What is simplified issue cancer insurance?
- December 27, 2021
- Posted by: olinsadmin
- Categories: Insurance Toronto, Life Insurance Ontario, Life Insurance Toronto, Medical Insurance Ontario, Travel Medical Insurance
Even if cancer statistics are overwhelming and widely known, usually we don’t pay attention to it. Yes, cancer happens … but not to me.
The cost of a cancer diagnosis
Please take a moment and take a closer look at the cost of a cancer diagnosis that provided by iA Excellence Life Insurance Company:
- $17,729 is the average amount of lost wages if you are diagnosed with cancer and have to miss work due to the illness or treatments
- 25% is the percentage of lost income for caregivers who are taking time off work to be with a loved one who has been diagnosed with cancer.
- 44% of patients cope with financial hardship by tapping into their savings and investments; 27% take on debt and 26% return to work before being ready.
- $65K is the price of an average course of treatment for the latest drugs. Even if you have private supplemental health insurance coverage, you may require paying 20% of the cost or you may have an annual of lifetime maximum that can be quickly reached. If you have to pay 20%, that will be $13,000 out of your pocket.
- 23 weeks is the average gap without federal Employment Insurance program for the average treatment period for many cancers.
- The EI benefit – 55% of your salary, up to a maximum of $537 per week as of 2016 – is only paid for 15 weeks.
2 in 5 Canadians will develop cancer in their lifetime
If you are diagnosed with cancer, the last thing you want to think about is your finances. Simplified issue cancer insurance helps ease the financial burden. It is affordable critical illness insurance that is quick and easy to obtain. It helps you focus on your recovery and meet your financial obligations in the event of a cancer diagnosis, the most common critical illness in Canada.
Simplified issue cancer insurance benetits
Simplified issue cancer insurance from iA Excellence helps ease the financial burden that can come with a life-threatening cancer diagnosis. The main benefits are:
- No medical exams, no blood tests and no lengthy questionnaire
- Benefit payable upon cancer diagnosis
- Payment to be used any way you prefer
- Guaranteed renewable contract up to age 75
- Eligibility from birth to age 65
- Optional coverage: prevention, critical illness and return of premiums available
- Available plans: terms 10, 20 and 75
How much is the coverage?
No medical exam is required to obtain this insurance plan. You only have to answer:
- 2 questions for up to $50,000 of coverage
- 2 additional questions to up your coverage to $100,000
- 1 additional question to reach $150,000 of coverage.
Three optional coverages to add
You also have the possibility of adding optional coverages for cancers without risk of death and other common critical illnesses, such as stroke or heart attack. Life-threatening cancers are covered under the basic cancer insurance, but other less threatening cancers can be financially damaging as well.
The prevention option provides the payment of a partial benefit equal to 50% of the sum insured, up to a maximum of $25,000, for the following conditions:
- carcinoma in situ of the breast
- stage 1A malignant melanoma (melanoma of less than or equal to 1.0 mm in thickness, not ulcerated and without Clark level IV or level V invasion)
- stage A (T1a or T1b) prostate cancer
- Critical illness
For up to $150,000, you can top up your cancer insurance by adding the following illnesses:
- stroke (cerebrovascular accident)
- coronary artery bypass surgery
- heart attack (myocardial infarction)
- Return of premiums
For those who are under age 55, the Return of Premiums option can be added to the coverage. This will return 100% of all premiums to the beneficiary if the insured person dies while the contract is in effect, less any claim payments. If the contract expires at age 75, this option will return up to 50% of all premiums paid, less any claim payments.
How much could be a monthly payment?
Just one example: if a woman buys simplified issue cancer insurance at age 49, she could have paid about $47 a month for a 10 year (T10) contract with $75,000 in coverage.
Consider buying simplified issue cancer insurance before it’s too late; it’s more affordable than you might think.