Critical Illness

Income Cancer Protect: Comprehensive Coverage for Life's Unexpected Journeys

Did you know that cancer is one of the leading causes of death in Singapore ? According to HealthXchange.sg, it's among the top 10 most common cancers for both men and women in the country. With medical costs rising, a cancer diagnosis can be not only emotionally devastating but financially crippling as well. That's where Income Cancer Protect comes in - a specialized insurance plan designed to provide financial support when you need it most.

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What is Income Cancer Protect?

Income Cancer Protect is a term life insurance policy that offers protection against both early and advanced stages of cancer . It's designed to alleviate the financial burden of cancer treatment, allowing you and your loved ones to focus on recovery without the added stress of medical bills.

Key Features That Make Income Cancer Protect Stand Out

Early and Advanced Stage Cancer Coverage

Protects you against cancer at both early and advanced stages. No medical check-up required for most applicants.

No Reduction in Sum Assured After Early Stage Claim

Your coverage remains intact even after claiming for early stage cancer.

Affordable Premiums

Starting from as low as $14.40 per month.

Guaranteed Renewal

Policy can be renewed every 10 years up to age 84.

Additional Advanced Stage Cancer Benefit

Extra 25% of sum assured if no claim was made for early stage cancer.

Accidental and Non-Accidental Death Coverage

Up to 100% of sum assured for accidental death. Coverage for non-accidental death as well.

Understanding the Coverage

Early Stage Cancer Benefit

Pays out 25% of the sum assured . You must survive at least 30 days after diagnosis. Only paid once, even if policy is renewed.

Advanced Stage Cancer Benefit

Pays out 100% of the sum assured . You must survive at least 30 days after diagnosis. Additional 25% if no early stage claim was made.

Accidental Death Benefit

Up to 100% of sum assured if death occurs within 365 days of accident. Reduced to 30% if participating in restricted activities at time of accident. For those aged 70 and above, benefit is either premium refund or $5,000.

Non-Accidental Death Benefit

100% premium refund if death occurs within first year of policy. $5,000 payout if death occurs after first year.

How Much Coverage Can You Get?

The coverage amount, or sum assured, can be tailored to your needs. For example, a 40-year-old non-smoker could get a sum assured of $100,000 for an annual premium of $335 .

Real-Life Scenario

Let's look at how Income Cancer Protect might work in practice:

Mr. Lee, age 40, non-smoker, buys a policy with a sum assured of $100,000:

  • At age 45, he's diagnosed with early stage cancer and receives $25,000 (25% of sum assured)
  • His policy is automatically renewed at age 50
  • At age 55, his condition worsens to advanced stage cancer, and he receives $100,000 (100% of sum assured)

If Mr. Lee hadn't made the early stage claim, he would have received an additional $25,000 for the advanced stage diagnosis, totaling $125,000.

Why Compare Income Cancer Protect with other Critical Illness Options through Whatins?

Traditional Approach

  • Limited visibility into critical illness definitions
  • Single insurer's critical illness criteria
  • May miss important coverage distinctions

Whatins Advantage

  • Compare critical illness definitions across insurers
  • Understand early, intermediate, and late stage differences
  • See how different critical illness plans complement each other
  • Compare exclusions and waiting periods

Why You Need Cancer Protection

High Treatment Costs

Cancer treatment can be extremely expensive. For instance: Breast cancer treatment (ages 30-40) can cost up to $376,923 (90th percentile). Lung cancer treatment (ages 41-50) can cost up to $812,929 (90th percentile).

Protection Gap

According to the Life Insurance Association Singapore (LIA), the average working adult in Singapore has a critical illness protection gap of $256,826 .

Income Replacement

The rule of thumb for critical illness coverage is approximately 3.9 times your annual income .

Focus on Recovery

With financial protection in place, you can focus on your health rather than worrying about medical bills.

Pros and Cons

Pros

  • Covers both early and advanced stages of cancer

  • No reduction in sum assured after early stage claim

  • Affordable premiums

  • Guaranteed renewal up to age 84

  • Additional benefit for advanced stage if no early claim made

  • Accidental and non-accidental death coverage

Cons

  • Only covers cancer, not other critical illnesses

  • 90-day waiting period from policy start date

  • Survival period of 30 days required after diagnosis

  • Pre-existing conditions may not be covered

Important Considerations

  • No Medical Check-up: While no medical check-up is required for most applicants, underwriting is based on health declarations in your proposal form or medical questionnaires.
  • Pre-existing Conditions: The plan is not guaranteed acceptance and is subject to underwriting. Benefits won't be paid for claims arising from material pre-existing conditions not disclosed.
  • Waiting Period: There's a 90-day waiting period from the cover start date. Any diagnosis within this period won't be covered.
  • Survival Period: You must survive at least 30 days after diagnosis for the benefit to be paid out.
  • Renewal: Guaranteed renewal is only applicable if there's no claim (except early stage cancer) during the contract term.

Frequently Asked Questions

Can I get this plan if I have diabetes or hypertension?

Yes, coverage may be provided even for those with existing non-cancer related medical conditions.

What happens if I'm diagnosed with cancer within the first 90 days of the policy?

No benefits will be paid if you're diagnosed within 90 days from the cover start date.

Can I claim for both early and advanced stage cancer?

Yes, you can claim for early stage and later for advanced stage if your condition progresses.

What happens to my coverage after I make an early stage claim?

Your sum assured remains intact even after an early stage claim.

Is the premium fixed throughout the policy term?

Premiums are not guaranteed and may be adjusted based on future claims experience.

Conclusion

Income Cancer Protect offers a targeted approach to cancer insurance, providing financial support at both early and advanced stages of the disease. With its affordable premiums, guaranteed renewal, and additional benefits, it can be a valuable addition to your overall financial protection strategy.

However, as with any insurance decision, it's crucial to carefully consider your personal needs, existing coverage, and financial situation. While Cancer Protect offers robust cancer-specific coverage, it doesn't cover other critical illnesses. You might want to consider how it fits into your overall insurance portfolio.

Remember, the best insurance plan is one that provides you peace of mind and fits your specific circumstances. If you're considering Income Cancer Protect or any other cancer insurance plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.

Get Expert Advice

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By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your needs. Don't leave your protection to chance – get the expert advice you deserve today .

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