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Easing financial stress of cancer survivors

Many of us have been affected by cancer, whether through family, friends, colleagues – or even personally. We need to always be prepared as the disease might not strike just once. According to the Singapore Cancer Society, about one in four to five Singapore residents is likely to develop cancer.

However, the good news is that survival rates in Singapore have increased. The proportion of men who survived a cancer diagnosis by at least five years went up from 13.2 per cent in 1973 to 1977, to 48.5 per cent in 2008 to 2012. As for women, the number of survivors more than doubled, from 28 to 57.1 per cent, during the same period.

What about cancer recurrence? For people who have previously been diagnosed with cancer, this risk of getting another cancer is up to 30 per cent. And this risk continues to increase as they live – for patients who have undergone cancer treatments in the past, the longer the period after treatment has been completed, the higher the risk of developing another cancer.

The burden of cancer is felt in many ways, not just physically, but also mentally and financially. For example, a patient might need to take time off work to undergo treatments such as chemotherapy and this could result in a loss of income. Cancer survivors who have been through the cancer journey know first-hand the potential financial burden of the disease, both on themselves and their family. And it is especially tough when the person diagnosed with cancer is the main breadwinner in the family. Many cancer survivors turn to healthy eating and lead more active lifestyles after getting the 'all clear' but there is still always the niggling thought of the chances of recurrent cancer and the financial implications should the disease return. It is therefore important to be prepared for aspects you can control, such as financial help while coping with cancer.

First plan in Singapore specially designed for cancer survivors

Getting insurance coverage can be tough for cancer survivors as they are usually declined or face significantly higher insurance premiums when they apply for a new critical illness plan. But not all doors close when cancer returns. AXA believes that everyone deserves protection, especially heroes who have won the battle against cancer and, therefore, AXA strives to partner you with the protection you need.

AXA Cancer ReCover is a first-in-market insurance plan designed specifically for cancer survivors to enhance their financial protection. The coverage includes any new or recurrent primary cancer, with a payout of 15 per cent of the sum assured in the event of early or intermediate stage cancer, and 100 per cent of the sum assured (less any early or intermediate stage cancer claim paid previously) if diagnosed with advanced stage cancer.

It's also important to focus on healing when diagnosed with a disease, and finances should be the least of our worries. With AXA Cancer ReCover, you wont have to stress about paying your premiums while undergoing any medical treatments – when you make an early or intermediate stage cancer claim, your premiums will be waived for the next 24 months.

Approximately five to 10 per cent of all cancers are due to a hereditary cause, which is caused by a disruptive change in a gene. Even though not everyone who inherits this gene will develop cancer, they have a higher chance of this happening. So, as a cancer survivor, it's normal to be worried about hereditary cancers affecting your children. This policy also comes with free coverage for your child, with an additional payout of 15 per cent of the sum assured, should he/she be diagnosed with any advanced stage cancer.

You can also choose the most convenient and comfortable policy and premium payment terms, such as five, 10, 15, 20 and 25 years. This gives you financial flexibility Read More – Source

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