Last Updated on June 13, 2023 by Tree of Wealth

With recurrence rate of some cancers going up till 90 percent, many are concerned about insuring themselves from this disease given that3 in 5 Singaporeans feel financially unprepared for chronic critical illness in the family. However the good news is that survival rates for cancer are increasing, and it is no longer considered a terminal illness.

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.

10-year survival rate for all cancer – female patients		10-year survival rate for all cancer – male patients
50 YEARS AGO 26%	TODAY 54%	50 YEARS AGO 13%	TODAY 46%

source: HSBC Life

Although more individuals have overcome cancer, there are still many who face difficulties in obtaining insurance coverage. They are often rejected coverage or face substantially higher premiums when they try to apply for a new protection plan.

However, with the HSBC Life Cancer ReCover plan, cancer survivors can now have the assurance they need as this is the first plan in Singapore created specifically to protect them against recurrent or new primary cancers. At HSBC Life, we work together with you to go the extra mile.

To address these woes, HSBC Life has launched the first protection plan in Singapore designed specifically to insure cancer survivors.

Main Features of the Plan

• Provides free child cover benefit of up to 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.
• Upon Death and/or Terminal Illness, receive a benefit of 15% of the sum assured.

How it works

 

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.

New or Recurrent Cancer Coverage

Be it New or Recurrent Cancer, the plan pays out even if it is the same Cancer diagnosed and went into remission. Even if the cancer patient went into remission before signing up for this plan.

Stage of Cancer	Payout Amount
Early/ Intermediate Stage	15% of Sum Assured
Advanced Stage	100% of Sum Assured less any payout of Early/Intermediate Stage paid previously

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.

Cancer survivors can still obtain comprehensive insurance coverage with HSBC Life Cancer ReCover plan. This plan provides financial protection against cancer recurrence, as well as coverage for medical expenses and loss of income. With HSBC Life Cancer ReCover, cancer survivors can have peace of mind knowing they are prepared for the unexpected and can focus on their health and recovery.

Should you be concerned of a relapse, feel free to contact our team of professional Financial Advisors today to learn more and get started on the path to financial security and peace of mind. Our team of professional Financial Advisors can provide you with clear, jargon-free advice and help you understand the features and benefits of the different Cancer Coverage plans.