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Cancer Insurance

We all know that cancer can strike at any time; it does not matter if you are young or old, rich or poor. The question is, are you prepared for the financial consequences should cancer strike you or a loved one? What if you could have protection to help you during that time of uncertainty?

You may already be familiar with Critical Illness Insurance and cancer is one of the many illnesses that are covered under the plan. Critical Illness for some people unfortunately may not be the solution for their specific needs, it can be expensive depending how much coverage and at what age you take it out but you may not be eligible or rated based on your medical history.

Fortunately, there is a simplified product that is focused solely on cancer insurance with only a few questions. This product from IA Excellence called Cancer Guard, it only asks two question for coverage up to $25,000 and only another two questions for coverage up to $100,000.

Two out of five people will develop cancer during their lifetimes. (source: Canadian Cancer Society – Canadian Cancer statistics, 2012)

Cancer Insurance Eligibility Questions

You must be under 65 years of age at the time of purchase

Answer the following eligibility questions (coverage up to $25,000)

  1. In your lifetime, have you ever been diagnosed with acquired immunodeficiency syndrome (AIDS) or tested positive for the human immunodeficiency virus (HIV)?
  2. Do you have, have you ever had, have you noticed signs or symptoms for which you have not consulted a physician yet, or are you waiting for a test or test results for any form of cancer or malignant tumour?
  3. In your lifetime, have you ever been diagnosed with cancer or a malignant tumour, had signs or symptoms of cancer, consulted a physician or undergone tests showing abnormal results for cancer; are you awaiting a test for cancer or have you had a test for cancer and awaiting the results?

Answer two additional questions (coverage up to $100,000)

  1. In the past two years, have you had an application for critical illness or cancer insurance declined or postponed by any insurance company, including Excellence?
  2. Have two or more members of your immediate family (father, mother, brothers and sisters) suffered from or been diagnosed with cancer before the age of 60?

If you can answer these questions favorably, you will be able to obtain cancer insurance up to the $100,000. The coverage is available from birth to age 65 and it is guaranteed renewable to age 75. The cancer insurance benefit is payable upon cancer diagnoses. You can use the funds any way you like, for example you can; pay off loans, take a vacation, get professional home care services, and/or get a caregiver.

The premiums are very competitive, for example if qualified a male non-smoker aged 44 can get $100,000 for as little as $45.40/month a female the same age would pay $44.80.