What Is Cancer Life Assurance? | LION.ie
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What Is Cancer Life Assurance?

cancer life insurance

If you’re researching whether you can get life assurance after cancer, you should check out another post I wrote on that topic. Nick

Can you get life insurance after cancer?

Updated July 2016

What is Cancer Life Assurance?

Cancer cover is available to anyone aged 18 to 60. It will pay you  a cash lump sum, if you’re diagnosed with a cancer during the term of the plan, as defined  by your policy.

Types of cancer that  would ordinarily be covered include:

  • breast
  • prostate
  • bowel
  • lung
  • gynae
  • testicular
  • malignant melanoma skin cancer.

What Isn’t Covered?

As with all insurance policies, knowing what isn’t covered is just as important as knowing  what is.

For example, Ireland’s most common  cancer is non-malignant melanoma skin cancer, usually relatively easy to treat and non-life threatening. This type of cancer is not covered under the terms of the plan.

However, malignant melanoma skin cancer, a more severe form of skin cancer would be covered.

How Common is Cancer in Ireland?

Cancer will affect 1 in 3 men and 1 in 4 women at some stage in their life.

In Ireland, an average of 30,000 new cases are diagnosed each year. This is expected to rise to over 40,000 per year by 2020.

In 2012, cancer accounted for 9 out of 10 of female serious illness claims and over 5 out of 10 male claims with Zurich Life.

Why Do You Need Cancer Life Assurance?

As well as being the toughest fight many  people will face, cancer is expensive. A report  by the National Cancer Registry Ireland (2010) highlighted the severe financial implications of  cancer on Irish families. These include:

  • Increased medical costs such as consultant  fees and expensive medications.
  • Out of pocket expenses such as increased  travel to and from hospital appointments.
  • Increased heating and utility bills due to the extra time spent at home recovering from surgery.
  • Actual reduction in earnings due to patients (and their family members) having to take time off work. This is particularly relevant for those that are self employed.

While many people recognise the medical effects of cancer, the affect it has on your financial situation is sometimes forgotten. The report highlighted the increased financial stress and strain experienced by households, where someone has been diagnosed with cancer.

All of this adds unnecessary worry, at a time when you should be focusing on your treatment and recovery.

How Much Does Cancer Life Assurance Cost?

The good news is that cancer cover is inexpensive. In fact, premiums start from as little as €10 per
month. Cancer life assurance is an extremely affordable solution for you especially if you ask your self the question

How would I pay my bills if I couldn’t work because of cancer?

Over to you..

If you would like more information on cancer life assurance or Serious Illness Cover, please get in touch. Feel free to give me a bell on 05793 20836 or complete the short form below and I’ll be right back.

Nick McGowan
lion.ie | making life insurance easier

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