So You Have A Pre-Existing Condition – What Now?
Healthcare is becoming increasingly expensive in Singapore. That is why it’s essential to get sufficient insurance coverage.
But what happens if you have a pre-existing condition?
In the past, most insurers would not cover people who suffered from illnesses like diabetes or who have had a stroke. As such people would already have the medical costs of their illnesses to grapple with, not having any coverage would be a big risk to their finances.
Thankfully, these days, there are insurance policies available for people with medical conditions, offering both short- and long-term coverage. Here at Income, there are several affordable options to consider:
Enhanced PreX Travel Insurance plans
Income’s Enhanced PreX Travel Insurance plans offer affordable yet comprehensive coverage. Available as both single trip and yearly plans, there are three plans to choose from, based on your budget and the level of coverage you wish to receive.
With these plans, you get all the protection you need in a single plan, no riders or top-ups required. That’s coverage for overseas medical expenses due to your pre-existing conditions (such as asthma or diabetes), plus coverage for non-medical expenses and travel inconveniences (such as personal accidents or travel delays).
With such options available to you, your pre-existing medical conditions no longer have to stop you from exploring the world together with your loved ones.
Protection against Major Cancer
Cancer is a common in Singapore, with about 44 people diagnosed with cancer daily. Thankfully, with our advanced medical care, around 60 per cent of people diagnosed with cancer survive the disease.
Unfortunately, cancer treatment does not run cheap. One estimate puts the cost of late stage cancer treatment at $8,000-17,000 per month!
With such a prevalence of cancer and the fact that it can strike anyone, it’s important to have coverage against the cost of treating it, especially if your health (and finances) is already compromised by a pre-existing condition.
So what option do you have?
Complete Cancer Care
Income Insurance’s Complete Cancer Care offers protection against early, intermediate and advanced1 stage major cancer, with the possibility of coverage2 even if you have existing medical conditions (as long your conditions are not cancer-related of course!).
If you’ve been looking around for critical illness protection but was found ineligible for other life insurance plans, this might be just what you need. Applying for Complete Cancer Care is simple and doesn’t require upfront medical check-ups. Just a 4-question form and you’re done. You can have the option of renewing your policy and extending your coverage after the policy expires. Renewal of your policy is guaranteed3 every 10 and you may be covered to a maximum age of 84 (last birthday).
Complete Cancer Care is also quite affordable. For instance, a 35-year-old female non-smoker, looking for $150,000 sum assured, can enjoy that coverage from $79 a month if she chooses the Care 100 option under the Major Cancer Benefit4. While a 50-year-old male non-smoker can also get protection from $772/year, with a sum assured of $100,000 when he chooses the Care 50 option under Major Cancer Benefit4.
With this option available to you, there's no reason to leave yourself at risk of incurring further medical costs. Consult an Income advisor to find out more about Complete Cancer Care today.
1 The definitions for early, intermediate and advanced stage major cancer are found in the policy conditions.
2 This plan is not guaranteed acceptance and is subjected to underwriting. Income will not pay any benefits if your claim arises from a material pre-existing condition that was not told to Income. Please refer to the policy conditions for further details.
3 The policy will be renewed for another 10 years based on the following conditions:
- If the policyholder has selected Care 50 and no claim is made on Premium Waiver Benefit for advanced stage major cancer and insured is below age 75 last birthday at the time the policy is due for renewal; or
- If the policyholder has selected Care 100 and no claim is made on Premium Waiver Benefit and insured is below age 75 last birthday at the time the policy is due for renewal.
4 If the insured is diagnosed with an early, intermediate or advanced stage major cancer by a specialist during the term of the policy, Income will pay the Major Cancer Benefit according to the selected option. The total payout of this benefit will not exceed 100% of the sum assured. The option must be selected at policy inception and cannot be changed. Income will not pay this benefit if the insured suffered symptoms of, had investigations for, or was diagnosed with, any stage of major cancer any time before or within 90 days from the cover start date.
- If the policyholder selected Care 50, any payment made for early or intermediate stage Major Cancer Benefit will reduce any payout for advanced stage by the same amount that Income pays for the early or intermediate stage. The early or intermediate stage Major Cancer Benefit can only be claimed once. This benefit will end when Income makes payment for advanced stage major cancer. The policy will continue to apply even if this benefit ends.
- If the policyholder selected Care 100, this benefit will end when Income makes payment for any of the 3 stages of major cancer. The policy will continue even if this benefit ends.
This article is meant purely for informational purposes and should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. For customised advice to suit your specific needs, consult an Income Insurance advisor. This advertisement has not been reviewed by the Monetary Authority of Singapore.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org. sg).
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