AXA has launched what it claims to be the first protection plan in Singapore that is designed for cancer survivors.
According to the insurer, while medical improvements have led to higher survival rates for people with cancer, many survivors are left without insurance protection against possible relapse or diagnosis of a new cancer. Cancer survivors are often declined coverage, or face significantly higher premiums when they apply for a new protection plan, it added.
The new product, called AXA Cancer ReCover, covers 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, AXA said in a statement.
Furthermore, the plan features a premium waiver, where 24 months of future premiums will be waived upon an early or intermediate stage cancer claim, allowing the policyholder to focus on recovery.
According to AXA, it will donate SG$10 to the Singapore Cancer Society (SCS) for every AXA Cancer ReCover policy sold. The insurer said that this is part of its long-term commitment to support critical illness awareness and prevention, and extends its on-going donation of SG$10 to SCS for every critical illness policy sold.
“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,” said Sean Goh, managing director, life, AXA Insurance Singapore. “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. This is part of our commitment to support our customers across their entire health journey and to empower them to live better lives.”
