Cancer treatment & Insurance

Cancer is the top killer and the 2nd most common condition of hospitalisation in Singapore. For men, the most common cancer is lung cancer followed by colo-rectal cancer. For women. it is breast cancer followed by colo-rectal cancer.

What are the insurance plans that can help?

1. Critical Illness Insurance

When we become ill, our focus should be on recovery and regaining our health. Critical illness insurance pays a lump sum benefit following the diagnosis of major cancers, which is one of the 30 critical illnesses covered. It offers you choices and allows you to recover on your own terms.

Your benefit could allow you to:
- avoid withdrawing money from savings or investments
- pay down debts such as your mortgage or loans
- choose medicine and treatments not covered by health plans
- replace lost income so you have choices

2. Hospital & surgical insurance

As shown in the news clip above, cancer treatment include surgery to remove the tumour followed by chemotherapy to destroy remnant cancer cells.

The many "Shield" plans available in the market today are able to cover both the inpatient and surgical expenses (after the deductible and co-insurance portion which is borne by the Insured) as well as chemotherapy expenses which is usually given as an outpatient procedure. The deductible and co-insurance portion may be covered by taking up a supplementary/rider plan.

3. Disability Income Insurance

As in the above story, chemotherapy may be administered over a period of 12 months. During chemotherapy, the patient may not be able to work full-time, and will suffer a loss of income. Companies may allow medical leave on full pay for up to 2 months, and will probably terminate an employee after 6 months of medical leave.

The Employment Act provides only for 14 days of outpatient sick leave per year and 60 days of hospitalisation leave (including the 14 days of outpatient sick leave).

The disability income insurance will pay a specified amount every month (til a certain age, usually 55 , 60 or 65) when the Insured is medically unfit to work either due to illnesses or injuries, and a reduced amount if working for a reduced pay due to the disability.


Hence the above three policies should be among the top priorities when planning for insurance to cover the ongoing family expenses, hospitalisation & surgical expenses, and other out-of-pocket expenses (including outpatient doctor's and specialist's consultation charges and medication) which would otherwise drain the hard-earned savings and cause much anxiety and financial distress, should a major illness or injury strike.