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‘Don't make the mistake I made’: Why PE teacher’s decision to get life insurance plan at 48 was a life-saver
When he was diagnosed with colorectal cancer two years later, his Income Insurance policy gave him the peace of mind to focus on his recovery without having to worry about money
A fitness enthusiast who has always prioritised his health, Mr Arun Rosiah was shocked when he was diagnosed with stage 3 colorectal cancer. PHOTO: COURTESY OF MR ARUN ROSIAH
When he was in his early 40s, Mr Arun Rosiah was in good health and never felt more in control of his life. He cancelled all his insurance policies, thinking they were a waste of money.
“Since I felt fine, I thought, ‘Why waste money on insurance?’” he recounted. The physical education teacher was also an avid marathon runner and had always prioritised a healthy lifestyle.
In 2013, when Mr Arun Rosiah was 48 years old, he realised he was getting older, which prompted him to buy a new life insurance policy with critical illness coverage from Income Insurance. That ended up being one of the best decisions he had ever made in his life, as he was diagnosed with stage 3 colorectal cancer two years later.
“My first thought was, ‘Why me?’ But after the initial shock subsided, I realised that if I had not enrolled in an insurance plan with critical illness coverage two years ago, I would have faced the prospect of shouldering the entire burden of my cancer treatment by myself,” he said.
“Nobody knows when disaster will strike. Because I was covered, I was not a burden to my family; I could still afford my car instalments and cover my children’s daily expenses when I was on no pay leave,” said Mr Arun Rosiah, a father of three.
“When I was able to start using my Income Insurance coverage, I finally had peace of mind.”
The payouts from his policy helped cover out-of-pocket medical expenses and, in Mr Arun Rosiah’s case, also supported him during his year-long treatment when he could not work. The payouts also aided him during his transition from full-time to flexi-adjunct teaching, which required a leave period.
During his treatment, his wife, also an educator, cut her workload in half in order to take care of him. “While my wife still had a job, halving her workload meant her finances also got cut. This is where the life insurance policy that I took came in handy,” he said.
It was a fortuitous turn of events that allowed Mr Arun Rosiah to focus wholeheartedly on his recovery journey – not having to worry about the finances.
But many Singaporeans remain unprepared for life’s curveballs.
A 2022 study by the Life Insurance Association of Singapore highlighted a significant 74 per cent critical illness protection gap in the nation. For an economically active adult, the gap amounts to $264,586. The study also revealed that the recommended coverage for critical illness is approximately four times an individual's annual income.
Staying protected even beyond diagnosis, treatment and recovery
Today, Mr Arun Rosiah is celebrating his eighth year of being in remission. However, for cancer survivors like himself, having additional protection is even more important as relapses and complications can arise at any time.
This is why Income’s new Complete Critical Protect Plan is the first-ever plan in Singapore that guarantees the option of purchasing a specified new term life insurance plan1 after being diagnosed with an advanced stage dread disease or an impairment of the heart, lungs or kidneys during your policy term.
This feature seeks to address the difficulty faced by individuals who may struggle to remain covered after such a diagnosis, especially if it has happened at an earlier stage in their lives.
Complete Critical Protect offers two options – Protect 100 or Protect Max, which allows you to get up to 10 times the sum assured2,3,4 from early to advanced stage dread disease.
Plus, with Protect Max, you can cover yourself against recurrent conditions2,5 like persistent major cancer, recurrent heart attack and recurrent stroke.
“The new Income Insurance policy is fantastic because it covers you even after diagnosis, which is very important in case of relapse,” shared Mr Arun Rosiah.
The policy also offers comprehensive coverage of 158 conditions across various stages of dread disease and benefits – which includes cancer, heart attack and stroke – that rank among the top 10 reasons for hospitalisation according to the Ministry of Health. It also includes protection for three organs vital for survival2,6 – the heart, lungs and kidneys.
This policy also provides Therapy Support Benefit7, which covers advanced treatments such as cell, tissue or gene therapy and proton beam therapy.
By the way, if you specifically need cancer term life insurance coverage, you can also opt for the Complete Cancer Care Plan, which provides a Guaranteed Post-cancer Cover Option8 and a monthly payout for up to 24 months9 to help reduce out-of-pocket expenses for your cancer treatment.
