The world is full of risks and uncertainties in everyday life, involving assets, businesses, families, and individuals. Sometimes the inevitable happens, leaving you exposed to various types of risks, including loss of properties, life, health, and personal assets. For many decades, people continue to purchase insurance policies to protect against such losses. Today, you can find insurance policies for medical care, hospitalization, vehicles, homes, critical illnesses, and disability.
While most insurance types are essential to provide overall protection, the focus in this article is on critical illness. Most people have medical coverage for wellness checkups and to visit a general physician. But, what they do not have is a critical illness insurance policy that protects them against financial distress in the event of a significant illness, such as cancer or heart disease. The insurance differs from a hospitalisation insurance plan and medical benefits plan.
Because cancer continues to be on the rise internationally, the discussion is about the plans and the benefits of having a good insurance policy. First, let’s look at important information about people with cancerous diagnosis and the cancer types. A cancer society reports that 35 people receive diagnoses every day. It affects babies, women, men, adolescents, and children.
The number one common type of cancer in women is breast and in men is a lung. About 29.1 per cent of women had breast cancer, and approximately 17.2 per cent of the men had lung cancer. Of all the cancers, the breast is the leading type. Men have a higher rate of lung cancer compared to women, ranging at 13.4 per cent.
The five most common types of cancers found in women, ranking number one to five, are breast, lung, colorectal, liver & intrahepatic bile ducts, and pancreas. In men, with the same ranking, the five most common are lung, colorectal, liver & intrahepatic bile ducts, prostate, and stomach. A reputed cancer society has plenty of information and resources to learn about cancer and how to reduce your risk.
List of Diseases under a Critical Illness Health Insurance Plan
- Severe Heart Attack
- Sudden Hearing Loss
- Loss of Speech
- Liver Disease
- Kidney Disease
- Lung Disease
The list above is a few of the diseases covered under a critical illness insurance plan. Cancer insurance Singapore differs from a hospitalization plan. Cancer insurance is a significant illness insurance plan type that protects family members and primary income earners against financial burden. Hospitalization and surgical plan only cover hospital bills. You don’t receive any benefits from time away from a job or funds to support your family.
About Cancer Insurance
A cancer insurance policy is a critical insurance coverage plan type that provides you with financial protection if you happen to receive a cancer diagnosis. Some insurance companies will pay you a lump sum of money to cover your household expenses and basic needs while you recover.
Types of Cancer Plans
- Early Stage
The total amount of the insurer’s major illness defines the early stage plan, and the LIA (Life Insurance Association) explains the severe-stage of illness for a standard plan. Before purchasing a policy, consider the following factors below;
- Coverage you need during the treatment and recovery stage.
- Most coverages have a minimum of five years or longer. The estimation is the time an average person needs to recuperate from cancer and return to work and make the necessary adjusts to a normal lifestyle.
- Consider the premium payment term of the cancer plan. You will need to make a projection of the cost of the plans and select one that meets your needs financially.
- Insurers want to know the medical history of cancer in your family to access the likelihood of the disease recurring.
- Review cancer plans for waiting and survival periods. The benefits only take effect after a specified period passes since a diagnosis. A plan with a survival period pays if you can survive seven, 14, or 30 days after the diagnosis. Read the terms carefully before making a final decision.
Seven Benefits of Good Critical Illness Insurance Plans
- Prevents financial stress if you lose your income.
- Reasonable payout to cover financial needs not covered under a hospitalization plan.
- Premium refunds.
- Protection against income losses.
- Support for immediate family members.
- Maturity benefits.
- Free health checkups.
Insurance will always have significance in everyday life for protecting against the loss of properties and health. Healthcare insurance is a coverage type comprising a variety of plans, including hospitalization, critical illnesses, and medical. Do some research before selecting a plan that meets the needs of you and your family.