What you need to know about the cost of cancer treatments and cancer plans

Did you know that almost half of Singaporeans who have not had cancer before think that they are not financially prepared for a cancer diagnosis?¹ With 1 in 4 people at risk of developing cancer in their lifetime², it is essential that we educate and prepare ourselves for any unexpected situations. In this article, we shed light on the estimated cost of cancer treatments in Singapore, and share how having adequate insurance coverage can help us to better prepare for the unexpected.

Cost of cancer treatments in Singapore

As you can see from the table below, the average cost of procedure for some of the common cancers ranges from $20,000 to $60,000.

Hospital bills and fees shown in the table above were retrieved from Ministry of Health's website on 16 January 2024.

Do I really need cancer insurance?

A cancer diagnosis can be a life changing event with an astronomical amount needed for both cancer treatments and other daily expenses. While MediShield Life and Integrated Shield plans can provide coverage for specified cancer treatments, these hospital bills are not the only costs that you may need. In addition to medical bills, you may also incur other expenses such as hiring a caregiver for your dependents, or to care for your own daily needs.

According to a study done by the Life Insurance Association Singapore (LIA), the average recovery period after a Critical Illness diagnosis is 4.6 years.³ This means that an individual is likely to require income replacement for approximately 4.6 years. Having an insurance plan with cancer coverage will then allow you to receive a lump sum pay-out that you may use to cover your expenses during this recovery period.

How much can I expect to pay for cancer coverage?

If you are worried about the potential costs arising from a cancer diagnosis, you may wish to consider getting a plan that offers cancer coverage. We show some of the available options in the table below. There are different features in the plans, including whether the policy term is fixed or renewable for a period of time, or till a specific age, and different clients may have different considerations on which features are more important to meet their needs.

*Profile: Female, non-smoker, birthdate: 01/01/1995. Premiums are accurate as of 16 January 2025.

This comparison does not include information on all similar products. iFAST does not guarantee that all aspects of the products have been illustrated. You may wish to conduct your own comparison for products that are listed in www.comparefirst.sg

For alternative cancer coverage: iFAST Digital Term

Alternatively, if you would like to get coverage for cancer but do not want to undergo medical underwriting, you may consider a generalised insurance strategy using iFAST Digital Term.

Did you know that iFAST Digital Term also offers cancer coverage via its Cancer360 rider? Offering coverage for all stages of cancer, Cancer360 rider provides a lump sum pay-out upon diagnosis of early-stage cancer. Moreover, this cancer benefit pays on an additional basis. This means that claims paid out for your Cancer360 rider will not reduce the sum assured of your core iFAST Digital Term plan. Cancer coverage offered for Cancer360 starts from $50,000.

^This product is a yearly renewable group term life policy, renewal premium is based on life assured’s attained age. Premium will increase with age.

Huat?! Get $8 Angbao* with every iFAST Digital Term purchase🤑

From now till 16 February 2025, get a $8 Angbao* with every iFAST Digital Term plan purchased! Simply head over to iFAST Digital Term webpage to get a free quote. Remember to key in promo code “HUAT” at policy purchase page to be eligible for this promotion. Your coverage will be issued immediately and you will receive your Reward in your FSM Cash Account within 3 weeks after the end of the campaign period.

*Terms and Conditions apply.

Save more when you insure with FSMOne

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For traditional term insurance alternatives where online purchase is not available,

At FSMOne, we also work with various insurance partners to provide offline term insurance solutions. Speak to us at ins.sg@ifastfinancial.com if you would like to find out more. Alternatively, you may also leave an enquiry here for a free customised quotation.

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^{1Source: https://www.todayonline.com/singapore/nearly-half-singaporeans-feel-they-are-not-financially-prepared-handle-cancer-diagnosis-study-2342491?cid=telegram_tg-single_social-free_26012019_today}

^{2Source: https://www.singaporecancersociety.org.sg/learn-about-cancer/cancer-basics/common-types-of-cancer-in-singapore.html}

^{3Source: https://www.lia.org.sg/media/3974/lia-pgs-2022-report_final_8-sep-2023.pdf}

^{**Source: https://www.todayonline.com/singapore/nearly-half-singaporeans-feel-they-are-not-financially-prepared-handle-cancer-diagnosis-study-2342491?cid=telegram_tg-single_social-free_26012019_today}

Disclaimer:

All materials and content found in this article are strictly for information purposes only and should not be considered as an offer or solicitation to transact in any product. This article is not a contract of insurance.

iFAST Digital Term and its riders are issued and underwritten by Raffles Health Insurance Pte Ltd and distributed by iFAST Financial Pte Ltd (“iFAST”). You are advised to read the precise terms, conditions and exclusions specified in the policy contract.

You are advised to read the key product documents, including (but not limited to) the product summary, before deciding whether the product is suitable for you. You should consider carefully if the products you are purchasing are suitable for your financial objectives, experience, risk tolerance and other personal circumstances. If you are uncertain about the suitability of a product, please seek advice from a financial adviser before making a decision to purchase the product.

As buying a life insurance policy is a long term-commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.

While iFAST and/or any of its third-party providers has/have tried to provide accurate and timely information, there may be inadvertent omissions, inaccuracies, and typographical errors. Opinions expressed herein are subjected to change without notice.

More information on iFAST Digital Term can be found here

This advertisement has not been reviewed by the Monetary Authority of Singapore.