Will critical illness insurance cover any kind of cancer?
You buy critical illness insurance, knowing that it covers “cancer” and then the mistake would be to assume that the coverage will be for all types of cancer. For standard critical illness insurance policies, that is usually not the case.
Remember, the cover is for “critical illnesses” and there are instances where a cancer may not be considered critical. These types of cancers are very treatable. Also, the degree of severity may also be included in the definition of “critical illness” – this could mean that early stages of the cancer may not also be payable under a claim.
Cancers that are not often included in a critical illness cover are:
- Skin cancer, which is highly treatable.
- Ductal Carcinoma In Situ (DCIS) – this refers to a non-malignant tumour found in the breast. Although it has the potential of becoming malignant and may spread to other body parts, this may not be covered by the policy.
- Other types of cancers that have not yet attacked and infected the surrounding tissue.
With the medical advancements available nowadays, it is highly possible that the above conditions can respond positively to treatment and will be arrested before the condition worsens. Also, with the available screening tests, doctors can already find and treat cancers before the cancer becomes life-threatening. There is also a very high survival rate for these kinds of cancer, especially if these are discovered at an early stage.
The claims may only be payable if the cancer has already spread and is considered dangerous to the life of the insured.
Please note, though, that there are also some insurance companies that provide cover for DCIS and other kinds of cancers that are excluded from most critical illness policies. To find out, you should always make comparisons of the different features and coverages provided by different insurance policies. Also, the key is to read the fine print and not make assumptions on how illnesses are covered. It is important that you know and understand what you are buying.
Another option, if the possibility of contracting cancer is a concern, is to consider severity-based critical illness cover, where partial payments can be made based on the severity of the critical illness.
Recommended useful information to read:
- Are you at risk? Critical Illnesses you may be susceptible to
- Things to consider before getting a critical illness insurance policy
- What you should know about Your Critical Illness Cover: The exclusions to your policy
- Save Up on Premiums: factors that affect Your Critical Illness Insurance premiums
- Dos and Don’ts When Making Critical Illness Insurance Claims
