AXA Insurance Launches First-in-Market Plan For Cancer Survivors

• AXA Cancer ReCover provides comprehensive coverage to
  cancer survivors who may be denied coverage, or face significantly higher
  premiums when they apply for a new protection plan
• In line with the launch, AXA also unveils a
  short film to raise awareness of the importance of critical illness insurance

SINGAPORE -�Media OutReach - 10 January 2020 - AXA Insurance has
launched the first protection plan in Singapore specially designed for cancer
survivors. With improvements in screening and treatment, survival rates for
people with cancer have increased over the years in Singapore. However, many
are left without insurance protection against possible relapse or diagnosis of
a new cancer after recovering from cancer. Cancer survivors are often declined
coverage, or face significantly higher premiums when they apply for a new
protection plan.

 

AXA Cancer ReCover is designed to protect cancer survivors by
covering recurrent or new primary cancers. The plan provides comprehensive coverage,
including a lump sum payout of 100% sum assured in the event of diagnosis of
advanced stage cancer, and a payout of 15% sum assured in the case of early or
intermediate stage cancer.

 

Sean Goh, Managing Director, Life, AXA Insurance
Singapore said, “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.
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.”

 

For parents who have
concerns about hereditary cancer, the plan also offers a child cover benefit,
with free coverage of 15% of the sum assured, should the child be diagnosed
with an advanced stage cancer.

AXA Cancer ReCover comes
with the following additional benefits:

• Premium
  waiver so that you can focus on recovery: 24 months of future premiums will be waived upon
  an early or intermediate stage cancer claim, allowing customers to focus on their
  recovery.
• Flexible
  options to suit your financial needs: Option to choose from a wide range of policy
  and premium payment terms of 5, 10, 15, 20 and 25 years that best suits the
  customer’s needs and preferences.
• Death and
  terminal illness benefit: Receive 15% of the sum assured if the customer passes on or is diagnosed
  with terminal illness.

 

As part of its long-term
commitment to support critical illness awareness and prevention, AXA will be donating
$10 to Singapore Cancer Society (SCS) for every AXA Cancer ReCover policy sold.
This is an extension of its on-going donation of $10 to SCS for every critical
illness policy sold.

 

AXA launches short film to draw attention to the
importance of critical illness insurance

 

In line with the launch
of AXA Cancer ReCover, AXA has also unveiled
a short film titled “The Family Portrait”
to raise awareness and a sense of urgency and action around critical illness protection.
It revolves around a multi-generational Singaporean family struggling to make important
decisions for their future when an elderly member of the family is suspected to
have a critical illness. The family’s situation is viewed through the lens of
the youngest member of the family, a recent graduate, who witnesses the
financial impact of the diagnosis on both her and her parents.

 

The film aims to drive conversations
about the importance of planning early by showing some of the difficult situations
people may get into if they are not financially prepared
for a critical illness, and to also remind Singaporeans that these can be
avoided so they can focus on what really matters: theirs or their family
member’s recovery.

“As life expectancy of Singaporeans
extends, the reality of critical illness occurring in one’s lifetime is very
real. With this film, we hope to instil 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,”
said Goh.

 

According to a study by
the Life Insurance Association Singapore (LIA), working adults in Singapore
have insurance coverage that would on average meet only 20 per cent of their
financial needs if critical illness occurs, leaving a worrying large gap of 80 per
cent. “To
help address the critical illness protection gap in Singapore, we have been
focusing our efforts on public awareness and education, as well as offering
solutions that are relevant to the needs of our customers,” Goh added.

 

In addition, a recent AXA
survey found that young adults in Singapore tend to prioritise other types of
insurance over critical illness plans. Among young adults (18-29 years old) who
own personal insurance plans, only 11 per cent think critical illness insurance
is the most important type of plan to purchase for young adults. Further, only
42 per cent of those surveyed have critical illness insurance plans, which is lower
compared to most other types of plans such as savings, personal accident, whole
life and hospitalisation.

 

For
more information on AXA Cancer ReCover, please visit axa.com.sg/life-insurance/axacancerrecover.

 

To
view the short film, please visit https://youtu.be/et0JY9IIq78.

ABOUT AXA INSURANCE

AXA  Insurance  is 
part  of  the 
AXA  group,  a 
worldwide  leader  in insurance and asset management with
171,000  employees serving 105 million clients
in 61 countries. Present in Singapore since 1969,  AXA 
Insurance  has  been 
serving  the  general 
and   lifeinsurance needs of
individuals and companies in Singapore through a wide range of innovative
products. As one of the top global insurers in Singapore, AXA Insurance
protects more than a third of a million customers  in 
Singapore.  As  a company whose business  is 
about protecting people, AXA Insurance is committed to building a
stronger and safer society by empowering customers to live better lives.

 

For more information,
please visit www.axa.com.sg.