Learning from mistakes, planning ahead and paying it forward
Today, Mr Arun Rosiah is even fitter than before and has also fulfilled a lifelong dream by taking on a side gig as a model: He competed in Manhunt Singapore 2021 as its oldest finalist, and was the first runner-up of the pageant at the finals held in 2022. That same year, he walked the Silver Generation Runway Show, and in 2023, he also walked in the inaugural Fashion For Cancer charity show, which aims to create more awareness of cancer and raise funds.
Mr Arun Rosiah also uses social media to inspire and connect with other cancer patients to keep them going. He is a vocal advocate for everyone to take a comprehensive life insurance policy as early on as possible, preferably once you get your first job.
This is why Mr Arun Rosiah has taken out critical illness insurance policies for his three children, aged between 22 and 28, which he is currently paying for. He now understands the value of being covered earlier on under a comprehensive policy and wants his children to be prepared for the unexpected, especially now that they have a family history of cancer.
“While I believe that everything happens for a reason and that cancer also gave me a new lease of life, my only regret is not taking a higher-coverage policy and doing it when I was younger,” says Mr Arun Rosiah.
“Higher coverage is definitely better as you don’t need to tighten your belt when you need the money the most. This is something I would recommend that everyone should do. Don’t make the mistake I made.”
Complete Critical Protect Plan benefits at a glance
The Complete Critical Protect Plan guarantees the option of purchasing a specified new term life insurance plan1 after being diagnosed with an advanced stage dread disease or an impairment of a vital function.
For more information, visit Income Insurance.
Footnotes:
Benefits under the policy are subject to their respective waiting periods and survival periods before they are payable. Any claim or benefit payable is subject to deduction of any amounts owing to Income Insurance Limited (“Income Insurance”). You may refer to the policy conditions at income.com.sg/complete-critical-protect-policy-conditions.pdf and income.com.sg/complete-cancer-care-policy-conditions.pdf for the details and the definition of all covered conditions.
Benefits under the policy are subject to their respective waiting periods and survival periods before they are payable. Any claim or benefit payable is subject to deduction of any amounts owing to Income Insurance Limited (“Income Insurance”). You may refer to the policy conditions at income.com.sg/complete-critical-protect-policy-conditions.pdf and income.com.sg/complete-cancer-care-policy-conditions.pdf for the details and the definition of all covered conditions.
1. Upon diagnosis of the insured with an advanced stage dread disease covered under Dread Disease Benefit or an impairment covered under Vital Function Benefit, the policyholder may take up a new term policy covering the insured up to 100% of the original sum assured for this policy or $200,000 per life aggregating policies issued under the Guaranteed Post-DD Cover Option, whichever is lower, without Income Insurance having to assess the insured’s health. The new term policy covers only death and terminal illness. Total and permanent disability will not be covered by the new term policy. The waiting period for the new term policy is 2 years.
The insured must be 60 years old on the last birthday or under and must not have a terminal illness at the time of taking up this option. The insured must exercise this option within 6 months from the claim approval date or diagnosis date, whichever is later, of the advanced stage dread disease covered under Dread Disease Benefit or impairment covered under Vital Function Benefit, and the relevant documents must be provided to support the diagnosis of advanced stage dread disease covered under Dread Disease Benefit or impairment covered under Vital Function Benefit.
The insured must be 60 years old on the last birthday or under and must not have a terminal illness at the time of taking up this option. The insured must exercise this option within 6 months from the claim approval date or diagnosis date, whichever is later, of the advanced stage dread disease covered under Dread Disease Benefit or impairment covered under Vital Function Benefit, and the relevant documents must be provided to support the diagnosis of advanced stage dread disease covered under Dread Disease Benefit or impairment covered under Vital Function Benefit.
2. If more than one dread disease covered under the Dread Disease Benefit and/or recurrent condition (if applicable) and/or impairments of vital function are diagnosed on the same date, only one claim with the highest possible benefit payout, regardless of the number of dread diseases and/or recurrent condition (if applicable) and/or impairments of the vital functions that are diagnosed will be approved.
