Cancer is a word that strikes fear into the hearts of many. But did you know that cancer survival rates have dramatically improved over the past 50 years? Today, the 10-year survival rate for all cancers is 54% for women and 46% for men , compared to just 26% and 13% respectively 50 years ago. While this is certainly cause for celebration, it also presents a new challenge: how can cancer survivors protect themselves financially if cancer returns?

Enter HSBC Life Cancer ReCover, a groundbreaking insurance plan designed specifically for cancer survivors. Let's dive deep into what this unique product offers and how it can provide peace of mind for those who have already battled cancer once.

HSBC Life Cancer ReCover is the first insurance plan in Singapore that provides cancer survivors with coverage against a new diagnosed cancer or relapse of previous cancers . This innovative product aims to fill a crucial gap in the insurance market, offering hope and financial protection to those who might otherwise struggle to find coverage.

This plan is designed for cancer survivors who meet the following criteria:

1. The applicant's previous cancer was Carcinoma-in-situ (CIS) or stages 1 to 3, except for brain cancer.

2. The applicant has been in remission for at least 3 years.

3. The applicant has only had one previous cancer.

It's important to note that HSBC Life will make a full assessment of the applicant's medical history. For a complete list of eligibilities, it's best to speak with an HSBC Financial Planner.

Let's consider the case of Elizabeth, a 45-year-old non-smoker with a 10-year-old daughter, Kelly. Elizabeth was diagnosed with Stage 2 breast cancer at age 40 and was confirmed to be in remission at age 42. At age 45, she purchases HSBC Life Cancer ReCover with a S$100,000 sum assured and a policy term of 20 years, paying a monthly premium of S$303.

Here's how the policy could potentially benefit Elizabeth and her family:

1. At age 48, Elizabeth is diagnosed with intermediate stage breast cancer. She receives a policy payout of S$15,000, and her premiums are waived for the next 24 months.

2. At age 52, Elizabeth's daughter Kelly (now 17) is diagnosed with advanced stage leukemia. The free child cover benefit pays out S$15,000.

3. At age 64, Elizabeth's cancer metastasizes, and she's diagnosed with advanced stage liver cancer. The policy pays out S$85,000, and the policy terminates.

This example illustrates how HSBC Life Cancer ReCover can provide crucial financial support at various stages of life, covering not just the policyholder but also offering protection for their child.

• Policy terms: 5, 10, 15, 20, and 25 years

• Maximum coverage age: 70 years old (age nearest birthday)

• Sum assured: S$25,000 to S$250,000

Premiums for HSBC Life Cancer ReCover are not fixed and may vary based on factors such as the policyholder's age, health condition, and chosen sum assured. In the illustrative example, Elizabeth's monthly premium for a S$100,000 sum assured was S$303. It's important to note that premiums are not guaranteed and may be adjusted based on future claims experience .

While HSBC Life Cancer ReCover offers valuable protection for cancer survivors, it's important to consider a few points:

1. Eligibility : Not all cancer survivors will be eligible. The plan has specific criteria regarding the type and stage of previous cancer and the length of remission.

2. Coverage Limits : The maximum sum assured is S$250,000, which may not be sufficient for all medical expenses in case of advanced stage cancer.

3. Age Limit : Coverage ends at age 70, which may be a concern for those looking for lifelong protection.

4. Premium Adjustments : Premiums are not guaranteed and may increase over time.

5. Early Termination : As with most life insurance policies, early termination usually incurs high costs, and the surrender value may be zero or less than the total premiums paid.

HSBC Life (Singapore) Pte. Ltd. is a wholly-owned subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited, which is ultimately owned by HSBC Holdings plc. The company has received an A+ rating by Standard & Poor's in February 2023 , indicating strong financial stability. HSBC Life Singapore offers a wide range of insurance solutions catering to various needs, including life, health, retirement, protection, education, legacy planning, and wealth accumulation.

HSBC Life Cancer ReCover represents a significant step forward in providing financial protection for cancer survivors. By offering coverage for cancer recurrence or new primary cancers, it addresses a crucial gap in the insurance market. However, as with any insurance product, it's essential to carefully consider your personal needs, financial situation, and the specific terms of the policy before making a decision.

Remember, buying a life insurance policy is a long-term commitment. It's always advisable to seek advice from a qualified Financial Planner who can help you understand if HSBC Life Cancer ReCover is the right choice for your unique circumstances.

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