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How Cancer Insurance is Different from Critical Illness Policy
Category :- Insurance

Author :- Steve Davids 
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Posted on December 27, 2017, 10:31 am
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While many people may believe that cancer insurance is the same thing as critical illness insurance, the truth is that they are different things. As approximately 29.8 per cent of people die of cancer, according to the grim statistics of the Canadian Cancer Society, it’s no wonder that cancer would have its own brand of insurance.


What is Cancer Insurance?


Cancer Insurance is exactly what it sounds like. In the event that the policyholder develops cancer, cancer insurance will help him or her mitigate the costs of cancer treatment. While critical illness insurance can cover around 25 various illnesses, cancer insurance focuses only on cancer.


Though cancer insurance and critical illness insurance are not the same thing, there are similarities. For example, both insurances are paid out in lump sums and can be used in any by the insured. That way, policyholders can pay their bills or meet other financial obligations, pay for treatment and rehabilitation costs, or arrange home care, a private hospital room, or alternative and naturopathic cancer treatments. The money can also be used to pay for support services, such as childcare or spousal support. There is no waiting period to collect on cancer insurance, as long as the insured person is not diagnosed with cancer in the first 90 days of the activated policy.


A Worthwhile Investment


As the Canadian Cancer Society reports, two out of five Canadians will develop some form of cancer within their lifetime and, sadly, more than 500 Canadians are diagnosed with cancer each day. The good news is, as medical technologies and cancer treatments are becoming increasingly sophisticated, 62 per cent of people with cancer are actually expected to survive the illness. However, that means that an increasing number of people are in need of long-term support, as recovering from cancer can be a long and costly affair.


Who is Eligible?


Cancer insurance is much easier to qualify for than traditional critical illnesses insurance because there are fewer criteria to match. For example, if you’re applying to IA Excellence’s Cancer Guard policy, you only have to answer the following two questions to qualify for up to $25,000 in coverage:


1.      Have you ever been diagnosed with AIDS or tested positive for HIV?


2.      Do you have, ever have had, or noticed the signs and symptoms of cancer for which you have not consulted your physician yet, or are waiting for a test or test results for any form of cancer or malignant tumour?


There are also two additional questions that applicants may answer that inquire as to whether the applicant has been declined by any insurance company in the past and whether any member of the applicant’s family has ever suffered from or been diagnosed with cancer before the age of 60. If the applicant answers no to all four questions, he or she may qualify up to $100,000 in coverage.


Because of how common cancer is in today’s society, it’s important for people to have long-term cancer coverage in the unfortunate event that they or a loved one are diagnosed with cancer. Cancer insurance places less emphasis on the applicant’s personal or family health history than critical illness insurance, however, so it’s much likelier for an applicant to be approved for this type of insurance. 

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