Cancer is ranked the number 1 killer of people in Singapore especially among the Chinese in the community. It is striking people at a younger and younger age, perhaps due to early detection. The main cause of cancer, as we all would agree, is related to diet and lifestyle. What makes matter difficult is that cancer also costs a lot to treat.
The average amount that patients and their families have to bear is in six figures. And this too is rising due to inflation and new drugs.
Our heartfelt recommendation to clients is of course to take care first of their diets and lifestyle to mitigate any hereditary risks they may have.
In addition to this financial risk, there are plans in the market that give you a sum of money immediately when the cancer is detected and any treatment is to start - providing affordable protection against pre-invasive cancer.
The definition of early cancer could vary slightly from insurer to insurer but carcinoma-in-situ is always included. I've extracted the following definition from Tokio Marine Insurance.
"Carcinoma in situ refers to cancer that involves only the place in which it began and that has not spread. It is an early stage tumour. The tumour cells are still confined to the site they originated and they have neither invaded neighbouring tissues nor metastasized afar. The tumour is curable. This diagnosis must be supported by histological evidence of malignancy and confirmed by oncologist or pathologist."
What's more, patients can claim against not just one but three unrelated cancers. However, the disease must strike at different parts of the body. There is also a survival period of 30 days and a waiting period of 90 days after policy commencement for the first claim.
The first claim is against the full sum assured (10% of sum assured or $30,000 max whichever is lower) whereas subsequent claims will be paid out based on the remaining benefit amount and the same benefit allocation applies.
So, what is the best investment you can have?
The one that pays money the most when you need money the most.
