How do you stay prepared if critical illness strikes more than once?

When it comes to critical illness (CI) protection, insurance serves as a precaution to some and being diagnosed with a CI may seem unlikely. But for some others, they have unfortunately been diagnosed with a CI twice in their lifetime.

According to the Singapore Cancer Registry, 1 in 3 Singaporeans may develop a cancer, at any stage, in their lifetime. If we were to consider other CIs, the probability would be higher. And we’ve heard stories of how individuals have had a recurrence of cancer or were diagnosed with another cancer or CI after their first. While not as common, staying prepared for such a situation is important for financial protection.

According to SmartWealth, the average CI claim in Singapore is S$52,343. When we look at the costs of CI treatment in Singapore, it shows that the average claim amount is far less than what is sufficient. For instance, patients in Singapore pay between S$100,000 to S$200,000 for late-stage cancer care according to Singapore Cancer Society. The gap further widens when individuals are diagnosed with a CI twice.

Looking at a single-claim CI plan

The coverage for a single-claim plan is straightforward. For example, a policyholder gets diagnosed with a late-stage CI, makes a claim and receives a payout. The plan is then terminated, and the policyholder no longer has CI coverage. With this, it also makes getting insured with Critical Illness insurance harder in the future as the policyholder has a pre-existing health condition.

Let’s take the scenario of Claire. At 35 years old, she signs up for CI insurance that covers the Life Insurance Association (LIA)’s list of 37 defined illnesses. She thinks it provides enough assurance and covers her for what she may need in the future. At 43 years old, she unexpectedly suffers from early-stage breast cancer. She wants to make a claim to support her cancer treatment and related medical costs.

However, the CI plan that she bought doesn’t cover early-stage CIs and she is unable to make a claim. It only covers late-stage CIs and she can only make a claim when her cancer has developed into later stages. Because of this, she bears the financial cost of her early-stage cancer treatment while balancing other financial responsibilities.

Later on, her cancer unfortunately progresses into late-stage breast cancer. She then makes a claim from her CI plan to receive a payout that supports her recovery. Her plan then terminates.

From this, we see that with such single-claim insurance, the plan doesn’t cover more than one diagnosis. Claire’s plan is also an example of plans in the market that only covers late-stages. In the event the CI is detected in its early stages, the insured remains unprotected and can only wait for their illness to worsen before making a claim.

Staying prepared with a multi-claim CI plan that covers early-stage CIs too

Considering circumstances like Claire’s, it highlights how staying protected for early-stage CIs and having coverage beyond one CI is an important consideration and financial safety net. Getting a multi-claim critical illness plan that covers her for both her early and late stages of breast cancer would have saved her heavy out of pocket costs.

An example of such a plan is FWD Critical Illness Plus insurance.

In addition to the 37 late-stage CIs, FWD Critical Illness Plus insurance also provides coverage for early and intermediate stages of cancer, heart attack and stroke, the 3 most common illnesses that make up 90% of all CI claims¹. With medical advancement these days, early intervention and treatment significantly help improve recovery rates of CI.

With 100% payout upon a claim, the financial support gives the added assurance that your financial responsibilities are taken care of as you focus on recovery.

The plan offers continued coverage even beyond your first claim² and the optional Premium Waiver Benefit allows you to enjoy the coverage after your claim without having to pay your premiums.

If you would like to enhance the plan even more, the optional ICU Benefit provides a 100% payout of your sum assured if you are admitted to the ICU³ due to whatever illness, accident, or injury that you have.

When it comes to CI protection, it is important to plan and take the necessary steps that will help protect your financial future and support you in the unfortunate event of CI diagnosis. To stay prepared, you can start and easily get protected with FWD Critical Illness Plus insurance. Conveniently get an FWD Critical Illness Plus insurance quote and buy online directly by answering 4 simple questions about your health and with no medical examination required.