Critical Illness

TM Protect Cancer: Your Shield Against Cancer's Financial Impact

Cancer is a word that strikes fear into the hearts of many. Did you know that in Singapore, about 1 in 4 people may develop cancer in their lifetime ? This sobering statistic highlights the importance of being prepared, both medically and financially. If you're looking for a straightforward, comprehensive cancer insurance plan, TM Protect Cancer by Tokio Marine Life Insurance Singapore Ltd. might be the solution you've been searching for.

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What is TM Protect Cancer?

TM Protect Cancer is a non-participating term plan designed to provide financial support when you're diagnosed with cancer, allowing you to focus entirely on your recovery. This yearly renewable plan offers up to S$150,000 insurance coverage for cancer and is tailored for adults between 30 and 65 years old, with coverage extending until the age of 85.

Key Features That Set TM Protect Cancer Apart

Comprehensive Cancer Coverage

Choose coverage from S$50,000 up to S$150,000. Protects against both early and advanced stage cancers.

Early Stage Cancer Payout

Receive 50% of the sum assured upon early stage cancer diagnosis . Policy continues with reduced premiums and sum assured.

Advanced Stage Lump Sum Payout

Get 100% of the sum assured for advanced stage cancer diagnosis .

Simplified Application Process

Just answer 7 health questions. No medical examination required.

Guaranteed Renewable

Your coverage is guaranteed to be renewed annually, regardless of health changes.

Why compare TM Protect Cancer 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

What Does TM Protect Cancer Cover?

Early Stage Cancer

If you're diagnosed with early stage cancer, you'll receive 50% of your chosen sum assured . For example, if you have S$100,000 coverage, you'll get S$50,000. Your policy will continue with reduced premiums and sum assured.

Advanced Stage Cancer

If you're diagnosed with advanced stage cancer, you'll receive 100% of your sum assured . Using the same example, you'd get the full S$100,000.

Progression from Early to Advanced Stage

If you've already claimed for early stage cancer and are later diagnosed with advanced stage cancer, you'll receive the remaining sum assured. In our example, you'd get the remaining S$50,000.

How Much Coverage Can You Get?

TM Protect Cancer offers flexible coverage options:

  • Minimum coverage: S$50,000
  • Maximum coverage: S$150,000

You can choose the amount that best suits your needs and budget.

How Much Does It Cost?

The premium rates for TM Protect Cancer vary based on several factors: age, gender, and smoking status. Here's a simplified breakdown of annual premium rates per S$1,000 of sum assured:

For Non-Smoking Males:

  • Age 30-34: S$1.56
  • Age 45-49: S$3.70
  • Age 65-67: S$21.85

For Non-Smoking Females:

  • Age 30-34: S$2.58
  • Age 45-49: S$6.85
  • Age 65-67: S$12.77

Smokers and older individuals generally pay higher premiums. For example:

For Smoking Males:

  • Age 30-34: S$2.13
  • Age 45-49: S$6.39
  • Age 65-67: S$41.50

For Smoking Females:

  • Age 30-34: S$3.90
  • Age 45-49: S$12.46
  • Age 65-67: S$24.50

It's important to note that these rates are per S$1,000 of coverage. So, if you want S$100,000 coverage, you'd multiply these rates by 100.

Real-Life Scenarios

Early Stage Cancer Diagnosis

Imagine you're a 40-year-old non-smoking male with S$100,000 coverage. You're diagnosed with early stage prostate cancer. You'd receive S$50,000 (50% of your sum assured) . Your policy would continue with S$50,000 coverage at a reduced premium. You can use this money for additional treatments, loss of income, or any other purpose.

Advanced Stage Cancer Diagnosis

Now, let's say you're a 55-year-old non-smoking female with S$150,000 coverage. You're diagnosed with advanced stage breast cancer. You'd receive the full S$150,000 lump sum . Your policy would terminate after this payout. This money could help cover expensive treatments, support your family, or maintain your lifestyle during recovery.

Progression from Early to Advanced Stage

Consider you're a 50-year-old smoking male with S$120,000 coverage. You're first diagnosed with early stage lung cancer, then it progresses to advanced stage. At early stage diagnosis, you'd receive S$60,000 (50% of sum assured). When it progresses to advanced stage, you'd get the remaining S$60,000 . This staged payout ensures you have financial support throughout your cancer journey.

Pros and Cons

Pros

  • Simple application process with just 7 health questions

  • No medical examination required

  • Covers both early and advanced stage cancers

  • Guaranteed renewable regardless of health changes

  • Flexible coverage options to suit different needs and budgets

Cons

  • Covers only cancer, not other critical illnesses

  • Premiums increase with age

  • Smokers pay significantly higher premiums

  • Maximum entry age is 65, which might not suit older individuals

Frequently Asked Questions

Can I get this plan if I have pre-existing conditions?

The acceptance depends on your answers to the 7 health questions. Some conditions may affect your eligibility.

What happens if I'm diagnosed with a different critical illness, not cancer?

This plan specifically covers cancer. It doesn't provide benefits for other critical illnesses.

Can I change my coverage amount later?

You should check with Tokio Marine about options for adjusting your coverage after purchase.

What's not covered by this plan?

Like most insurance policies, there are exclusions. For example, cancers caused by drug or alcohol abuse may not be covered.

How do I make a claim?

Contact Tokio Marine as soon as possible after the cancer diagnosis. They will guide you through the claim process.

Conclusion

TM Protect Cancer offers a straightforward approach to cancer insurance. With its simple application process, comprehensive cancer coverage, and guaranteed renewability, it provides a solid financial safety net against the impact of cancer. The plan's flexibility in coverage amounts and its provision for both early and advanced stage cancers make it an attractive option for many.

However, as with any insurance decision, it's crucial to carefully consider your personal needs, health status, and financial situation before making a choice. While TM Protect Cancer offers robust cancer protection, it's important to remember that it doesn't cover other critical illnesses or provide life insurance benefits.

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

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