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Private Health Insurance – Cancer Cover

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Private Health Insurance – Cancer Cover

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Cancer Cover

Financial protection for Cancer sufferers

A Cancer diagnosis is something you can never prepare yourself for, but there are policies out there which can help to protect you. Critical Illness Cover provides you with financial protection should you be diagnosed with a severe or critical illness. For years, Critical Illness policies have been associated with Cancer and it’s easy to understand why. Cancer diagnoses are often sudden and can adversely affect your finances in many ways.

A Critical Illness policy can help to improve quality of life, maintain living expenses or even settle outstanding debts like your mortgage.

Financial protection for Cancer sufferers

A Cancer diagnosis is something you can never prepare yourself for, but there are policies out there which can help to protect you. Critical Illness Cover provides you with financial protection should you be diagnosed with a severe or critical illness. For years, Critical Illness policies have been associated with Cancer and it’s easy to understand why. Cancer diagnoses are often sudden and can adversely affect your finances in many ways.

A Critical Illness policy can help to improve quality of life, maintain living expenses or even settle outstanding debts like your mortgage.

How does a Cancer Critical Illness policy work?

Critical Illness policies will provide you with a tax-free lump sum upon a successful claim. As a Cancer and Critical Illness policy holder, you will have complete control on how you choose to spend the payment should you need to claim. Many people choose to take out a Critical Illness policy to protect their mortgage, so they have peace of mind that their home is safe. Others choose to pay for additional treatment or for adaptations to their home which can enhance their standard of living.

It is important to note when considering a Cancer and Critical Illness policy, that the sum assured may decrease or increase over time. Decreasing cover will most often apply to policies that are intended to pay off a mortgage and will decrease at a monthly/yearly rate of between 0% and 15%. Rates for increasing Critical Illness cover will be either set at a fixed rate of between 2% and 5% or be based upon changes to the retail price index (between 2% and 10%).

Critical illness Cover claims will be accepted so long as your diagnosis falls within your plans list of accepted critical illnesses or meets the stated definition of total permanent disability.

Critical illness claims may be denied if:

  • The claimant dies within 10 days of being diagnosed with an eligible critical illness or total permanent disability.
  • The claimant’s diagnosis does not meet the terms or definitions set out in their Critical Illness policy.
  • It is a result of a medical exclusion to your policy.
  • The claim is a result of an intentional self-injury.

How much Cancer and Critical Illness Cover should I apply for?

How much Cancer and Critical Illness cover you should apply for will depend on your current financial circumstances. We can’t tell you how much the amount of cover you will need, but we can help guide you. When considering the amount of cover you may need, make sure you think about:

  • Your annual Income (after Tax)
  • Mortgage/rental payments (annual)
  • Cost of living (annual)
  • Any other potential costs (e.g. medical treatment or adaptations)

How much Cancer and Critical Illness Cover should I apply for?

How much Cancer and Critical Illness cover you should apply for will depend on your current financial circumstances. We can’t tell you how much the amount of cover you will need, but we can help guide you. When considering the amount of cover you may need, make sure you think about:

  • Your annual Income (after Tax)
  • Mortgage/rental payments (annual)
  • Cost of living (annual)
  • Any other potential costs (e.g. medical treatment or adaptations)

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