Looking for a cancer insurance quote?
You have come to the right place. Cancer Insurance is relatively new to Canada and we are experts in finding you the best possible rate. Immediate coverage is available for individuals age 18 to 70. If you are older than 70, please have a look at our section Seniors Insurance.
We work with more than 20 insurance companies to find the best cancer insurance option for you.
Looking for cancer insurance quote?
You’ve come to the right place. Cancer Insurance is new to Canada and we are experts in finding you the best possible rate without a medical exam. Immediate coverage is available for individuals age 18 to 70. If you are older than 70, please have a look at our section Seniors Insurance.
We work with 20 various insurance companies to find the best insurance option for you.
Get your quote for life insurance for cancer patients
How Does Cancer Insurance Work?
Out of all the critical illnesses one can have, it is cancer that gets the most attention. Over 70% of all critical illnesses go back to cancer with such examples as:
- Breast Cancer
- Skin Cancer
- Lung Cancer
- Prostate Cancer
- Ovarian cancer
- And much more
Cancer Insurance is a type of Critical Illness Insurance that pays off a lump sum should you be diagnosed with cancer. It provides financial support to help you mitigate the cost of cancer treatment. You can use the payout without restriction in whatever way you like, whether it is paying your bills and meeting your financial obligations, paying for additional medical care, such as home care and a Home doctor, a private room and alternative or naturopathic treatments, or paying for support services like childcare.
There is no waiting period, as long as you are not diagnosed with cancer in the first 90 days of the policy being active. You get the money as soon as you are diagnosed with any of the varieties of cancer types covered by your policy.
Cancer insurance vs critical illness
Here are key differences between cancer insurance and critical illness insurance:
|Cancer Insurance||Critical Illness Insurance|
|Coverage||Only covers cancer cases||Covers anywhere from 3 to 30+ critical illnesses|
|Costs||Cheaper than Critical Illness Insurance||More expensive than Cancer Insurance|
|Easiness to qualify||Very easy to qualify – only 2-3 questions||More difficult to qualify than for cancer insurance|
|Other aspects||Stricter emphasis on whether you smoke or not and what the health history of your family is|
Is cancer insurance worth it?
It is important to remember that cancer critical illness cases account for approximately 70% of all critical illness cases. Your cancer insurance can provide thus a decent coverage while being much more affordable than a critical illness insurance policy.
With cancer treatments being their most effective in history, it is more important than ever to make sure that you are able to afford the absolute best treatment. Cutting-edge therapies can be expensive but can ultimately mean the difference between life and death.
- You can get up to $25,000 of tax-free coverage with no medical tests and just two eligibility questions.
- You can get up to $100,000 of tax-free coverage with no medical tests and just four eligibility questions.
- The benefit is payable upon cancer diagnosis and the coverage is guaranteed renewable up to age 75.
- Our non-medical cancer insurance coverage takes effect from day one.
Individuals may also apply for a guaranteed issue policy regardless of past medical history or current outstanding medical conditions.
While this form of policy does include higher premiums, it is certainly a worthwhile policy to consider for those who are faced with a diagnosis of cancer or other medical conditions with substantial or costly treatment options.
Cancer Insurance Companies
It was created about 50 years ago by American insurance companies. Aflac and American Heritage Life Insurance Company to meet an increasing demand that came from those who have a cancer diagnosis.
In Canada, only few companies offer cancer insurance and we do work with them. One of such companies is Industrial Alliance with its product Cancer Guard that offers coverage for 10, 20 or 25 years. The maximal size of the insurance coverage is $125,000. This policy may also include various add-ons, if you are searching for a tailored solution. Our specialists will be able to help you with this or any other cancer insurance products.
Cancer Insurance: Drawbacks
The one drawback is that some cancer insurance policies don’t cover every type of cancer. For example, IA Excellence’s Cancer Guard excludes the following cancers from coverage:
- Carcinoma in situ
- Stage IA malignant melanoma
- Any non-melanoma skin cancer that has not metastasized
- Stage A (T1a or T1b) prostate cancer
Certain other cancers may be covered subject to an additional charge, such as breast cancer or prostate cancer.
Cancer Insurance: How to get it?
Our insurance specialists have extensive experience of working with different cancer insurance plans. It does not matter if you are interested in a cancer insurance quote or simply want to find out more – feel out the form above and we will be able to help you.