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FWD Singapore has unveiled a cancer insurance policy that offers a 100% payout upon diagnosis, at any stage of the disease.
Data from the Singapore Cancer Registry shows that cancer has been the top cause of death in the country for five consecutive years, from 2012 to 2017. On average, 37 people are diagnosed with cancer per day, which translates to one in five Singaporeans being diagnosed with a form of cancer over their lifetime.
Furthermore, the 2017 Protection Gap Study from the Life Insurance Association of Singapore found that, in the event a critical illness like cancer strikes, Singaporeans aren’t sufficiently prepared to cope with the resulting financial burden.
According to a release by FWD Singapore, its new cancer insurance policy will pay out 100% of the sum insured if the policyholder is diagnosed with any form of cancer at any stage. It will also cover a medical second opinion, to ensure that the patient can choose the most appropriate course of treatment for the disease.
The policy does not require a medical examination, and applicants only need to answer a questionnaire and supply a few details, such as age, gender, and whether or not they smoke. For a 28-year-old male non-smoker, FWD estimates a premium of SG$248 annually, with coverage of SG$200,000.
