• Otterwise

How Prepared Are You When Things Get Critical?


The word ‘cancer’ strikes fear among many Singaporeans.


However, with cancer being one of the more common reasons for death, our fear is not unfounded.


According to Singapore Cancer Society, about 35 people are diagnosed with cancer every day. Hence, it is important that we equipped ourselves with the necessary knowledge about cancer so that we can prepare ourselves and ensure that we have sufficient coverage should tragedy strikes. So what causes cancer?


Our current understanding of cancer is still incomplete. Scientists and researchers estimate that 80% of cancers are related to the usage of tobacco products, our diet, and to lesser extent, carcinogens in the environment. That said, some people are more sensitive to certain factors than others, and those with existing risk factor may not get cancer too.


Some common causes of cancer includes the adoption of tobacco, as smoking alone accounts for more than 90% of all lung cancers. Other factors contribute to cancer as well, the consumption of canned items and processed food for example. Such items are often riddled with chemicals that prove detrimental to the human body, hence a change in your diet or lifestyle habits can potentially reduce the chances of you getting cancer.


Relapse

One of the downsides of some policies are the lack of protection. For those diagnosed with a critical illness, they may find their coverage significantly reduced after a claim or terminated after the lump sum payout. Imagine when one initially made a claim for blindness only to find out they have little to no coverage for cancer in the event they are diagnosed with it in the future.


While there are advancements in the medical field, the improved cancer treatments are often accompanied by an even heftier price tag. Maintaining these payments may take a toll on one’s pocket. Also, such advancements does not necessarily kill the cancer cells as there are always chances where it may spread to other areas.


Planning For Your Coverage

It is important to take into consideration the above mentioned factors when you are planning your coverage. For critical illness policies, there are some coverages that covers you for early diagnosis while some merely protects you in advanced stages. Early stage critical illness offers payouts to ensure that the policy holder has enough money to help them through the various treatment costs during the early stages as well as to supplement the loss of income during the recovery phase. It is also notable to mention that one should consider if the particular policy protects them in the event of a relapse as it may or may not be an even serious diagnosis, resulting in pricier treatment costs.


For a more holistic plan, you could always speak to your advisor for guidance and assistance in reviewing your current financial portfolio.

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