You may be thinking, immunity and cancer do they even exist together? Is there such a thing?
For now, there isn't anyone who can be absolutely sure that cancer will not happen to them at all. Our medical advancements may make it a reality someday, but until then we cannot take our chances and hope that this will never happen to us.
(See "You Might be in Massive Trouble, Without These 3 Insurance Policies")
#1 1 in 4 males, and 1 in 5 females are likely to get cancer by 75 years old
From a Straits Times article by Ms Salma Khalik1, the National Registry of Diseases Office reported 13,241 cancer cases in 2014, with lung cancer being the deadliest type of cancer. Over a period of 5 years, from 2010 to 2014, out of 6,899 people diagnosed with lung cancer 5,732 died of it.
The incidence rate can be rather high for some types of cancer as shown in the table below, data from Singapore Cancer Society2.
Top 3 cancer by gender:
Men |
% |
Women |
% |
Colorectal |
17.2% |
Breast |
29.2% |
Lung |
15.0% |
Colorectal |
13.3% |
Prostate |
12.2% |
Lung |
7.6% |
A general word of advice, if you find anything unusual with your body, seek proper medical advice. The earlier the diagnosis and treatment of cancer (or any critical illness for that matter), the better your chances of making a good recovery.
#2 Most people are only prepared to survive ONE critical illness
If you have read our earlier article, "3 Terrifying Facts About Critical Illness, You (Probably...) Didn't Know", this point would be familiar to you. And it is so important, that we want to emphasize this point again.
According to AIA Health Matters Survey 2016, it was discovered that 32% of people can be diagnosed with more than one critical illness3. Usually when a critical illness strikes, a combination of your own personal savings and family member's assistance can help cover the financial burden of a single critical illness. However, this essentially means that they would be financially strained to cover the cost of a second critical illness.
From the Ministry of Health's hospital bill size statistics, the cost for lung cancer with complications excluding surgical treatment can hit $12,925 for the 75th percentile. This means 1 in 4 patients have paid more than this amount to seek treatment for lung cancer with complications.
#3 How much does it cost to cover for critical illness?
In general, most people would look to cover for 2 -5 years of their annual salary, which coincide with their recovery period. A good figure to start with is $100,000, which can help cover a person with $2,800 monthly income for 3 years.
Let's say, you are currently performing the role of a sales director, and the onset of cancer significantly affects your ability to perform your role. You may need to get an extended period of rest and recovery which will significantly reduce your income. Coupled with the fact that on-going treatments may require tapping into your own savings above and beyond the coverage of Medishield Life and any Integrated Shield Plans. It is almost a certainty that your savings will be quickly depleted during the most trying time of your life.
Integrated shield plans can help cover hospitalisation costs, while a critical illness plan is to help you ease your financial burden. In the event of a covered critical illness being diagnosed, a proportionate lump sum will be paid out that can help cover your outpatient treatment, medication, nursing, daily survival and living expenses.
(See "5 Awesome Facts You Didn't Know About Medisave & Shield Plans!")
Example of a Male, Non-smoker:
- Critical illness policy covering whole life (includes early stage)
- Till age 65, minimum protection benefit of SGD $100,000 critical illness coverage
- After age 65, coverage of $50,000 thereafter
Table 1: Critical Illness plans (e.g. NTUC Income VivoCare 100, Manulife ManuCompleteCare, Tokio Marine TM EarlyCare)
Product |
Sum Assured |
Premium Term |
Annual Premiums Paid |
Estimated Total Commission Received from Insurer |
Savings You Get Through FSMOne |
Critical Illness Plan |
Minimum Protection Benefit of $100,000 till age 65 After age 65, $50,000 coverage |
20 Years, Covers for whole life |
$1,910 |
$2,470 (approx. $1,360 first year commission) |
$740 |
From table 1, a critical illness coverage of $100,000 till age 65 and $50,000 thereafter, comes at an annual premium of $1,910. Based on FSMOne's 30% commission rebate, you can enjoy an estimated total savings of $740.
Our team of friendly advisers are able to help you review your financial objectives, long term commitments, and customize investment and insurance advice specific to your needs. If you would like assistance in reviewing your financial and protection portfolio, or simply to get a quote for an insurance plan, you can contact our advisers at advisory@fundsupermart.com.
Available Products on FSMOne Insurance |
Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment from Manulife, NTUC Income and Tokio Marine Life Insurance *Please check with our advisory team if the product you want is available on FSMOne Insurance |
1Source: http://www.straitstimes.com/singapore/health/more-people-getting-cancer-since-2010
3Source: http://www.straitstimes.com/singapore/aia-survey-uncovers-3-gaps-in-critical-illness-coverage-here
Interested to learn more? Check out these articles:
Hard Truths: Why a $1 Million Insurance Coverage Is Necessary?
Worried About Critical Illness? Here's 3 Plans You Should Know
5 Awesome Facts You Didn't Know About Medisave & Shield Plans!