Thinking about being diagnosed with cancer can be a difficult subject.
Although hard to consider, obtaining cancer insurance can be an effective way to protect loved ones in the event of a diagnosis.
It has been reported that 4 out of 10 people are diagnosed with cancer at some point in their lifetime – with statistics like these, isn’t it better to have cancer insurance protection?
Claybrooke is here to talk through all the options with you and help find a cancer insurance policy that meets all of your needs.
What is Critical Illness Coverage and Cancer Life Insurance?
Critical illness coverage can be included in many insurance policies and cancer insurance is generally covered in these plans. These policies will usually cover individuals up to the ages of 75, and some up to the age of 85. Statistics show that a tenth of all new cancer diagnoses occur earlier than age 50 and furthermore, more than 50 percent of new diagnoses are made before 75.
For these reasons, it is important to consider both the emotional and financial implications a cancer diagnosis can have on your family and determine if this coverage is appropriate for you.
Cancer Insurance Cover Most Commonly Suffered Diagnoses
Currently, the most predominant forms of cancer are breast cancer in women and prostate cancer in men. With the continuing advancements in medical science, more and more insurance policies are covering earlier phases of these conditions.
Breast cancer in women accounts for 30 percent of all cancer diagnoses in the United Kingdom. Previously, cancer insurance and critical illness coverage would only cover specific surgeries for this condition, namely a mastectomy. Currently, a number of providers have revamped their policies to include payment of claims for any surgery type.
Prostate Cancer Life Insurance
Nearly 25 percent of all cancer diagnoses in men in the United Kingdom are prostate cancer. Because of medical advances and the ability to detect these types of conditions early on, insurance providers are now covering lower grade forms of prostate cancer.
This allows policy holders to make a claim with their insurance provider earlier, reducing the severity of the condition that qualifies. This allows both men and women with cancer insurance to reduce the financial burden of treating their disease early and helping to give them a better quality of life overall.
Cancer Insurance Policies – Not Created Equal
If you already have cancer insurance, it is important to review you policy on a regular basis – advances in medical science and early detection for these conditions may cause some existing policies to become outdated. Additionally, when purchasing a cancer insurance policy for the first time, it is important to review the policy’s guidelines of what is covered for a claim.
Cancer falls under the category of a “core critical illness” and is subsequently covered under all critical illness coverage policies. It is vital, however, to explore the Association of British Insurers (ABI) definition of cancer.
Types Of Malignancy
The ABI defines cancer as “a diagnosis of a malignant tumour as positive with histological confirmation by the invasion of tissue and uncontrolled growth of harmful cells.” Because of this definition, not all policies will cover lesser or early stages of a cancer diagnosis.
Specifically, forms of cancer such as pre-malignant, not invasive, borderline malignancy and low malignant potential may not be covered under cancer insurance. Claybrooke can help policy seekers explore different options for cancer insurance and help and ensure that all of their coverage needs are met.
Although the above definition and explanation may seem troubling, insurance companies are aware of the advances in medicine that allows for earlier detection of cancer cells. It is important to note that many critical illness coverage policies often go above and beyond the standard set by the Association of British Insurers, offering coverage for less advances stages of cancer.
Cancer is defined in these types of policies are often referred to as Among the covered forms of cancer are low grade prostate cancer, testicular carcinoma and other early stage cancer diagnoses.
Cancer insurance can offer peace of mind and financial protection for you and your family. These policies should be purchased as soon as possible – premiums for this type of coverage generally go up as policy seekers get older and it may be more financially responsible to lock in a lower rate before health risks and premiums increase.
Claybrooke can help cancer insurance policy seekers explore different options for critical illness coverage and find the best possible protection for you and your family.