AXA launches Singapore’s first-ever insurance solution for survivors of cancer who are often denied coverage or face significantly higher premiums from new protection plans.
The «AXA Cancer ReCover» aims to protect survivors by covering recurrent or new primary concerns, according to a release, given the challenges faced by individuals holding a past medical record involving cancer. The plan includes a 100 percent guaranteed lump sum payment in the event that advanced cancer is diagnosed and payment of 15 percent in the case of early or intermediate stage cancer.
«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.»
Short Film
To complement the new product, AXA has also launched a short film to raise awareness and a sense of urgency around critical illness protection. The plot involves a multi-generational Singaporean family facing financial hardships when an elderly member is suspected to have a critical illness.
«As life expectancy of Singaporeans extends, the reality of critical illness occurring in one's lifetime is very real,» Goh added. «With this film, we hope to instill the importance of critical illness protection among Singaporeans, and encourage people to take action today to plan ahead so that they have the means to make choices if the unforeseen strikes.»
According to a recent AXA survey, only 11 percent of young adults (18-29 years old) in Singapore view critical illness as a priority for insurance coverage. And overall, just 42 of those surveyed had such insurance coverage ranking behind the likes of savings, personal accident, whole life and hospitalization.
