Myths on Cancer Insurance in Singapore
As per the Protection Gap Study 2017 conducted by Life Insurance Association Singapore, the country faced a CI protection gap and mortality protection gap of about S$256,826 and S$169,673 per economically active adult, respectively. This comes to a national mortality and CI protection gap of S$893 billion. These figures illustrates the lack of coverage needed against financial repercussions in the events such as critical illnesses or death. While these figures seem to be extremely staggering, the fact remains that Singaporeans are not sufficiently covered for cancer – one out of the many critical illnesses. This gap could come as a result of lack of awareness and understanding around cancer insurance. Hence, here are some very common myths on cancer insurance that are prevalent and we are here to debunk these myths. • Myth: Coverage for cancer is always included in an international health insurance plan: This is not the case always. In a number of standard and basic health insurance plans, coverage for cancer is not included. These standard health insurance plans reimburse only for the eligible treatments. However, you do not need to fret, since it is quite easy to buy a good cancer insurance plan.
• Myth: Cancer insurance is not needed if you are earning an income: Typically, a cancer insurance plan is recommended for income replacement. The payout from a cancer insurance plan will allow you to focus on getting better without the need to worry should you decide to stop work. Nonetheless, people who are not earning any income such as children or stay-at-home parents can also benefit from a cancer insurance plan. This is because besides serving as a replacement of income, payout received from a cancer plan can help in covering other unforeseen expenses. • Myth: Cancer insurance plans are expensive: Contrary to popular belief, cancer insurance is not necessarily expensive. This myth is due to a of lack of awareness about the cost of cancer insurance. Cancer insurance can be as affordable as $16 a month for a 25 year old female, who doesn’t smoke, with cancer coverage of $100k.
• Myth: I’m young and I don’t need to buy cancer insurance: This is one of the biggest myths as far as getting a cancer insurance plan is concerned. There will never be a ‘right’ time to buy cancer insurance since cancer can happen to anyone irrespective of their age. Also, getting cancer insurance is quite simple since some of the cancer insurance plans do not require you to undergo a medical check-up. You can even get an instant quote easily online with a few clicks. All you need to do is answer a few basic questions about your health to check if you are eligible for the coverage. In some cases, coverage is also given if you have any kind of pre-existing conditions that are not cancer-related. Want to get a cancer insurance that will work for you? Get in touch with your financial consultant today!
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