Are you considering cancer insurance? Should you get it?

Here’s what you need to know about cancer insurance

COVID-19 may have dominated headlines in recent years, but that doesn’t mean we should side-line the other major health issue that begins with the letter ‘c’ – cancer.  It is important to raise awareness about cancer, encourage prevention, and ensure that one plans ahead by having the financial protection in place.

In a previous article for World Cancer Day, we talked about understanding cancer in Singapore. In this article, let’s discuss why you should consider getting cancer insurance to stay financially protected.

Comprehensive coverage for all stages of cancer

One of the main differences between regular critical illness plans and cancer plans is the comprehensiveness of insurance coverage for different cancer stages, which describes how extensively the cancer cells have spread. They are sometimes referred to as cancer stages 1 – 5, and other times as early-stage, intermediate-stage and late-stage cancer.

It is important to note that not all critical illness plans provide coverage for all stages of cancer. Some critical illness plans offered by other insurers might only offer a full payout upon late-stage cancer diagnosis. In contrast, our FWD Cancer 2.0 insurance pays out 100% of the sum insured for all stages of cancer. Hence, it is essential to understand the stages of cancer that your plan covers for.

Knowing you’re covered for non-cancerous tumour diagnosis

When you are considering comprehensive cancer insurance coverage, you might also like to keep in mind coverage for the pre-early cancer stage. This typically refers to the detection of a non-cancerous or borderline malignant tumour. For example, benign tumours are non-cancerous, although they can sometimes cause problems if they grow too big² or progress into malignant tumours. In such instances, your doctor might recommend their removal.

Financial protection for recurring cancer

Sometimes, cancer may return after the completion of treatment. Known as cancer recurrence³, cancer cells may grow back and cause cancer to recur in the same place where it first started or in another part of the body. The risk of recurrence varies between people with cancer, and it often depends on factors such as the type of cancer, the treatment involved and the duration of treatment. People with cancer can take steps to minimise its recurrence; however, there is no sure way to prevent it.

Financial protection for recurring cancer can help to shield your life savings from unexpected costs that may arise from recurring cancer. Cancer recurrence is a real concern among people with cancer, so it is understandable why coverage for recurring cancer is a highly desired benefit by Singaporeans⁴. FWD Cancer 2.0 insurance provides coverage for recurring cancer. If you are diagnosed with a new or recurring late-stage cancer at least 24 months after a first claim for any stage of cancer, you will receive another payout of 100% sum insured in addition to the payout for the first claim for any stage of cancer.

Ease the financial burden of cancer treatment costs

While cancer is the most common critical illness in Singapore, cancer treatment can be expensive for the average Singaporean. According to Seedly, late-stage cancer treatment is estimated to cost between S$8,000 to S$17,000 per month, which is estimated to be around S$100,000 to S$200,000 yearly. In fact, cancer treatment in Singapore is costlier than in other countries, and the cost of cancer drugs is rising, which is one of the reasons that led the Ministry of Health to implement the Cancer Drug List in 2022.

Given that cancer treatment is likely to add up to hefty medical bills, it might be worth considering the avenues to protect your finances from rising cancer costs, such as cancer insurance.

What hospitalisation plans don’t cover

Health insurance and hospitalisation plans, such as Medishield Life or Integrated Shield Plans (IP) can help alleviate the cost of cancer treatment, but only by so much. There are two main reasons for this. Firstly, they require co-payment, an arrangement where you pay a portion of the claimable amount. Secondly, they only cover specific cancer treatments and drugs.

What happens if your treatment plan includes treatment or drugs not covered by your hospitalisation plan? If you have cancer insurance, you will receive a lump sum cash upon cancer diagnosis which can pay for your treatment if needed.

Hence you can think of cancer insurance as additional financial protection for yourself. If your other medical expenses are not covered by hospitalisation plans you can count on cancer insurance to fill the gap.

In addition, hospitalisation plans do not help with your other financial commitments, such as maintaining your current lifestyle or paying for household expenses and mortgage loans. However, cancer insurance provides a payout that can be used to cover the other financial commitments that you and your family have. As a result, your recovery journey will be less worrisome, and you can focus entirely on recovering. While some can continue working, others might find it physically or emotionally exhausting to work during cancer treatment.

Singapore’s most comprehensive online cancer plan with coverage for non-cancerous tumour diagnosis

If you are looking for comprehensive coverage for cancer, you may want to check out FWD Cancer 2.0 insurance. FWD Cancer 2.0 insurance is the only⁵ online cancer plan in Singapore to provide coverage for pre-early cancer. If you are diagnosed and have subsequently removed a benign or borderline malignant tumour, you will receive an additional 10% of the sum insured or S$10,000 (whichever is lower).

In addition, the plan provides a 100% payout of the sum insured for all stages of cancer, and is the only⁵ online cancer plan in Singapore to offer multiple payouts for new or recurring late-stage cancer. After the first claim for any cancer stage, you will continue to enjoy coverage for new or recurring late-stage cancer and remain financially protected⁶.

Find out more about FWD Cancer 2.0 insurance and get covered in minutes without medical examination⁷.

1 “Singapore Cancer Registry Annual Report 2020”, published by National Registry of Diseases Office on 23 December 2022.

2 “No one walks alone. All you need to know in your fight against cancer” cancer care kit, Singapore Cancer Society

3 https://www.ncis.com.sg/Cancer-Information/Caregiver-Information/Pages/After-Cancer.aspx

4 Based on quantitative research conducted by SPARC and commissioned by FWD Singapore, where 300 Singaporeans were surveyed on their cancer insurance preferences.

5 Based on current similar product comparison with 5 major insurers which provide coverage for different stages of cancer. This comparison does not include information on all similar products. FWD Singapore Pte. Ltd. does not guarantee that all aspects of the products have been illustrated. You may wish to conduct your own comparison for products that are listed on www.comparefirst.sg. Information is accurate as of 23 December 2022.

6 Subject to a 24-months waiting period and assuming the policy is still active with no claim made under the Death Benefit.

7 Provided that you are in the pink of health. All insurance applications are subject to company’s underwriting and acceptance.