Breast cancer is one of the most common forms of cancer in Singapore. Studies show that 1 out of every 16 women in the country will be diagnosed with breast cancer at some point in their life. The high incidence of this form of cancer is quite alarming. When affected by any disease as serious as cancer, one needs to have adequate finances to be able to afford the best in medical care. This is where having protection from an insurance plan can prove really handy.
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Breast cancer insurance in Singapore
Insurance companies in Singapore offer breast cancer insurance plans to cover this deadly disease. Breast cancer insurance is usually offered as a microinsurance product. The coverage that you can generally expect goes as follows:
- A lump sum payout upon diagnosis of breast cancer (usually around S$10,000)
- Coverage for all stages of breast cancer
- Automatic renewal of coverage each year up to the insurer-specified age limit for coverage
Cost of breast cancer insurance
Now, let’s talk about the next important aspect of coverage – the cost. A breast cancer insurance plan can typically cost from S$9 for 12-month term coverage. Do bear in mind that this premium has been calculated based on a non-smoking female, age next birthday between 20 to 25 years.
While the insurance plan is automatically renewed each year, the premium may increase.
Looking at the survival period and waiting period
A breast cancer insurance plan comes with a survival period and an initial waiting period as well. The initial waiting period is around 90 days, starting from the date the coverage starts. The survival period is usually set at 7 days, starting from the day cancer has been diagnosed. The patient needs to live through the survival period in order to raise a valid claim. Do make sure to speak to the insurance provider and ask them the exact number of days applicable for survival and waiting periods on their breast cancer insurance plans.
Buying breast cancer insurance
Insurance providers take every effort to ensure that their plans are accessible, and that coverage can be bought conveniently. You can buy a microinsurance product like breast cancer insurance from an insurance company’s health app. The process of buying coverage too is really simple. Just follow these steps:
- Download and install the health app
- Fill up a quick form
- Answer the health declaration
- Pay for your plan
It’s really that simple indeed. A few taps on your smartphone and you are on your way to staying covered.
In conclusion
Given the high costs of medical care, it is always wiser to be safe than sorry. A serious illness like cancer will see you require the best in healthcare without any compromise. Any sum of money in such a situation can prove to be a lifesaver. There are more comprehensive options available if you are looking to get coverage for cancer, or by extension, coverage for critical illnesses. However, Breast cancer insurance is affordable and now so simple to sign up for. If you need help, speak to a financial consultant for more details on how you can get covered today.
Take care.
