As we age, our health concerns often shift. Did you know that cancer is one of the leading causes of death in Singapore? Or that the cost of cancer treatment can be overwhelming, with medical bills for breast cancer reaching up to $74,697 and lung cancer up to $233,684? These statistics highlight the importance of having comprehensive cancer coverage, especially in our senior years. If you're looking for a term life insurance plan that focuses on cancer protection, Income's Silver Protect might be the solution you've been searching for.
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Silver Protect is a term life insurance plan designed specifically for seniors aged 50 to 74 . It provides coverage against both early and advanced stages of cancer, offering financial protection and peace of mind during your golden years. What sets Silver Protect apart is its comprehensive cancer coverage and additional benefits for comfort and care.
Up to 125% of sum assured for cancer coverage . No reduction in sum assured even after an early stage cancer claim.
Future premiums are waived upon diagnosis of advanced stage cancer.
Coverage for accidental fractures and cancer hospice care benefit.
Up to 100% of sum assured for accidental death.
No medical check-up required for most applicants. Possible coverage even for those with existing non-cancer related conditions.
Renewable every 10 years up to age 84.
Pays out 25% of the sum assured . No reduction in sum assured after this claim.
Pays out 100% of the sum assured . Additional 25% if no early stage cancer claim was made.
Up to 20% of sum assured, depending on the fracture site.
Up to 15% of sum assured for inpatient hospice care. 5% for home care or day care hospice, with additional 10% if later admitted to inpatient hospice.
Up to 100% of sum assured.
$5,000 payout if death occurs after one year from policy start date. 100% of premiums refunded if death occurs within first year.
The coverage amount depends on the sum assured you choose when purchasing the policy. For example, if you choose a sum assured of $100,000:
The premiums for Silver Protect depend on your age, smoking status, and the sum assured you choose. For example, a 55-year-old non-smoker with a sum assured of $100,000 might pay an annual premium of $1,092. It's important to note that premiums are not guaranteed and may be adjusted based on future claims experience.
Let's look at how Silver Protect might work in a real-life situation:
Mr. Ong, age 55 and a non-smoker, buys a Silver Protect policy with a sum assured of $100,000. His annual premium is $1,092. Here's how the policy might help him over the years:
In total, Mr. Ong would have received $140,000 in benefits, plus the waiver of two years of premiums (worth $2,184).
Comprehensive cancer coverage, including early and advanced stages
No reduction in sum assured after early stage cancer claim
Premium waiver upon advanced stage cancer diagnosis
Additional benefits for accidental fractures and hospice care
Simple application process with no medical check-up for most applicants
Possible coverage for those with existing non-cancer related conditions
Guaranteed renewal up to age 84
Limited to cancer coverage (does not cover other critical illnesses)
Premiums may increase at renewal
Coverage amount may not be sufficient for all treatment costs
Age restrictions (only available for those 50-74 years old)
Remember, it's always a good idea to get advice from a financial advisor to ensure this plan meets your specific needs and budget.
Sign up to learn more about Silver Protect as well as comparable products . If you decide to go with this:
Discuss your needs and choose the appropriate sum assured
Complete the application process (which may include a health declaration)
Start your coverage and enjoy peace of mind
Possibly. Silver Protect may provide coverage even for those with existing non-cancer related conditions like diabetes or hypertension. However, this is subject to underwriting.
The policy will not pay out if you're diagnosed with cancer (early or advanced stage) within 90 days from the cover start date.
You should check with Income about the options for changing your sum assured after purchase.
Like most insurance policies, there are exclusions. For example, pre-existing conditions that were not disclosed during application may not be covered.
Contact Income as soon as possible after the diagnosis or incident. They will guide you through the claim process.
Income's Silver Protect offers a focused approach to cancer coverage for seniors. With its comprehensive protection against both early and advanced stages of cancer, along with additional benefits for accidental fractures and hospice care, it provides a safety net for some of the most common health concerns in our later years. The simple application process and potential coverage for those with existing conditions make it an accessible option for many seniors.
However, as with any insurance decision, it's important to carefully consider your personal needs and financial situation before making a choice. While Silver Protect offers strong cancer coverage, it doesn't cover other critical illnesses, which might be a consideration for some.
Remember, the best insurance is the one that gives you peace of mind and fits your specific circumstances. If you're considering Silver Protect or any other cancer protection plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.
Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on cancer protection insurance for seniors. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your golden years. Don't leave your protection to chance – get the expert advice you deserve today .
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