What Is Cancer Cover?

Cancer cover insurance is a policy that will pay a cash lump sum if you are diagnosed as having a malignant tumour. The cash can be used to pay for medical bills and general care while you are ill. Cover can often be obtained for very low premiums from independent companies.

Because the medical cost associated with this disease can be quite high, the policy will pay out a tax free cash lump sum to the claimant. The funds can then be used in whichever way you deem best.

The policy will not pay you a monthly income so when the one off lump sum is paid it is up to you to use in the most beneficial way. Some policies will stagger the payments and pay according to the stages of cancer. These are the type of things you’ll need to question your provider about.

You should note that the policy is not designed to be a replacement for a monthly salaried income and the cash payment is just a one off. With most providers, only one claim can be made per policy.

Do You Need Cover?

The answer to this depends on your circumstances. If you are concerned about the risk of getting cancer then you might want to consider protection against a diagnosis. If you don’t have savings to rely on, then a cash lump sum may be needed especially if you are forced to give up work.

It may not be possible to meet the medical expenses with statutory pay or state benefits so this is another reason to consider the policy.

Having a cancer cover policy will significantly ease the financial pressure if you are diagnosed with the disease. It will ensure you have financial help when you need it most.

Considerations

In recent years there have been stories in the press about cancer patients being unable to claim on their policies because certain conditions were not covered. As a result of the media coverage, companies are now expected to fully explain the terms and conditions of policies and customers are encouraged to ask more detailed questions. The key is to know exactly what you are paying for and what will be covered before you purchase your policy.

Despite the shortcomings of some providers, the cancer cover policies are still very useful to people diagnosed with the disease. The cash lump sum maybe the only thing that can get you the treatment you need and keep you from suffering financially.

Finally, while most types of cancers are covered under cancer cover insurance, it is worth asking our provider for list of exclusions if any, just so you know what will be covered.