Global reinsurance giant Swiss Re has partnered with composite insurer, Income Insurance Limited (Income Insurance), on a first-in-market cancer insurance product that offers a guaranteed post-cancer term option, as well as support throughout the journey from diagnosis to recovery.
Complete Cancer Care – the new product – provides continuous care in addition to financial assistance to those diagnosed with cancer.
At the same time, for those with advanced stage cancer, the product also extends a guaranteed post-cancer coverage option for the insured without needing prerequisite health assessment, even after a cancer diagnosis.
The product will also focus on support for active cancer treatment with monthly payouts and a premium waiver benefit, in addition to conventional offerings, which predominantly centre around lump sum payments upon diagnosis.
Complete Cancer Care also offers a hospice care benefit to support patients during palliative care.
It is also important to note, that to cater to the ageing population in Singapore, the product offers the highest entry age, up to 74 years old, with coverage to a maximum age of 84 years old.
Meanwhile, in anticipation of Singapore’s cancer treatment costs exceeding SGD 2 billion by 2030, the Ministry of Health introduced the Cancer Drug List (CDL) to negotiate lower drug prices.
Aimed at improving cost-effectiveness and reducing patients’ financial strain, this initiative underscores the importance of comprehensive insurance offerings.
The launch of this product clearly demonstrates Swiss Re and Income Insurance’s collaborative effort to address the insurance needs of Singaporeans, as well as address the country’s protection gap challenges.
In March 2022, both firms announced a longevity arrangement for Singapore’s aging population.
“The launch of Complete Cancer Care demonstrates our dedication to supporting policyholders in their time of need by enabling our partners as they innovate and adapt to evolving customer needs. We are committed to helping insurers tailor comprehensive insurance solutions that proactively address the health concerns of individuals facing cancer,” said Daisy Ning, Head of Life & Health Reinsurance APAC ex China, Swiss Re.
“The cancer journey is daunting and often filled with high emotional and financial stress for our customers and their loved ones,” said Dhiren Amin, Chief Customer Officer, Income Insurance. “To allay some fears so that they can focus on treatment, we are pleased to partner with a like-minded company, Swiss Re, to offer a holistic cancer proposition that provides complete care, from cancer diagnosis to recovery,” added Dhiren Amin, Chief Customer Officer, Income Insurance.
“Being the first in Singapore with a guaranteed post-cancer cover option, we hope to build our customers’ resilience to recover and live the fulfilling life they wanted, when their treatment is over.”