5 Tips In Mind When Buying Cancer Insurance Coverage

Cancer insurance keeps you covered against all stages of cancer with 100% payout upon diagnosis of the disease. Leading insurance providers in the country offer affordable cancer insurance plans that can cover you up to the age of 100 years. Given the high incidence of cancer in Singapore and our longer lifespans, it is advisable to consider getting this form of coverage.

If you are new to cancer insurance plans, this article is just for you. Read on to discover 5 handy tips that can help you select a really good cancer insurance plan.

• Compare as many options as possible

When buying any form of insurance, it is not advisable to pick the first option that comes your way. The same holds true for cancer insurance plans as well. Try to compare at least 3 to 4 plans from leading insurance providers in Singapore. Evaluate these plans on the basis of the coverage provided, sum assured, premiums charged, and added benefits (if any). Choose a plan that strikes the perfect balance (for yourself) between the coverage and the cost charged. Nowadays, you even have the option to purchase gender-specific cancer plans to get coverage against breast cancer or prostate cancer only. These are microinsurance plans which offers bite-sized coverage at very affordable premiums.  

• Read the plan details

Make sure to go through the cancer insurance plan details before signing up for coverage. Important things to look for include the waiting period for certain medical conditions, survival period applicable for a claim, and maximum renewal age.

• Choose the sum assured wisely

A good cancer protection insurance plan will offer you a sum assured range that starts around S$10,000 and goes as high as S$300,000. Now, there is no ideal sum that is suitable for all; you have to choose the sum assured based on your unique needs. Evaluate your expenses and check what you can afford before choosing the sum assured. It is not always necessary to opt for the highest limit; if you have other coverage in place, you may opt for a cover limit that is in the mid-range.

• Look up a few customer reviews

Customer reviews honestly help give us insight into a company or brand’s service. Try to read a few customer reviews on the insurer you plan to purchase your cancer insurance plan from. Look for reviews that talk about the customer service of the insurance company and how helpful their staff is known to be. You might want to opt for an insurer known for accessibility, affordability, and stability in the service they provide.

• Speak to a financial consultant

If you need more specific help and guidance in choosing plans, don’t hesitate to reach out to a financial consultant. They can guide you on the best plans available in the market and help you pick the one that suits your expectations and budget. A bit of professional guidance will go a long way in helping you make the right choice.

Do keep these tips in mind when buying a cancer care insurance policy. Remember to ensure that your loved ones are secured with insurance plans of their own as well.

Take care.