Cancer coverage is more important than you think – here’s why

Let’s face it – the thought of cancer can be scary.

From the seemingly endless ways you can get it to the frustratingly high cost of treatment that follows after, it’s no surprise that cancer is one of the illnesses that most people are fearful of contracting.

While we don’t have an elixir to prevent you from getting cancer, we do know how you can lessen the financial stress associated with a cancer diagnosis.

Yes, we’re talking about cancer coverage and if you are one of those who think it is not necessary to be insured against cancer, here are a few reasons why you should consider changing your mind.

Cancer remains the #1 killer in Singapore

Cancer accounts for nearly 30% of the deaths in Singapore and has continuously topped the list of being the nation’s number 1 killer.

In fact, 3 in every 10 deaths are caused by cancer with approximately 16 people dying from the illness in Singapore every day.¹

And while early detection and treatments have become increasingly available, 1 in 4 people will develop cancer in their lifetime and the unfortunate reality is that this one person could be you (or someone you love).

Hence, it only makes statistical sense to get yourself and your loved ones covered so you can ensure an undisrupted recovery process should you be diagnosed with cancer, even in its early stages.

Healthcare costs aren’t necessarily easy on the wallet

With healthcare costs continuing to increase, it’s important to understand the various forms of support available as well as the gaps that need to be accounted for.

In Singapore, out-of-pocket expenses for medical bills can often be supplemented by a range of public and private health insurance plans.

However, with healthcare costs rising at approximately 11% a year, it’s time to start considering how else you can better protect yourself and your family financially – especially in the event of cancer.

While it might be hard to imagine now, cancer treatments are susceptible to high costs due to the length of treatment, cost of medication and surgeries involved.

For instance, a radical prostatectomy (a sometimes necessary procedure for prostate cancer patients that involves removing the entire prostate) has an out-of-pocket cost ranging between S$2,370 and S$8,833.

While the average cost of surgery for the 5 common cancers can range between S$4,176 and $26,244 at a public hospital (before subsidies, schemes and insurance), other cancer surgeries could possibly exceed this amount – depending on the type of cancer.

With that in mind, having a comprehensive cancer coverage may be a worthwhile investment to ensure that any remaining costs from treatments or other necessities are well taken care of so you can focus on your recovery.

Your health insurance may not fully cover the true cost of living with cancer

Now you may be wondering: shouldn’t it be enough to just increase my health insurance coverage then?

Well, not exactly.

While it is true that your health insurance may be able to offset the medical of your cancer, let’s not forget the other aspects of your daily life that could be affected upon a cancer diagnosis.

Depending on the severity of treatment and the type of cancer, you may experience a potential loss of income should you have to take time off from work.

And with bills that you’ll still need to pay, a family to take care of in some cases, and other miscellaneous costs that come with cancer treatment (such as dietary changes, rehabilitation, therapy), you may soon realise that medical expenses are just one part of this battle.

In these cases, you may find yourself having to bear the cost of living with cancer on your own, especially if your health insurance does not cover you for certain other costs associated with your diagnosis – which the payout from a cancer insurance can.

Making cancer coverage a must-have

Cancer coverage may not be mandatory, but the peace of mind that comes with it could be well worth the cost especially if you’re concerned about the potential impact a cancer diagnosis may have on yourself and your dependents.

That’s why FWD Big 3 Critical Illness insurance offers a one-time 100% payout for all stages of cancer (even early stages!) so you can focus on your recovery, knowing that your financial commitments and those of your loved one are taken care of.

In fact, our Big 3 plan goes beyond cancer to protect you financially against heart attack and stroke too, thereby ensuring that you’re covered for the 3 most common critical illnesses that make up 90% of all critical illness claims in Singapore.²

And the best part is, you can get covered from as low as 1/3 the price of a regular critical illness plan³ and all it takes is a simple health declaration (no medical examination required!) to get covered.

So now that you know the importance of cancer coverage, take a few minutes to make it your priority today. Get an FWD Big 3 Critical Illness insurance quote in a few clicks.