Review – AXA Cancer ReCover Plan: First in Market to Cover Cancer Survivors

Review - AXA Cancer ReCover Plan: First in Market to Cover Cancer Survivors
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With recurrence rate of some cancers going up till 90 percent, manyare concerned about insuring themselves from this disease given that3 in 5 Singaporeans feel financially unprepared for chronic critical illness in the family.

cancer plan, axa cancer recover, cancer critical illness coverage
Source: Axa

To address these woes, AXA has launched the first protection plan in Singapore designed specifically to insure cancer survivors.Taking into consideration of the change in definition of critical illness from August 26 this year, insuring yourself against possible cancer relapse in the immediate future will be a prudent decision.

Who is it for 

  • This applicant must have suffered from cancer in the past(except brain cancer).
  • The applicant must’ve been in remission (i.e. completely cured of cancer) for at least 3 years.
  • The age of the applicant cannot be above 70 while applying.
  • The applicant should only have had 1 previous case of cancer.

Main Features of the Plan

  • Provides free child cover benefit of upto 15% of the sum assured in case the child is diagnosed with advanced stage cancer.
  • Provides you with a payout of 100% of the sum assured in case you’re diagnosed with advanced stage cancer (minus the claim paid previously when suffering from intermediate/early stage).
  • Comes with a variety of policy and premium terms ranging from 5, 10, 15, 20 or 25
  • Provides you with a payout of 15% of the sum assured in the event that you’re diagnosed with an early or intermediate stage cancer.
  • Waives your premium for the coming 24 months when you make an Early or Intermediate Stage Cancer claim.

How it works

 Suppose Catherine, a 30-year-old female non-smoker married with a 3-year-old daughterJessica buys the AXA Cancer ReCover Insurance Plan with a $100,000 sum assured.  Her annual premium is $871 if she chooses to cover herself till age 60, $928 if she chooses to cover herself till age 65 and $1037 if she chooses to cover herself till age 70.

  • At age 46, she’s diagnosed with an Intermediate Stage LiverCancer –Catherine will claim $15,000 under policy payout and have her premium waived for next 24 months.
  • At age 48, Catherine’spremium payment will resume.
  • Jessica, Catherine’s now 17-year-old daughter, is diagnosed with Advanced stage Leukemia –Catherine will get to claim $15,000 under free child cover.
  • At age 56, Catherine’s cancer worsens, and she’s diagnosed with Advanced Stage Lung Cancer – Catherinecan claim $85,000 under policy payout and the policy’s terminated.

In this scenario, Catherine would have made a claim of $115,000 with AXA Cancer ReCover plan.

What We Like 

First & Only So Far

This plan is the first of its kind to offer insurance to cancer survivors. Given the high rates of recurrence of some types of cancer, this insurance policy can be useful for many people.

Free Child Cover Benefits

This ensures that your loved ones will be covered from cancer just like you with no additional cost.

Competitive Premiums

For a plan that’s offering to cover a disease as deadly as cancer, this plan comes at a very competitive annual premium of $871 or monthly premium of $73(upto age 60).

Premium Waiver

In addition to offering competitive premium, this plan also offers to waive your premium for two years from when you’re diagnosed with early or intermediate stage cancer. This is definitely a plus because it offers you the convenience of not worrying about premium payments while suffering from cancer in addition to increased savings.

Flexible Coverage Terms

By offering policy terms of varying lengths ranging from 5, 10, 15, 20 and 25 years, it gives the customer a lot of plans to choose from. This gives the applicant a lot of flexibility while making his choice.

 What We Don’t Like 

  • This plan is too restrictive because in order to be eligible for this, you need to have been diagnosed with cancer before. Thus, people who haven’t suffered from cancer before won’t be able to avail its benefits.
  • This plan does not provide any cash value or surrender value. What this means for you is that in the event that the policy terminates, and you don’t suffer from cancer in that duration, you won’t get any of your money back.
  • This insurance plan is stand alone and cannot be used as a rider with any other insurance plan. This prevents you from broadening your coverage to include other diseases that you’d like to get coverage of.
  • For a plan that’s based on covering cancer survivors specifically, the 15% claim it provides in the event of early or intermediate stage cancer can be higher. Given the specific focus of this insurance plan, it can afford to be more generous with its benefits.

 Conclusion

Are you a cancer survivor? If you are and afraid of getting diagnosed again and look to cover your child as well, this plan may be just right for you.

To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.

No obligations, no hidden fees. All advice are of no charges.

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