Article from The New Paper on 31st Aug

Ms Theresa Tan was diagnosed with ductal carcinoma in-situ in her right breast and thought that she would be able to claim for the loss of income from her 3 critical illness policies which she has spent over $70k paying for over the years.

However when it came to the crunch, she discovered that her 3 policies could not be claimed as her condition did not fit the definition of cancer..

She has three policies, but no coverage (click to view article)

“I hope telling my story will create more awareness. I tell my friends to check their coverage and make sure they are covered in full” ~Ms Theresa Tan

The industry definition of the critical illness (CI) covered by the various insurers in Spore has been standardised by LIA (Life Insurance Association) since 1st Jul 2003. And as far as cancer is concerned, the standard definition goes like this

“A malignant tumour characterised by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissue. This diagnosis must be supported by histological evidence of malignancy and confirmed by an oncologist or pathologist.

The following are excluded:

• Tumours showing the malignant changes of carcinoma-in-situ and tumours which are histologically described as pre-malignant or non-invasive, including, but not limited to: Carcinoma-in-Situ of the Breasts, Cervical Dysplasia CIN-1, CIN-2 and CIN-3….”

So if you bought your critical illness policies after 1st Jul 2003, do take note of the definitions to know clearly what you are covered for. For more information, refer here Common CI Defn 1Jul03

With increasingly early detection of cancers through regular health checks and screening, the chances of survival is highly increased. Studies by the Singapore Cancer Registry show that the chances of survival for women detected with Stage 0 breast cancer is as high as 92%.

Given such statistics, it would be wise to make sure that your critical illness policies pays out upon early stages of critical illness so the money can come in handy for the medical treatment or to settle financial commitments e.g mortgage payments, and family needs.

There are plans available in the market that cover a wide range of medical conditions and pay out upon early stage critical illnesses. Review your existing critical illness insurance coverage and take steps to make sure you are adequately prepared to handle any medical costs.

To find out more, talk to Yong Hui here