The Ins and Outs Of Cancer Cover
Cancer cover is an insurance policy that pays out a specific lump sum payment if you are diagnosed with cancer. This tax free cash is paid directly to you so you have the flexibility in how it is used.
Statistics show that sadly one in three Britons are at risk of developing cancer, so insuring against such an event could make sense.
There are usually high treatment costs associated with this disease, so once you have a policy in place, this could provide the cash you need when you need it most.
In addition the cost of premiums can be usually very low when you use an independent provider for your policy.
The Main Benefits Of Cancer Cover
If you know someone who has cancer, you probably know about the treatment and support that person needs, the bills mount up if they are unable to work and treatment becomes a regular part of life. If you want to be prepared in the event of a diagnosis, then you might want to consider getting cancer cover.
In a nutshell, the policy is designed to be a financial buffer when you need the funds the most.
How Does It Work
Upon diagnosis of a malignant tumour, you will be paid a pre determined cash sum which can be used to pay for your treatment.
Depending on the provider, you can have life cover automatically built into your policy for added peace of mind. Other providers may have a list of critical illnesses that are covered.
Generally, having cancer cover in place can allow you to get private treatment; or keep your expenses under control if you are unable to work; and some policies will provide for your loved one by including a death benefit.
What To Consider Before Taking Out Your Policy
Most lenders will have minimum and maximum entry ages if you are seeking cover. This can determine the length of your policy.
If you are diagnosed with cancer within a specific period (normally 30 days) of taking out your policy, you will not be able to make a claim.
According to Cancer Research UK, there are at least 26 types of cancers but your selected policy may or may not cover all types. You should check with the provider for a list of exclusions.
Before making a claim, the provider will require medical evidence and once successful, you will be paid the cash free lump sum.
The key to ensuring your cancer cover claim is successful is to be honest on your health questionnaire and ensure you know the full terms of the policy.
Some policies stagger the payments and this is usually mapped to the stages of the disease. This option may not always be the best for you so take the method of payment into consideration.
It should be noted that this type of policy will not provide a replacement income or act as an accident or sickness policy. It is designed to provide money you need for treatment by means of a one off payment.
Cancer cover may not be something you want to think about, but if you think you are at risk, it might be a good idea to have cover in place, just in case you need it.
Is There A Need For Cancer Cover?
Cancer cover is a relatively new protection policy to enter the personal finance market place – some may say that it is about time too that this sort of insurance is offered.
Different to life and critical illness cover, cancer insurance covers you against a specific disease. This policy will pay you a one off cash payment if you are diagnosed with some forms of cancer. The funds are meant to help you get the best treatment and at the same time care for your financial needs, such as pay the mortgage if you are off work on limited sick pay, or carer costs etc.
According to Cancer Research UK statistics, there are over 200 different types of cancers. The chance of you being diagnosed with a malignant tumour is based on your lifestyle, exposure to infectious agents that could cause cancers and your genes.
If you are concerned about these odds and want to protect yourself, you may want to seriously consider cancer cover.
Before you take out your policy, you should make sure you know everything about it. In the past there were cancer victims who could not claim on their policies after they found out about exclusions in the policy.
Once you read your terms and conditions well, you should be more informed about which policy will be right for you.
Another thing to consider is that premiums are usually much lower when you take your policy from an independent provider.
Overall the cancer cover is a policy that will take care of your financial needs including medical treatment if you were diagnosed with cancer. It is a very beneficial policy especially if you don’t have savings or other sources of income to fall back on in your time of need.