In Singapore, it is estimated that 1 in 5 people may develop cancer in their lifetime, with 39 people being diagnosed with cancer every day. The good news is early detection can help patients survive their battle with cancer. The bad news is that medical treatment isn’t cheap.
According to the 2017 study by the Life Insurance Association (LIA), Singapore had an 80% critical illness protection gap. That means, on average, an individual would require a critical illness coverage of around S$316,000, but the available Critical Illness (CI) plans only cover an average of around S$60,000. Cancer insurance was developed to meet the rise in cost for cancer-related diagnoses and treatments. Here, we look at the differences between CI plans and cancer insurance.
What are Critical Illness plans and how do they work?
Critical Illness (CI) plans provide additional financial coverage for serious diseases that may incur extraordinary hospital charges. It’s mandatory for insurers to cover 37 critical illnesses, which include major cancers. Some insurers also offer coverage for critical illnesses other than these required 37. CI plans may be available on their own or as an additional add-on feature to a Life insurance policy called rider.
What is Cancer Insurance and what does it cover?
Cancer Insurance provides financial support to cover the cost of your cancer diagnoses and treatments. Such coverage may be important to you if you have a family history of cancer and may be concerned of the financial burden it brings. A typical cancer insurance coverage varies when it comes to the stage of cancer, but with Cancer Insurance from Tiq by Etiqa Insurance, you can get coverage for all stages of cancer for up to S$200,000.
Furthermore, while CI plans may impose a required survival period – a period of time you need to be alive after being diagnosed with a critical illness before you can enjoy the benefits – Cancer Insurance from Tiq has no survival period.
Differences between cancer insurance and CI plans at a glance
|Cancer Insurance||Critical Illness Plans|
|1. Diseases covered||Cancers||37 critical illnesses and may include other less common conditions|
|2. Extent of coverage||Diagnoses and treatments for different stages of cancer, may include recurring and relapse cases||Late-stage diseases, while early-stage coverage may incur higher premium|
Which one should you get?
While CI plans may also provide coverage for cancer, it may not be as comprehensive as a standalone cancer insurance. And while cancer insurance covers cancer-related treatments, it cannot support you when it comes to other illnesses. Having a basic CI plan will ensure that you are well-covered against critical illnesses, whereas Cancer Insurance can do the heavy lifting when it comes to the cost of cancer diagnosis and treatments.
#TiqOurWord Cancer treatments generally range from S$1,500 per chemotherapy session and up to S$53,326 for cancer removal surgery.
The importance of Cancer Insurance
There’s a stark difference between cancer insurance and critical illness plans. Due to the expensive cost of cancer treatment that can extend over a long period of time, it makes sense to consider Cancer Insurance as part of your insurance portfolio. Everyone is vulnerable to cancer and the road to recovery may take a toll on an individual physically, mentally and financially. Since Cancer Insurance from Tiq by Etiqa Insurance provides coverage for up to S$200,000, let us worry about financial matters, while you focus on getting better.
Information is accurate as at 12 June 2020. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K. Protected up to specified limits by SDIC. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. As this product has no savings or investment feature, there is no cash value if the policy ends of if the policy is terminated prematurely. It is usually detrimental to replace an existing policy with a new one. A penalty may be imposed for early termination and the new plan may cost more or have less benefit at the same cost. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Tiq by Etiqa Insurance Pte. Ltd.
A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.
With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.
Discover the full range of Tiq online insurance plans here.