Do you really need cancer insurance?

In recent years, several insurers have started offering a standalone cancer insurance for folks who are worried about the costs of cancer – and rightfully so. The cost of treatment in Singapore can go beyond $46,000 in private hospitals, and with statistics showing that 1 in every 5 Singaporeans may develop cancer in their lifetime, it’ll be worth considering if you’re financially prepared for it.

In our parents’ time, there wasn’t such a policy offering in Singapore, but with medical advancements that now allow for earlier diagnosis of cancer and treatments, the survival rate has also gone up.

Unfortunately, so have the costs of treatment.

What are some of your options? 
Hospitalisation insurance – to cover costs of inpatient treatments Critical illness insurance – to provide a lump sum payout upon diagnosis Cancer insurance – to provide a lump sum payout upon diagnosis You can rest easy