FWD announces new Cancer 2.0 insurance with partner MiRXES
Leading cause of death
A report by the Singapore Cancer Registry Annual Report 2020 found that two in five Singaporeans are likely to get diagnosed with cancer at some point in their lives. It is also found to be the leading cause of death in Singapore. The report said that a low proportion of early-stage diagnoses was attributed as a potential contributing factor for high mortality rates for some cancers.
Early diagnosis and removal of non-cancerous tumours will help Singaporeans detect and treat cancer early, and in the process achieve better medical outcomes. The inclusion of non-cancerous tumour removal in Cancer 2.0’s coverage aims to encourage Singaporeans to take action early and seek early preventive measures without the need to worry about financials to seek treatment once those tumours are detected.
The Cancer 2.0 package covers early tumour to early-stage and late-stage cancer, with multiple payouts for new or recurring late-stage cancer. After the first claim for any stage of cancer, customers will continue to access coverage for new or recurring late-stage cancer and remain financially protected. This feature aims to provide added reassurance for recurring cancer which is another key concern that customers have.
Here are some of the features of Cancer 2.0’s comprehensive package:
Pre-early cancer coverage – customers are eligible to receive an additional 10% of the sum insured or $10,000, whichever is lower, upon diagnosis and subsequent removal of benign tumour or diagnosis of borderline malignant tumour. Payout of this cancer benefit does not affect the coverage for the other benefits
100% payout for all stages of cancer – customers will receive 100% of the sum insured regardless of the stage of cancer diagnosed, with customers having the full flexibility to use it for treatment or other commitments
Multiple payouts for new or recurring late-stage cancer – after a first claim for any stage of cancer, customers can continue to be covered for any subsequent new or recurring late-stage cancer diagnosis with 100% of the sum insured
Complimentary second medical opinion – a complimentary second opinion of customers’ cancer diagnosis or treatment plan is available from FWD’s panel of doctors
Customers who purchase Cancer 2.0 may also receive additional support from the FWD Care Recovery Plan, a complimentary support program that provides additional recovery support for needs that go beyond the financial. The plan includes home assistance, counselling, home nursing care assistance, and more. Customers will also be provided help during their recovery period.
“Greater peace of mind”
“In enhancing our cancer plan that we first introduced into the market in 2018, we looked deeper into how we can help Singaporeans better prevent cancer, which has been a leading cause of death in Singapore,” FWD Singapore CEO-designate Adrian Vincent said. “With Cancer 2.0, we’re pleased to offer the most comprehensive online cancer plan in Singapore, which provides our customers with greater peace of mind for cancer diagnosis, including for pre-early cancer, all stages of cancer, and new or recurring cancer.
“Through this partnership with MiRXES, we encourage Singapore residents to seek early preventive measures through early health screening, and ease of access to our Cancer 2.0 to further cover themselves in the event of an unfortunate episode,” Vincent said.
Dr Zhou Lilan, MiRXES CEO and co-founder, said that cancer detected early can be cured, and that the company’s partnership with FWD to launch Cancer 2.0 advocates preventive screening and early detection. “MiRXES’s purpose to alleviate cancer burden, save lives, and reduce healthcare costs through our accurate, noninvasive, and actionable miRNA blood tests, is well aligned with FWD’s goal of preventing cancer and safeguarding Singapore’s citizens,” he said. “Through this partnership with FWD, we hope to make preventive healthcare solutions accessible to more people by encouraging everyone to take an active approach to managing our health and mitigate cancer risks through regular health screening and insurance protection with FWD’s Cancer 2.0.”
FWD’s latest product comes at the heels of a study from the insurer that discussed Hongkongers’ and other GBA residents’ misgivings regarding the increase of medical expenditure for the next decade.
What are your thoughts on this story? Please feel free to share your comments below.
