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The Need for Cancer Insurance

Cancer insurance, also referred to as critical illness insurance, has become more and more popular and for good reason. Unfortunately, the number of people that deal with some type of critical illness, specifically cancer, is on the rise. To ensure people are getting the chance for a long and healthy life, programs had to be created, which is when cancer insurance first started to be offered.

Sadly, in 2005, studies showed that more than 18% of all critical case claims to include cancer were rejected. Of those, 10% of people were declined coverage because he or she did not meet the definitions of the policy. The remaining group was rejected because of non-disclosure. People have had to die simply because they were not able to get the needed insurance coverage, which is why cancer insurance is so vital.

Today, statistics show that one of every three people around the world is diagnosed with some type of cancer. Then with one of every four people suffering a heart attack and eight out of every one hundred people having a stroke, the need for critical insurance becomes apparent. Without cancer insurance, most people would not get the opportunity for quality care needed to beat the cancer and go on with life. Obviously, unless cancer insurance is available and affordable, the survival rate of people dealing with this type of disease is low. About 50 years ago, people only had an 11% chance of surviving a critical illness but today, thanks to cancer insurance, advanced technologies, and new medicines that number has risen to 71%!

Additional statistics show that approximately 50% of people that have cancer can live a minimum of five years if they are provided quick and appropriate treatment. This means that when a person has cancer insurance, they are given access to care that they need to live. However, people without cancer insurance have to rely on subpar treatment or no treatment at all. This means children are left without parents, siblings without brothers or sisters, and parents without children. Losing a loved one to cancer can be prevented with cancer insurance.

Since the time when cancer insurance and insurance for other types of critical illnesses started to be offered, coverage has improved and evolved. Today, this type of insurance has been taken out by people all over the world, resulting in a significant number of individuals that have gone on to fight and win the war over cancer. Today, critical illness and cancer insurance accounts for anywhere from 15% to 20% of all health insurance sold.

As the number of people wanting protection to fight cancer rises, the number of policies specific to cancer insurance is also increasing. Taking a proactive step for protection is the first step followed by living a healthy lifestyle. Together, if a person were to develop some type of cancer, having cancer insurance would give that person the best chance for life possible, something that everyone deserves.

Many insurance companies are happy to offer cancer insurance or critical illness insurance in that by making this a standalone policy rather than a part of the standard policy, they save money. With this, the policyholder has the option of getting the coverage wanted while the insurance company has a solution for pleasing the consumer but also saving money. Therefore, cancer insurance has proven to be a powerful tool all the way around.

With cancer insurance, some challenges have risen regarding incidence rates. Because of this, most insurance companies adjust premium values, which would be based on the number of people that had taken out this type of insurance and actually used it. The price for cancer insurance is an investment worth making, giving families a unique opportunity to fight a potentially deadly disease.

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