If the insured is covered by Dread Disease Benefit, Recurrent Benefit and Vital Function Benefit (or equivalent benefits) under any policies which have been issued and paid (whether issued and paid by Income Insurance or by any other insurer), the total of these benefits under all these policies cannot be more than $3.6 million (including premiums waived due to dread disease but excluding bonuses). In this case, Income Insurance will first take into account the amounts due under the earlier policies and then pay out only an amount to bring the total payments to $3.6 million (including premiums waived due to dread disease but excluding bonuses).
If the insured is covered by Dread Disease Benefit, Recurrent Benefit and Vital Function Benefit (or equivalent benefits) under any policies which have been issued and paid (whether issued and paid by Income Insurance or by any other insurer), the total of these benefits under all these policies cannot be more than $3.6 million (including premiums waived due to dread disease but excluding bonuses). In this case, Income Insurance will first take into account the amounts due under the earlier policies and then pay out only an amount to bring the total payments to $3.6 million (including premiums waived due to dread disease but excluding bonuses).
3. The payout for the early and/or intermediate stage dread disease of the same dread disease under this benefit will not exceed $350,000 for each insured, including all policies Income Insurance has issued and paid for the same insured.
If the policyholder has chosen Protect 100, the claim for the early and/or intermediate stage dread disease may be approved when the Vital Function Benefit of the corresponding dread disease, which the same early and/or intermediate stage dread disease belongs to has not been claimed.
If the policyholder has chosen Protect Max, the claim for the early and/or intermediate stage dread disease may be approved when the Vital Function Benefit of the corresponding dread disease, which the same early and/or intermediate stage dread disease belongs to has not been claimed and no claim has been approved for the advanced stage of the same dread disease. The payout for the early and/or intermediate stage dread disease will not exceed $1.05 million for each insured, including all policies Income Insurance has issued and paid for the same insured. A waiting period of 12 months applies from the date of diagnosis or date of surgery performed, whichever is later, of the latest claim approved under the Dread Disease Benefit for another dread disease, Recurrent Benefit or Vital Function Benefit.
If the policyholder has chosen Protect 100, the claim for the early and/or intermediate stage dread disease may be approved when the Vital Function Benefit of the corresponding dread disease, which the same early and/or intermediate stage dread disease belongs to has not been claimed.
If the policyholder has chosen Protect Max, the claim for the early and/or intermediate stage dread disease may be approved when the Vital Function Benefit of the corresponding dread disease, which the same early and/or intermediate stage dread disease belongs to has not been claimed and no claim has been approved for the advanced stage of the same dread disease. The payout for the early and/or intermediate stage dread disease will not exceed $1.05 million for each insured, including all policies Income Insurance has issued and paid for the same insured. A waiting period of 12 months applies from the date of diagnosis or date of surgery performed, whichever is later, of the latest claim approved under the Dread Disease Benefit for another dread disease, Recurrent Benefit or Vital Function Benefit.
4. If the policyholder has chosen Protect 100, the payout for the advanced stage Dread Disease Benefit will less claim paid for the early stage and/or intermediate stage dread disease and Vital Function Benefit.
If the policyholder has chosen Protect Max, the payout for the advanced stage Dread Disease Benefit will less claim paid for the early stage and/or intermediate stage dread disease of the same dread disease and Vital Function Benefit of the corresponding dread disease.
If the policyholder has chosen Protect Max, the payout for the advanced stage Dread Disease Benefit will less claim paid for the early stage and/or intermediate stage dread disease of the same dread disease and Vital Function Benefit of the corresponding dread disease.
5. No payout will be made if the claim arises from any recurrent condition covered under this benefit occurring within 24 months from the date of diagnosis or date of surgery performed, whichever is later, of the latest claim approved under the Dread Disease Benefit, Recurrent Benefit or Vital Function Benefit.
6. The payout for the Vital Function Benefit will less claim paid for the early stage and/or intermediate stage dread disease under Dread Disease Benefit for Protect 100 and less claim paid for early stage and/or intermediate stage dread disease of the corresponding dread disease under Dread Disease Benefit for Protect Max. No payout will be made if a claim has been paid out for the advanced stage dread disease and if the claim arises within 12 months from the date of diagnosis or date of surgery performed under early and/or intermediate stage dread disease of the latest claim approved under early and/or intermediate stage dread disease outside of the corresponding dread disease, whichever is later.
