Avoid These 3 Common Mistakes When Buying Cancer Insurance
                     AVOID THESE 3 COMMON MISTAKES WHEN 
BUYING CANCER INSURANCE
A cancer insurance plan can cover you against all stages of this dreaded disease. If the 
policyholder gets diagnosed with any stage of cancer, they receive 100% payout. This payout can 
be used to meet any expenses that may arise during the policyholder’s illness and treatment. 
Now, given the high incidence of cancer in Singapore, you might be tempted to sign up for the 
first cancer insurance plan that comes your way. Doing that may not be a wise decision. Carefully 
evaluate the coverage you are paying for to ensure that you get the plan best to suited for you. To 
help you out, we have listed down 3 mistakes to avoid when buying cancer insurance. 
Mistake 1 –  Getting insufficient coverage
It is important to bear in mind that an illness like cancer may require you to take time off from 
work. During this period, you will still need to put food on the table and pay your bills. You may 
also have added expenses such as the co-payments in your health insurance from medical bills 
and, perhaps, the salary of a domestic worker since you may need extra help at home. Ensure to 
choose a sum assured that will sufficiently cover your needs in case the unfortunate happens. 
 
Never use someone else’s yardstick to judge your own needs for coverage. A S$100,000 payout 
may suffice for your colleague who isn’t married yet. But as a parent with your spouse and 
children as dependents, you may require a higher coverage.
Mistake 2 – Not comparing cancer insurance plans
If you opt for the first plan that comes your way, you could be missing out on better coverage. 
Make sure to compare at least 3 to 4 cancer insurance plans from reputed insurance providers in 
the country. When comparing plans, check the features and premium charged. 
 
Do also read customer reviews of the insurer to see what others have to say about them. This will 
give you an idea of the quality of customer service you can expect. 
Mistake 3 – Forgetting to check affordability
Finally, do make sure that you can afford the premium being charged over the long run. It will not 
make sense to pay for a plan for a few years only to find that it exceeds your budget when 
responsibilities kick in later in life. 
Some of the best cancer insurance plans are generally quite affordable. A plan that 
offers coverage of S$150,000 can cost around S$23 per month for a 25-year-old 
non-smoker female. Do speak to a financial consultant to understand what your 
coverage will cost you. Most importantly, try to gain an understanding of how 
your premiums may change as the years roll by. This way, you can plan your 
finances for the future while also setting aside money for insurance coverage. You 
can even get an instant quote online easily now, at your convenience.
 
We hope that this article will prove handy when you set out to buy your 
cancer insurance plan. Do remember to always keep your coverage renewed so 
you stay protected.