Last Updated on by Tree of Wealth
Income Cancer Protect Overview
There are several Cancer-only plans in the market and the main difference lies in the payout structure, as they all cover Cancer only. As Cancer is still the leading fatal illness in the country, the focus for these plans is to help you stay prepared and focused on recovery in the event when it strikes.
NTUC Income has their very own 10-year renewable Cancer Protect plan that is able to do that.
Let’s take a look at some of the benefits available.
Features At a Glance
Early Stage of Major Cancer Benefit
Upon the diagnosis of early stage cancer during the policy term, 25% of the sum issured will be paid out. The policy will continue for the remaining benefits.
There will be a 90 day waiting period prior to cover start date for this benefit.
Advanced Stage of Major Cancer Benefit
In the event of diagnosis of advanced stage of major cancer during the policy term, there are 2 circumstances which this benefit will be paid as shown in the table below.
|If the policyholder has successfully claimed the Early Stage of Major Cancer Benefit||100% of Sum Assured will be paid out|
|If the policyholder has not claim the Early Stage of Major Cancer Benefit||125% of Sum Assured will be paid out|
Source: NTUC Income
The same waiting period of 90 days applies, and once the benefit has been paid out, this plan will terminate.
Death Benefit (Accidental / Non-Accidental)
This plan would pay out in the event of death, be it accidental or non-accidental.
In the event non-accidental death occurs within the 1st year of the coverage, 100% of the total premiums will be refunded. If non-accidental death occurs after the 1st year onwards, a pay out of $5000 will be payable.
For accidental death occurance, please see the table below:
|Age||Activity at the time of incident||Cause of accidental death is excluded|
|Normal Activity||*Restricted Activity|
|69 or under||100% of sum assured will be paid out||30% of sum assured will be paid out||If death occurs within :
1st year of coverage – 100% of premiums will be refunded
Subsequent years – $5000 will be paid
|70 or above||If death occurs within :
1st year of coverage – 100% of premiums will be refundedSubsequent years – $5000 will be paid
*The Restricted Activity here refers to:
1.Duties as firefighters, police force personnel, fishermen, armed security guards, aircrew, ship crew, marine salvage crew, oil riggers, dock workers, drivers, despatch riders, driving instructors, bodyguards and bouncers.
- Any activities involving explosives, heavy machinery, woodworking, dangerous gases or substances, using underwater breathing apparatus, work on construction or demolition sites, work at heights above 10 metres, work in underground tunnels, oil and gas rigs or offshore work.
- Military, air force or naval operations in peacetime, including training and exercises for national servicemen or reservists in peacetime.
- Motorcycling whether as rider or pillion rider.
- Professional sports, any form of race (except racing on foot, cycling or swimming), action or adventure sports that involve speed, height at above 10 metres, highly specialized gear, stunts or using underwater breathing apparatus. This definition includes rock climbing, mountaineering, parachuting, white-water rafting, horse riding, winter sports and scuba diving.
Source: NTUC Income
The policy will terminate after any of the death benefit has been paid out.
Renewability and Premiums
The policy term will be 10 years each time and premiums are level during this period.
At the end of each policy term, the policy can be renewed automatically without further underwriting for another 10 years policy term if there is no claim made except that of the Early Stage of Major Cancer benefit.
This plan is easy to apply with minimal medical underwriting questions asked.
For Non-Smoker, $50,000 Sum Assured
For Non-Smoker, $100,000 Sum Assured
How NTUC Income Cancer Protect Works
Source: NTUC Income
NTUC Income Cancer Protect is Suitable For:
- Cancer-specific coverage
- Flexibility of being able to keep the coverage even after early stage cancer diagnosed and paid out
- Higher coverage pay out in the event when advanced stage cancer strikes first
- Hassle-free application process
- Level premiums for every 10 years instead of yearly renewable
It would however be less suitable if you would like:
- More coverage on various Critical Illness
- Comprehensive death and disability coverage
- To have higher pay out in the event when early stage cancer is diagnosed
- Higher and more flexible coverage amount, as this plan has limited choice of sum assured : $50,000, $80,000, $100,000
Conclusion for NTUC Income Cancer Protect Review
Life is unpredictable in many ways, and the best form of planning is to prepare and safeguard yourself and your loved ones against these events.
Having to work with experienced financial planners in this field that has access to multiple insurers, they will be able to provide you with an objective point of view, as well as giving neutral recommendations based on your needs and concerns.
To find the most suitably plan based on your concerns and needs, simply fill in the form below and our friendly partnered licensed FA advisor will get in touch with you.