7. The payout for the Therapy Support Benefit will, at most, be two times and only one payout for each therapy. The entire treatment for each therapy must be done in Singapore.
8. Upon diagnosis with advanced stage major cancer, the insured may choose to take up a new term policy with only death, terminal illness and total and permanent disability (TPD) benefits on the insured own life, without Income Insurance having to assess their health. The waiting period of the new term policy is 2 years. If the insured makes a claim on the new term policy during the 2 years of waiting period, Income Insurance will refund 100% of the premiums paid on the term policy issued under this option.
The sum assured for the new term policy will be limited to:
The sum assured for the new term policy will be limited to:
- 100% of the sum assured for this policy; or
- $200,000 per life
aggregating policies issued under the guaranteed post-cancer cover option, whichever is lower.
Income Insurance will decide the type of new policy to be offered and the insured must meet all the following conditions to take up this option:
- The insured must take up this option within 6 months from the date of claim admittance of the advanced stage major cancer benefit.
- The insured must not be totally and permanently disabled, terminally ill or be diagnosed with an advanced-stage dread disease other than major cancer, at the time of taking up this option.
- The insured must be 60 years old on the last birthday or under at the time of taking up this option.
9. Income Insurance will pay a Monthly Cancer Therapy Benefit as long as the insured is diagnosed with major cancer by a specialist and recommended in writing that the treatment is a necessary medical treatment for cancer according to relevant guidelines from Ministry of Health (MOH) and has started cancer treatment as advised by a specialist. Income Insurance will make the first payment starting from the policy month immediately after the cancer treatment start date. For more details on the types of cancer treatment, please refer to the policy conditions. The maximum amount Income Insurance will pay for this benefit is $60,000 per life. Income Insurance will not pay more than a total number of 12 payouts for early or intermediate stage major cancer. If the insured has already received payouts during early stage, there will not be further payouts during intermediate stage. The sum of the total number of payouts for this benefit will not exceed 24 payouts. The number of payouts for the advanced stage major cancer will be 24 less the number of payouts Income Insurance have paid for the early or intermediate stage major cancer under this benefit. Income Insurance will not pay this benefit if the insured suffered symptoms of, had investigations for, or was diagnosed with, any stage of major cancer any time before or within 90 days from the cover start date. Please refer to the policy conditions for further details.
10. Applicable if the insured is diagnosed by a specialist with any of the conditions or has undergone any of the procedures covered under the Special Benefit before the insured reaches age 85 last birthday.
11. Applicable if the insured is diagnosed with any of the conditions covered under the Juvenile Benefit before the insured reaches age 18 last birthday.
12. A claim under the Critical Impact Benefit may be approved if the insured undergoes surgery or suffers an infection before reaching age 85 last birthday and requires a stay in an intensive care unit (ICU) for a total of 4 days or more in one hospital admission and the surgery or infection and the stay in the ICU must be directly due to the same cause and confirmed as necessary medical treatment.
Disclaimers:
This is for general information only and does not constitute an offer, recommendation, solicitation, or advice to buy or sell any product(s). You can find the usual terms, conditions and exclusions of these plans at income.com.sg/complete-critical-protect-policy-conditions.pdf and income.com.sg/complete-cancer-care-policy-conditions.pdf. All our products are developed to benefit our customers but not all may be suitable for your specific needs. You should speak to a qualified insurance advisor before you purchase any product. Otherwise, you may end up buying a plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. This plan does not have any cash value.
This is for general information only and does not constitute an offer, recommendation, solicitation, or advice to buy or sell any product(s). You can find the usual terms, conditions and exclusions of these plans at income.com.sg/complete-critical-protect-policy-conditions.pdf and income.com.sg/complete-cancer-care-policy-conditions.pdf. All our products are developed to benefit our customers but not all may be suitable for your specific needs. You should speak to a qualified insurance advisor before you purchase any product. Otherwise, you may end up buying a plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. This plan does not have any cash value.
Protected up to specified limits by SDIC.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is correct as at 3 June 2024
