IA Excellence unveiled a unique product in late 2012 that will allow individuals diagnosed with cancer meet their obligations and focus on their recovery without having to worry about the financial consequences of illness.
At a recent presentation, Director of Sales Mark Dziedzic stated Cancer Guard from IA Excellence “… can limit the financial consequences for your family.”
The Facts
According to the Canadian Cancer Statistics in 2012 we saw the number of individuals diagnosed with cancer increase. In fact, there were an estimated 186,400 new cases and on average 500 new cancer cases per day.
However, although the death rates (75,700 in 2012) are high, the survival rate has recently increased and 62% of individuals are now expected to survive after 5 years.
Survivor’s in Mind
The survival rates are behind why IA Excellence Cancer Guard Insurance, which pays up to $100,000 in the event of diagnosis, was created. There is no restriction as to how the benefit is to be used. The money can be used for any number of things including paying off mortgage debt, loans, home care, medical care expenses, care givers or any unforeseen expenses.
No Medical Exam
There is no medical exam required. So long as you are under 65 years of age and answer the eligibility questions you qualify for Cancer Guard.
Only 4 Eligibility Questions
Answer 2 simple questions to qualify for $25,000 in coverage. Answer 2 more questions for a total of $100,000 in coverage.
Some Exclusions
The policy has a 90-day moratorium period in which no benefit will be payable if within the first 90 days, following the effective date of the policy if the insured has any signs, symptoms or investigations leading to a diagnosis of cancer, or has been diagnosed with cancer outright.
As well, there is something known as a 24/24 pre-existing exclusion. According to this exclusion the coverage will not apply and no benefit will be payable if the cancer or one of the covered critical illnesses, occurs within the first 24 months following the effective date on the policy. Moreover, this same exclusion will apply if you exhibit symptoms or take any medications that lead to cancer 24 months prior to the start of the policy.
Affordable Rates
Cancer Guard is priced extremely well largely in part to the fact that it is a Guaranteed Renewable policy (the insurer has the right to increase the premiums in the future). Having said that, take a look at these rates.
For a 38 year old, Male, non-smoker, seeking $100,000 Cancer Guard coverage to age 75 they can expect to pay $66.80 per month.
More Covered Illnesses
If you’re seeking more comprehensive coverage for some of the other commonly covered illnesses in a traditional critical illness policy you can top up your cancer insurance by adding a critical illness rider. The rider will cover you for stroke, coronary bypass surgery, heart attack, paralysis, and coma.
So, in summary Cancer Guard is an affordable cancer specific coverage which provides a cost-effective alternative with no medical exam. It’s available for ages, 1 day to age 65 provides Guaranteed renewable policy up to age 75 (T10, T20 and T75). with coverage amounts up to $100,000. The benefit will be payable upon cancer diagnosis and you can tack on Prevention and Critical Illness riders.
If you have any questions about this article or would like the assistance of one of our licensed professionals, please call us at 1.416.759.5453 or email us at info@lilandinsurance.com.