AXA Insurance has launched AXA Cancer ReCover - a protection plan specially designed for cancer survivors.
With improvements in screening and treatment, survival rates for people with cancer have increased over the years in Singapore.
However, many are left without insurance protection against possible relapse or diagnosis of a new cancer after recovering from cancer. Cancer survivors are often declined coverage, or face significantly higher premiums when they apply for a new protection plan.
AXA Cancer ReCover is designed to protect cancer survivors by covering recurrent or new primary cancers.
The plan provides comprehensive coverage, including:
- a lump sum payout of 100% sum assured in the event of diagnosis of advanced stage cancer, and
- a payout of 15% sum assured in the case of early or intermediate stage cancer.
Sean Goh, Managing Director, Life, AXA Insurance Singapore, said: "Many cancer survivors are left without any insurance coverage after their first diagnosis and do not have the security of a financial safety net if cancer strikes again. We want to take away this uncertainty by protecting them financially should they be faced with cancer again, so they can focus on treatment and recovery."
For parents who have concerns about hereditary cancer, the plan also offers a child cover benefit, with free coverage of 15% of the sum assured, should the child be diagnosed with an advanced stage cancer.
AXA Cancer ReCover comes with the following additional benefits:
- Premium waiver so that you can focus on recovery: 24 months of future premiums will be waived upon an early or intermediate stage cancer claim, allowing customers to focus on their recovery.
- Flexible options to suit your financial needs: Option to choose from a wide range of policy and premium payment terms of 5, 10, 15, 20 and 25 years that best suits the customer's needs and preferences.
- Death and terminal illness benefit: Receive 15% of the sum assured if the customer passes on or is diagnosed with terminal illness.
As part of its long-term commitment to support critical illness awareness and prevention, AXA will be donating $10 to Singapore Cancer Society (SCS) for every AXA Cancer ReCover policy sold. This is an extension of its on-going donation of $10 to SCS for every critical illness policy sold.
Short film to draw attention to the importance of critical illness insurance
In line with the launch of AXA Cancer ReCover, AXA has also unveiled a short film titled "The Family Portrait" to raise awareness and a sense of urgency and action around critical illness protection.
It revolves around a multi-generational Singaporean family struggling to make important decisions for their future when an elderly member of the family is suspected to have a critical illness. The family's situation is viewed through the lens of the youngest member of the family, a recent graduate, who witnesses the financial impact of the diagnosis on both her and her parents.
Read also: Industry launches life insurance digital calculator to help bridge mortality and CI protection gaps
The film aims to drive conversations about the importance of planning early by showing some of the difficult situations people may get into if they are not financially prepared for a critical illness, and to also remind Singaporeans that these can be avoided so they can focus on what really matters: theirs or their family member's recovery.
According to a study by the Life Insurance Association Singapore (LIA), working adults in Singapore have insurance coverage that would on average meet only 20 per cent of their financial needs if critical illness occurs, leaving a worrying large gap of 80 per cent.
In addition, a recent AXA survey found that young adults in Singapore tend to prioritise other types of insurance over critical illness plans. Among young adults (18-29 years old) who own personal insurance plans, only 11 per cent think critical illness insurance is the most important type of plan to purchase for young adults. Further, only 42 per cent of those surveyed have critical illness insurance plans, which is lower compared to most other types of plans such as savings, personal accident, whole life and hospitalisation.
Selected for you:
Digital Agency Leader of the Year - Calvin Lee
Only 50% of Singaporeans feel fulfilled in Life: AXA Better Life Index
AIA Vitality Unveils New Partnership and Enhancements
Charge up for a better 2020
P.S: Join 10,000+ financial advisers, leaders and senior executives in receiving our complimentary VIP Weekly Newsletter