Cancer Insurance Policy for Seniors

So you’ve worked hard all your life and when you turn 65, you probably expect to live out your retirement in a supremely relaxed fashion, full of vacations, family and lounging by the pool. But what happens if a critical illness strikes you? How will you pay for treatment? And how will you pay your bills while undergoing such treatment? Will you have to travel for treatment? Will you need long-term care?

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Some statistics about seniors cancer insurance

The American Heart Association says that 75% of people over 40 will become critically ill at some point in the future. Plus, when it comes to cancer, those over 65 account for 60% of malignancies and the instance of cancer among those over 65 is ten times greater than those younger, according to the American Cancer Society and the Center for Disease Control.

Plus, the level of debt among seniors in Canada is absolutely higher than it has ever been. Equifax Canada reports that the average debt level among senior Canadians has risen to $22,595 or by 4.3% in the third quarter of 2017. The increase for those 65 and over was the biggest year-over-year increase of all age groups.

Even with all of that in mind, new medical technology and more sophisticated medical techniques virtually ensures that you will survive any critical illness. The likelihood of survival over death. For example, even though cancer is the leading cause of death in Canada, (accounting for 30% of all deaths) of the 96,200 men who will be diagnosed with cancer, only 39,400 will die. Plus, of the 91,400 women who will be diagnosed with cancer, only 36,100 will die.

With more people than ever surviving a critical illness like cancer, but more people unable to financially afford getting over the hump of treatment, especially seniors, the lump sum, no restriction benefit that critical illness insurance provides is even more critical to have than it has been in the past.

Introducing IA Excellence’s Cancer Guard

IA Excellence’s Cancer Guard covers the biggest critical illness out there that accounts for the majority of diagnosis. Plus, you can qualify up to age 65, but the plan is renewable for seniors to age 75. It is divided into various terms such as term 10, Term 20 and term 75, so you can get it for ten short periods of ten or 20 years if you are of an advanced age.

Plus, the underwriting bar is not very high and not very stringent. All you need to do is answer “No” to four health questions to get potentially up to $100,000. The questions have to do with whether you’ve been diagnosed with HIV or AIDS, whether you have a family history of cancer in your immediate family, whether you’ve been diagnosed with or are being tested for, any type of cancer and whether you’ve been declined for critical illness coverage by any insurance company in the last two years. If you answer “No” to the first two questions, you could qualify for coverage up to $25,000 and then if you answer “No” to the next two questions, you could get up to $100,000 in coverage. This is simply all it takes.

Plus, if you are then concerned about additional critical illnesses and want coverage for things like heart attack and stroke, you can get it as part of the critical illness rider that’s available with Cancer Guard for a little bit of an extra cost. You can also convert term 10 and term 20 policies into a term to 75 policy without a medical or any additional underwriting whatsoever.

If you have any health problems besides cancer or related to getting older, it doesn’t matter because there are no medical tests, no urine tests, no blood tests or anything., just answer “No” to the very limited number of questions and you’re off to the races Also, the premiums are less expensive than a traditional critical illness plans.

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