We all yearn for a healthy and blissful life. But in the present materialistic times, irregular lifestyles, adulterated eatables, constant stress and exposure to harmful radiations have led to increasing instances of people inflicted with life-threatening diseases- the prominent one being ‘Cancer’. Though you never know when this silent killer may subtly attack and weaken your immune system, statistics related to its diagnosis and treatment evidently show that it can be one of the biggest financial burdens to tackle with. It may adversely affect one’s job and incur huge expenditure in transportation, stay and meals (if the treatment involves travelling to a distant place, eventually leading to nonpayment of car/mortgage payments and managing day-to-day expenses.
Statistics on expenditure/ financial burden related to cancer diagnosis
Government of Canada, Canadian Breast Cancer Network and Canadian Cancer Society present heart-rending statistics on the adverse effects of Cancer. A cancer diagnosis resulting in taking leave from work due to the illness or treatments may lead to an average amount of $17,729 of lost wages; 25% 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; the average course of treatment for the latest drugs is $65000. Even with private supplemental health insurance coverage, you may require to pay 20% of the cost amounting to $13,000. Also, there is a 23-weeks average gap without federal Employment Insurance program for the average treatment period for many cancers and, the EI benefit-55% of your salary, up to a maximum of $537/week (as of 2016) is only paid for 15 weeks. The figures are alarming, and more so due to the fact that 2 out of 5 Canadians will develop cancer in their lifetime.
CancerGuard- a shield of protection
To help people cope up with the ill-effects of cancer diagnosis, insurance industry has come up with a remarkable insurance plan – ‘CancerGuard’. True to its name, it acts as a ‘guard’, a ‘shield’ that helps ease the financial burden that can come up with this life-threatening disease.
Eligibility To purchase this wonderful product, you must:
• be under 65 years of age at the time of purchase
• Answer five eligibility questions- the first two questions making you eligible for coverage up to $50,000; two additional questions entitling you to coverage up to $100,000 and; one additional question further increasing your coverage up to $150,000.
Advantageous features CancerGuard offers numerous advantages such as: No need of medical exams- Unlike other insurance plans, you don’t need to undergo any medical exams to verify your eligibility for insurance. No blood tests required- You don’t even need to have any blood tests performed. Fast and easy eligibility questionnaire- To avoid any hassles for the proposed insured, the questionnaire is one of its simplest kinds consisting of only five eligibility questions, gradually enhancing your coverage as you answer them for the related medical history. Coverage available for wide age rangeCoverage can be purchased right from birth till 65 years of age. Coverage available for different periods- Depending upon your financial capability and need, you can purchase insurance for 10 years, 20 years or up to age 75. Additional Coverages – For an additional charge, you can purchase additional coverages for a more comprehensive protection. You may add Prevention wherein a benefit equal to 50% of the insured amount, up to a maximum of $25,000, will be payable for certain prominent types of cancer. Critical illness – allows you to top up your cancer insurance by adding five prominent types of critical illnesses 5 types of juvenile critical illnesses and; Return of premiums (for those between 0 and 55 years of age) provides you a full refund of all premiums paid upon death and up to 50% of all premiums paid at age 75, less any claim payments. RidersTo expand your coverage, you may also purchase riders such as Sandeep Ahuja accidental death, dismemberment or loss of use, accidental fracture and, extended medical care further to an accident. Benefit payable upon diagnosis- Though we do hope that the insured may enjoy a healthy life, in case cancer is diagnosed, the insured will receive the insurance benefit. Benefit is paid in a single lump-sum amount- The insured will receive the benefit in a single lump sum amount and he/ she can use that money as per his/ her desire and need.
Guaranteed renewal up to age 75- After the expiry of chosen term, the renewals are guaranteed up to 75 years of age. The insured doesn’t need to submit evidence of insurability or answer the eligibility questionnaire again.
These great features prove that CancerGuard can be a valuable financial shield during the sudden diagnosis of the disease. As an independent insurance advisor working through Punjab Insurance Agency, I deal with different insurance companies offering plans for different types of insurance. I can explain to you in detail, the insurance plan options and coverage that are suitable for your needs and resources.