Things to pay attention to when purchasing cancer insurance
1. Waiting Period
Similar to critical illness insurance, cancer insurance also has a waiting period. If cancer symptoms or diagnosis occur during this period, no compensation will be provided.
The main reason for setting a waiting period for cancer insurance is to prevent individuals from obtaining coverage while already ill. This helps to protect other insured individuals in the risk pool also.
The waiting period for cancer insurance is generally 90 days, but the time limit set by each insurance company may vary. It is important to carefully understand and research the waiting period before purchasing to avoid disputes during the claims process.
2. Coverage for Carcinoma in situ (CIS)
It is worth noting that CIS refers to the presence of cancer cells in the body, but they are confined to their original site and have not spread to nearby tissues. It is commonly referred to as “stage 0 cancer.” However, if CIS cells are not treated in a timely manner, they can invade surrounding tissues and spread to other organs, becoming aggressive cancer.
Common types of CIS include breast, bladder, and cervical cancer.
Many cancer and critical illness insurance plans on the market do not cover in situ cancer or only offer partial coverage to insured person.
However, the cost of surgery for CIS is similar to that of general cancer, so whether or not a plan covers CIS is an important factor to consider when purchasing insurance.
3. Benefit Limit
Cancer insurance plans on the market generally offer benefit limit ranging from HK$500,000 to HKD 3 million per cancer occurrence, with a lifetime limit of three times the per-occurrence limit.
However, each insurance company has a different definition of “one occurrence of cancer,” and a small number of plans may recalculate the limit every three years because cancer can recur and the timing is difficult to estimate. It is important for policyholders to clarify the definition before purchasing insurance.
Bowtie’s Cancer Medical Insurance – Cancer Fighter provides a choice of three-lifetime coverage limits, namely HK$ 1 million, HK$2 million, and HK$ 3 million.
This provides extensive coverage for cancer recovery monitoring (up to 5 years after active treatment), cancer recurrence, and other cancer diagnoses.
If an insured person is unfortunately diagnosed with cancer for the first time, the HK$1 million cancer treatment benefit limit will be activated immediately, which is sufficient to cover most of the treatment expenses within the first three years.
If the insured person purchases the “Cancer Fighter 200” or “Cancer Fighter 300” plan, the above HK$ 1 million cancer treatment benefit limit will be reset and updated every three years after the first activation to cover cancer recurrence or other cancer diagnoses until the claim reaches the lifetime limit.