Cancer Insurance – Exclusions to Watch out for

Cancer insurance is often cheaper than traditional critical illness insurance but there are a few important exclusions to watch out for.

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Two policies to compare…

For example, IA Excellence offers a cancer insurance policy called Cancer Guard. Put up against TD Bank’s Recovery Critical Illness Plan, it is initially a few dollars more, depending on the term selected, (Tem 10, 20 or 75) but it gets cheaper in the long-term, especially since it offers more coverage than is available with TD and TD’s plan expires at age 70, while coverage with IA Excellence is available until age 75. TD’s plan also automatically goes up in price every ten years.

Comparing the details of TD and IA policies

TD offers $50,000 of coverage to a 27-year-old non-smoker for $13.95, (keep in mind, the price goes up every ten years) while IA Excellence offers $50,000 worth of coverage at the same age with the same smoking status with a ten-year term at $13.70. It’s also available as a term 20 for just a dollar and a few cents more at $14.20 or term 75 at $24.40. $50,000 dollars is also where the coverage starts with the IA Excellence plan and where it ends with TD Bank’s plan. Twice the coverage is available with IA Excellence at $100,000.

Not only is IA Excellence cheaper, but the underwriting process is generally simpler than it is with traditional critical illness insurance. Traditional critical illness requires a battery of medical tests, including, urine, blood, MRI and EKG to determine whether you may be already showing the signs and symptoms of a critical illness. You must also answer a whole spate of health questions, examining a possible family history of critical illnesses, whether you’ve been diagnosed with, had tests for, or received treatment for a critical illness in the last two years.

Meanwhile, AI Excellence’s Cancer Guard requires no medical tests, but does have four medical questions that are directly tied to the amount of coverage you are eligible for. If you answer “No” to the first two health questions, you will qualify for up to $25,000 worth of coverage.

These questions are basically summarized as the following:

  • Have you been diagnosed with or do you have HIV or AIDS?
  • Have you seen the signs or symptoms of, been diagnosed with or are waiting for test results for cancer?
  • For up to $100,000 worth of coverage, you will have to answer the following additional two questions:
  • Have you been declined for cancer or critical illness insurance by any insurance company in the past two years?
  • Have you or anyone in your immediate family been diagnosed with, or suffered from cancer before the age of 60?

Another crucial thing to note is there are no qualifying questions related to build (height and weight) which are usually the hardest qualifying questions for people to surpass on many traditional critical illness plans.

However, AI Excellence’s Cancer Guard only covers cancer, while some traditional critical illness plans can cover between 22 and 25 critical illnesses, such as heart attack, stroke, multiple sclerosis, lupus, Lou Gerhig’s disease and others. However, you can purchase a critical illness rider for a few extra dollars with the Cancer Guard policy. The rider covers stroke, coronary artery bypass surgery, heart attack, paralysis and coma. Then there are a few juvenile critical illnesses covered, such as cerebral palsy, congenital heart disease, cystic fibrosis,  muscular dystrophy and type 1 diabetes. It should be noted that in order to qualify for the juvenile critical illness coverage, the diagnosis must be made before the age of 25.

There are other limitations and exclusions for the Cancer Guard policy in general. It does not cover carcinoma in situ, stage 1A malignant melanoma that is less than 1.0 mm in thickness, not ulcerated and has no Clark Level IV or V invasion, any non-melanoma skin cancer that has not metastasized and stage A [T1a and T2b] prostate cancer. There also will be no benefit paid in the first 90 days the policy is active and you’re already seeing the signs and symptoms of cancer.

Go Back to Life Insurance for Cancer Patients Overview.


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