Cancer remains a formidable adversary, claiming lives and altering families’ futures. In New Zealand, the staggering statistic of 63 individuals hearing the words “you have cancer” daily underscores the urgency of ensuring adequate coverage when considering life insurance.
Despite the grim prevalence of cancer, there is hope. With timely detection and intervention, many forms of cancer are treatable, with an estimated one in three individuals in New Zealand conquering the disease, as reported by cancernz.org.nz.
When facing the daunting journey of battling cancer, your life insurance can serve as a crucial financial lifeline for you and your loved ones. Here’s how:
Critical Illness Cover
Also known as trauma cover, this add-on to your life insurance policy provides a lump sum payment upon diagnosis of specified conditions, including cancer. This financial injection can be instrumental in covering bills during your absence from work, exploring alternative treatments beyond conventional health insurance coverage, or addressing other pressing needs.
Early Payout Option
In circumstances where prognosis indicates a life expectancy of fewer than 6 to 12 months (depending on your policy), you have the option to receive your life cover lump-sum amount in advance. This expedited payout can be utilised to support your family in various ways, whether it’s facilitating caregiving arrangements, creating lasting memories through a family trip, securing additional care, or simply ensuring continued financial stability.
If you’ve previously battled cancer, securing coverage is still possible:
Funeral Cover
Regardless of your current health status, you can obtain funeral cover if you’ve had cancer before applying for insurance. During the initial two years, coverage applies exclusively to accidental death, after which full funeral cover takes effect.
Life Cover Consideration
Each application is meticulously evaluated on its own merits, taking into account factors such as the type of cancer, treatment history, and timing of diagnosis. This assessment determines the type of cover available, potential premium adjustments, or the initiation of a deferred coverage period.
While life insurance can’t prevent cancer, it provides invaluable financial support during treatment. It’s essential to note that our underwriters approach each case with individualised consideration, so don’t discount the possibility of obtaining coverage based solely on a cancer diagnosis. We’re committed to collaborating with you to secure a suitable solution that offers protection against unforeseen circumstances.
Here are some sobering statistics to underscore the significance of cancer coverage:
- Cancer ranks as the leading cause of death in New Zealand, contributing to approximately 30% of all fatalities.
- Projections suggest a 50% increase in the number of cancer cases by 2035.
- New Zealand grapples with alarming rates of malignant skin melanoma deaths and leukemia incidence.
- One in six individuals aged 30 to 64 will receive a cancer diagnosis.
- Breast cancer emerges as the primary cause of cancer-related deaths among females, with nine women diagnosed daily.
- Lung cancer claims the highest number of male lives, while prostate cancer records the highest incidence among men.
In conclusion, while life insurance cannot shield you from the threat of cancer, it offers essential financial safeguards during your journey to recovery. If you’ve faced cancer, rest assured that avenues exist to secure coverage tailored to your needs. Reach out to us at [email protected] or 0800 Morals (0800 667 257), and let’s navigate this together.