KUALA LUMPUR, 17 August 2018 – Cancer is a growing health concern worldwide with statistics by the World Health Organisation (WHO) indicating it to be the second-leading cause of death globally. In Malaysia, one in four people are expected to develop cancer by the age of 75, according to the Ministry of Health. While the probability of developing cancer has increased substantially, the cost of treatment has also risen significantly in recent years.
To protect patients and their families against the financial impact of cancer, Prudential Assurance Malaysia Berhad (PAMB) has introduced PRUCancer X, a solution that covers the high treatment expenses and potential income loss if one has to stop work to focus on the recovery. With coverage of up to RM2 million, so far the highest cancer specific insurance product that is available in the market, cancer patients will have the opportunity to seek the best care in Malaysia as well as abroad.
“It is heartbreaking to learn of a family member or friend fighting cancer. It is just as difficult to see some pull through while others do not. As an insurer, we are deeply concerned that many cancer patients drop out of treatment due to reasons such as financial difficulties, lack of accessibility to treatment, as well as work or family responsibilities,” said Mr. Eric Wong, Chief Customer & Marketing Officer, PAMB.
Treatment costs for cancer can be significant and have the potential to deplete a patient’s entire life savings. Financial catastrophe is defined as more than 30% of household income spent on out-of-pocket expenses for cancer treatment. Research on cancer and financial catastrophe reveal that 50% of Malaysians encounter financial catastrophe within the first year of being diagnosed with cancer. This affects families in low- and middle-income groups most significantly.
“Combating cancer is emotionally and physically draining to patients and those around them. Added to that the burden of oncology treatment can render people with even good health insurance in a financially debilitating situation. Cancer treatment costs go beyond hospital and medication expenses and include other financial liabilities such as post-treatment care, care giver’s cost etc. With PRUCancer X, we hope to provide our customers with peace of mind during their most difficult times, knowing they would be able to meet their financial commitment while on their journey to recovery and remain motivated to achieve their dreams in the future,” added Mr. Wong.
The key features of PRUCancer X include:
High coverage of cancer benefits up to RM2 million: High coverage options up to RM2 million to help individuals get the best care both in Malaysia and abroad, as well as meet their financial commitments in the recovery period.
Affordable premium: Provide individuals with peace of mind with premiums as low as RM34 monthly.
Early-stage cancer coverage: Provides a portion of the coverage amount upon the diagnosis of specific types of cancer including Carcinoma in-situ.
Compassionate benefit: In the event of death, the plan will provide a fixed benefit to assist the family of the deceased with funeral expenses.
Easy enrolment: Five underwriting questions that are specific to cancer risks only.
For more information about PRUCancer X, please visit https://www.prudential.com.my/en/our-products/health/critical-illness/prucancer-x/
World Health Organisation: http://www.who.int/news-room/fact-sheets/detail/cancer
The Borneo Post, One in four Malaysians develops cancer by 75, http://www.theborneopost.com/2018/01/28/one-in-four-malaysiansdevelops-cancer-by-75/
University of Malaya, Cancer and financial catastrophe, http://spm.um.edu.my/2017/07/30/cancer-and-financial-catastrophe/