• Cancer is quickly becoming a scourge in our society
• Cancer insurance gives an avenue to plan ahead
Cancer is quickly becoming a scourge in our society. It kills 33,000 Kenyans annually and there are 48,000 new cancer cases reported every year. 60% of those diagnosed are younger than 70 years old and 80% of cancer cases are diagnosed at later stages. The truth is that treatment of cancer is expensive and prohibitive. There's the need for cancer patients to meet financial obligations besides many families being left destitute because of cancer. More often than not, families' assets are sold off to support loved ones ailing from cancer. Thankfully, ICEA Lion has come up with a brilliant solution for Kenyans that makes sense, more so financially.
The Cancer Insurance Policy from ICEA LION Life Assurance Company is designed to provide financial relief in the event of being diagnosed with cancer so that you can focus on the one thing that really matters, that is, your recovery.
Why you need a cancer policy and how it works
If you have a family history of cancer or if you have any reason to believe that you are at high risk of developing cancer, then this policy is for you. Consider the domino effect that Cancer can have on families both financial and emotional. Moreover, even the best health insurance covers may not cover all cancer related expenses.
You will have a peace of mind knowing that you have a financial safety-net in the unfortunate event that you are diagnosed with invasive cancer or a benign braintumour. The burden of raising funds for your cancer treatment is removed from the shoulders of your family and your next of kin.
The ICEA LION Cancer Insurance Policy is designed to provide pay-outs in the event that one is diagnosed with invasive cancer or benign brain tumour (a Benign Brain Tumour is a life-threatening, non-cancerous tumour of the brain as confirmed by a neurologist or neurosurgeon, giving rise to characteristic signs of increased intracranial pressure such as papilloedema, mental symptoms, seizures and motor or sensory impairment.)
The pay-out is classified according to the type of treatment being received. This pay-out is a percentage of the Sum Insured (or the Benefit Amount) that is paid to you in the event you are diagnosed with cancer.
Features of the policy
The pay-outs are made directly to you or your next of kin and the Sum Insured will be paid regardless of any other insurance you may have with other insurance companies. You can apply for this cover provided you are above 18 years of age and are not yet 60 years. Premium payment will be waived upon being diagnosed with stage 4 cancer.
The insurance is renewable annually with the minimum term being 5 years and the maximum term being the number of years to your 65th birthday. The maximum age at entry is 60 years while the maximum age for cover is 65 years. This insurance automatically ceases upon celebrating your 65th birthday.
The cover features a waiting period of 3 months from the date of purchase. No medical tests are usually required for this cover for sums insured up to sh5 million unless it is deemed absolutely necessary from the details provided in the application form. The good news is that if medical tests are required, the entire cost of medical tests will be borne by the Company.
More on the policy
Premiums are payable either monthly, quarterly or half-yearly or annually. If any premium is not received on the due date, there is a 30-day grace period in which to pay and the cover is maintained during the grace period. If the premium is received during the grace period, the policy continues as if the premium had been paid on the due date. However, should the premium not be received by the end of the grace period, the cover will lapse with effect from the date on which the unpaid premium was due.
Once the cover has lapsed, it may be revived within 6 months from the date of lapsation on written request to the Company and terms and conditions as may be advised by the Company.
How long does it take for a cancer to be paid? Payment will be made within 14 days of receipt of all claim documents and acceptance of the claim.