a rather costly and prolonged process – one that could potentially wipe out your savings.
Make no mistake about it – Cancer can potentially put you out of a job for a sustained period. Hence, it is essential that you give yourself the best chance of beating the disease by opting for immediate medical treatment, and ensure that the livelihood of your loved ones and dependents is not adversely affected.
This being the case, it makes sense to protect yourself with a specific insurance policy that provides comprehensive coverage for all types of cancer. Better yet if the policy is one that provides the full payout of the benefits upon diagnosis, regardless of the type and stage of the cancer.
What does FWD Cancer Insurance offer?
Full payout for all stages: We mentioned earlier how you should consider a cancer insurance policy that pays you your insurance coverage as soon as you are diagnosed with cancer. FWD Cancer Insurance does exactly that, by ensuring you have the financial means to beat the disease, regardless of its type or stage.
Free medical second opinion: a complimentary second opinion provided by a global team of medical professionals, who will review your diagnosis or treatment plan, while still safeguarding the confidentiality of your medical records. This ensures you choose the most appropriate course of treatment for the disease.
No medical examination required. Just a simple questionnaire on your health condition to get the cover you need: All you need to let FWD know is your gender, age and whether you are a smoker. That’s all the information they need to give you a quote. No lengthy medical history declaration required.
Stress-free and convenient claims: To make a claim, provide evidence from a certified medical examiner or doctor stating that you suffer from cancer. That’s it. A quick and easy claims procedure means you can embark on the necessary treatment without delay.
Affordable and comprehensive coverage: A 28-year-old male non-smoker could be covered for $200,000 for just $248 per year.
In comparison the average cost of owning a Critical Illness plan for a similar sum from other insurers starts from around $1,390 per year for a similar profile.
Considering the fact 35 Singaporeans get diagnosed with a form of the dreaded condition every day, effectively, this means you are getting protection against the most common form of critical illness in Singapore, at just a fraction of the price.
- Min. Death and TI Coverage
- Min. Cancer Insurance Coverage
- Max. Renewable Age
- Monthly Premium
Achieve peace of mind with FWD Cancer Insurance
For fresh jobseekers or the sandwich generation who have to make every dollar of their monthly income count, buying a critical illness plan could be prohibitive due to the costs involved.
Yet, the irony is these groups of people probably need the protection most. With FWD cancer insurance, they can get much-needed peace of mind for not only themselves, but perhaps more crucially, for their loved ones and families.
Click here for more information on FWD’s new Cancer Insurance policy.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the schemes as well as the limits of coverage, where applicable, please contact your insurer or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.or.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.