Designed to provide 12 months of stable cash flow, on top of a lump-sum benefit, Allianz Cancer Protect is an insurance plan that could help you and your family maintain long-term financial stability in the face of cancer. How does it work, and what should you look out for?
When fighting a serious disease like cancer, maintaining financial stability can become a challenge.
While cancer insurance plans provide lump-sum payouts, they are meant to help supplement your treatment and improve your chances. Besides, it takes skill and effort to budget the payout effectively for both present and future needs.
What if, on top of a lump-sum payout, there’s also a fixed monthly payout that you and your family can use to meet everyday expenses?
Well, that’s what you’ll get with the Allianz Cancer Protect, a cancer insurance plan that provides your family with 12 months of stable cash flow.
Could this be the cancer plan you’ve been looking for? How does the monthly income benefit work, and what are some possible drawbacks you should look out for?
In this article, we’ll be covering:
- Pros and cons of Allianz Cancer Protect
- Key features of Allianz Cancer Protect
- Important exclusions to note
- For whom is Allianz Cancer Protect best suited?
- Plan tiers, premiums and latest promotions
- How to claim
Pros and cons of Allianz Cancer Protect
|Simple underwriting, with no medical checkup. Automatic yearly renewal.||Only available on renewal basis after age 65 up till 79.|
|Provides partial payout for non-invasive cancers.||Benefits not payable if cancer diagnosis is made or signs/symptoms found within the first 90 days of policy.|
|Covers all cancer diagnoses, no limit on specific hospital or treatment type.||Benefits not payable if insured survives less than 14 days upon diagnosis.|
|12-month income protection, up to S$3,500/mth|
Key features of Allianz Cancer Protect
#1: Split payouts that cover a wider range of situations
Allianz Cancer Protect takes a more nuanced approach than some other cancer plans.
Here, you have the opportunity to receive a partial payout for non-invasive cancer, while a diagnosis of major cancer will trigger the full lump-sum benefit. (If you’ve received a partial payout before, your lump-sum payout for major cancer will be reduced accordingly).
This arrangement allows you to gain a wider range of cover, as you can access a portion of your sum assured to treat non-invasive cancer. This affords greater flexibility than, say, cancer plans that pays out strictly only for invasive, late-stage cancer.
#2: Comes with 12-month income protection of up to S$3,500 a month
Further boosting its ability to keep you and your family financially afloat as you deal with your medical crisis, Allianz Cancer Protect also comes with income protection.
Upon diagnosis of major cancer, you will also start receiving a monthly payout of up to S$3,500, for a maximum duration of 12 months. This is on top of your lump-sum payout.
With this benefit, you and your family can have stable cashflow during your treatment and recovery phase. This can provide some sense of stability during a tumultuous period.
#3: Simple underwriting, no medical checkup and automatic renewal
Signing up for Allianz Cancer Protect is relatively easy. All you have to do is to answer two or three underwriting questions during your application; there’s no medical checkup required.
Once you’ve been successfully enrolled, staying on the plan is equally effortless. As long as you continue paying your premiums, your cover will be automatically renewed on a yearly basis.
And while we’re talking about this, know that Allianz Cancer Protect covers you up to age 79. However the plan is only available on a renewal basis from age 66 onwards, which means age 65 is your last chance to sign up.
Do note that premiums for this plan are non-guaranteed, and Allianz reserves the right to alter your premiums at any time. Also, premiums are sorted into age bands, each with a five-year range. You’ll need to note when your premium would next be increased, and budget accordingly.
Important exclusions to note
We have highlighted some of the more noteworthy exclusions regarding Allianz Cancer Protect. For a full list of exclusions, be sure to refer to the policy wording.
Benefits will not be paid out under the following circumstances:
- Any self-inflicted injury, provoked assault or attempt at suicide, whether sane or insane
- The influence of any narcotic, alcohol, gas or fumes, voluntarily taken, administered, absorbed or inhaled or drugs not prescribed by a Medical Practitioner
- Infection from any Human Immunodeficiency Virus (HIV) Acquired Immunodeficiency Syndrome (AIDS) or any AIDS-related condition unless the infection arose in accordance with the definition of HIV due to Blood Transfusion, Assault, Organ Transplant & Occupational Acquired HIV
- Any pre-existing condition(s)
For whom is Allianz Cancer Protect best suited?
Allianz Cancer Protect may not have the highest sum assured for cancer protection, but it excels in offering a longer period of financial stability for you and your loved ones.
The plan provides a lump-sum payout which can assist in your treatment, while also ensuring 12 months of steady cash flow should you be diagnosed with major cancer.
Hence, this plan is recommended for those who are seeking to add a cancer-specific plan to their portfolio, coupled with a limited degree of income protection.
This plan is also available for infants from 30 days old, with auto renewal all the way up to age 79, making it a solid candidate for protecting the whole family.
Plan tiers, premiums and latest promotions
|Benefit or feature||Sum assured|
|Major cancer benefit||S$50,000, S$75,000 or S$100,000|
|Non-invasive cancer benefit||20% of sum assured|
|Monthly income benefit||S$1,500/mth, S$2,500/mth or S$3,500/mth|
How much does Allianz Cancer Protect cost?
|Age band||Sum assured||Yearly premiums, male||Yearly premiums, female|
|36 to 40||S$50,000||S$208.80||S$381.60|
|46 to 50||S$50,000||S$404.40||S$495.60|
|56 to 60||S$50,000||S$910.80||S$807.60|
We’ve extracted three age bands so you can have an idea of the premiums charged for this plan. A full listing of premiums for all age bands may be viewed here.
What promotions are there for Allianz Cancer Protect?
Thinking of signing up for the Allianz Cancer Protect plan? Don’t forget to make use of the following promotion to get greater value!
30% off first-year premiums
- Sign up for Allianz Cancer Protect plan and enjoy 30% off your first year premiums
- Use code P30 when signing up online to enjoy this promotion
- Promotion valid till 31 December 2021
Allianz Cancer Protect Promotion: Apply using the promo code ALLIANZ30P to get 30% off your first year’s annual premium. Valid from now till 31 December 2021. T&Cs apply.
How to claim?
If you need to make a claim under your Allianz Cancer Protect insurance, here are the steps you should follow:
- Download the claims form from the Allianz website.
- Fill in the relevant details and submit your form. Remember to include any supporting documents.
- You may also contact Allianz for assistance or enquiries:
- Email: email@example.com
- Tel: +65 6714 3369
Protected up to specified limits by SDIC.
Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future healthcare needs.
If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.
Read these next:
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Everything You Need To Know About Breast Cancer: Screening, Treatment Costs & Insurance
5 Critical Things You Need to Know About Cancer Insurance
Critical Illness vs Cancer Insurance Plans: A Critical Comparison
By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.