Is it worth buying a cancer insurance plan
                     Is It Worth Buying A Cancer Insurance Plan? 
 
Cancer is a major disease that affects a sizeable portion of the population in Singapore. According to 
reports, around 39 people get diagnosed with this deadly disease each day. Breast cancer is the most 
common form of the disease affecting women in the country; for men, it is colo-rectum cancer. Due to the 
high cancer incidence in Singapore, insurance providers in the country offer cancer protection insurance 
plans for coverage specific to the disease. But are these plans worth taking? In this article, we will delve a 
little deeper to find out what exactly gets covered by cancer insurance and whether this form of coverage 
can indeed prove to be worthwhile.  
 
 
What does cancer insurance cover? 
A cancer insurance plan covers you against all stages of cancer. Under this plan, you get a 100% lump 
sum payout of the sum assured for any stage of cancer affecting you. This plan can cover you from the 
age of 1 up to 100 years.  
 
 
 
 
What kind of coverage can I expect? 
Cancer insurance plans offer you coverage with payout that starts around S$10,000 and goes up to around 
S$300,000. It is advisable to choose the maximum sum assured that you can afford.  
There are also microinsurance plans available for cancer coverage. For instance, you can buy a 
microinsurance plan with coverage specific to breast cancer or prostate cancer. These plans come at a 
much lower premium than a standard cancer insurance plan as they offer to cover you against just one 
type of cancer. For instance, a prostate cancer insurance plan can cost from as little as S$5 for coverage 
for 12 months for a male, non-smoker (aged 20 to 25 years ANB).  
 
 
Is it worth buying cancer insurance? 
The answer to this is most definitely a YES. As we can see above, the payout from this insurance plan can 
be used to help you cover a number of expenses during difficult times.  
When affected by a critical illness such as cancer, you may choose to pause or stop working. You may 
need to take a year or more off from your job while you receive treatment. According to Life Insurance 
Association (LIA) Singapore, the average person takes around 5 years to recover from a critical illness. 
During this time, they may stop receiving a regular income; therefore, they would probably require some 
form of financial support. They would need financial support to pay the bills and afford daily expenses. 
This is where the payout from critical illness insurance can prove to be extremely helpful.  
The payout can be used by the insured individual for any expense that they incur during the course of 
their treatment. These expenses are not limited to medical costs alone. For instance, the money may be 
used to afford the salary of a domestic worker, to pay for transportation costs to the hospital, to pay the 
rent, or simply to afford the groceries too. 
Moreover, the payout from cancer insurance may also be used to fill any gaps in your existing 
hospitalisation coverage. For instance, MediShield Life only covers you for S$3000 per month for 
chemotherapy. Any expenses that go in excess of this need to come from you. You may use your cancer 
insurance payout to meet such gaps in your existing health insurance coverage.  
Cancer insurance can prove to be a really helpful addition to your insurance portfolio. It can supplement 
the protection you already enjoy for added coverage during a medical emergency.  
Do seek the help of a financial consultant for guidance in finding the best cancer insurance plans as per 
your unique requirements. 
Good luck!