In 2012, Zurich Life launched a stand-alone cancer cover policy available to anyone aged 18 to 60, meeting Zurich’s underwriting requirements. It pays out a cash lump sum, if you are diagnosed with cancer during the term of the plan, as defined in the Policy Document.
The types of cancer that would ordinarily be covered include breast, prostate, bowel, lung, gynae, testicular and malignant melanoma skin cancer. 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 is 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.
Zurich Life is now offering €10,000 of cancer cover as an extra benefit to all who take out a normal term life insurance policy for an extra 1 cent per month on top of the life cover premium.
A 40-year old can now get €100,000 life and €10,000 cancer cover for €12.14 per month and a 50-year old can expect to pay €27.43 per month.
As well as being the toughest fight many people will face, cancer is expensive. In 2010, the National Cancer Registry Ireland highlighted the severe financial implications of cancer on Irish families.
- 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 adverse financial implications are often not fully appreciated. All of this adds unnecessary worry, at a time when people should be focusing on their treatment and recovery.