Life Insurance with Coverage for Cancer

According to a recent report by the ERS (Health Regulatory Authority), Portugal has seen, over the past three years, an increase in the incidence of malignant neoplasms (cancers) in mainland Portugal, a trend that is in line with WHO (World Health Organization) projections indicating a rise of more than 20% in the number of cancer cases in Europe by 2045.

In Portugal, the situation is exacerbated by the fact that 1.6 million Portuguese citizens do not have a family doctor, which ultimately delays the diagnosis and follow-up care of cancer patients and, consequently, increases their mortality rate.

Despite all the shortcomings in early screening—which is extremely important for a successful treatment approach— Portugal ultimately stands out in the treatment of this relentless disease through the IPO (Portuguese Institutes of Oncology) and by offering cancer-specific insurance plans that provide all the support a cancer patient needs during this very sensitive phase of their life.

If you have a family history of cancer or want to ensure that, in the event of a serious illness, you receive the best medical care, then it's time to learn about the Life Insurance for Cancer.

What is life insurance with specific coverage for cancer, and what are its benefits?

Unlike traditional health insurance, life insurance specifically designed for cancer cases offers patients greater flexibility in how they use the insured amount.

In practice, while health insurance—even with cancer coverage—is designed to protect the patient during treatment, and the insured amount is used to cover hospitalization or outpatient visits while fighting the disease, life insurance focused on cancer provides the patient, upon diagnosis, the previously agreed-upon sum.

Among other uses, the proceeds from a life insurance policy that covers cancer can be used for:

• Travel to treatment sessions;
• Family members staying at hospitals while the patient is hospitalized or undergoing treatment;
• Adapting the patient's living environment to their condition;
• Physical Medicine and Rehabilitation;
• Mental health;
• Hiring nurses, caregivers, or nannies;
• Cosmetic treatments (which are extremely important in helping cancer patients regain their self-esteem);
• Travel.

Of course, the insurance works just like any other SLife Insurance, ensuring that, in the event of death, the death benefit is paid to the beneficiaries previously designated in the contract.

As a general rule, this type of insurance does not require the payment of deductibles and does not provide for reimbursement-based copayments.

How do pre-existing conditions affect life insurance coverage?

In the context of life insurance, pre-existing conditions refer to illnesses or medical conditions that the insured person has prior to taking out the policy.

Given their importance in relation to the purchase of insurance and the corresponding coverage, it is essential that these pre-existing conditions be described in detail in the insurance policy; otherwise, they may be excluded from insurance coverage.

What are the financial implications for insured individuals?

Depending on the insurance company chosen, the financial implications for policyholders of Cancer Life Insurance may include:

• 10% of the insured amount in the event of non-invasive cancer;
• 25% of the sum insured in the event of stage I invasive cancer;
• 50% of the sum insured in the event of stage II invasive cancer;
• 100% of the insured amount in the event of invasive cancer in stages III and IV.

As a general rule, life insurance policies with specific coverage for cancer can provide up to 100,000 euros, although there are already insurance plans with specific cancer coverage offering a lump-sum benefit of 1 million euros per annuity. In the latter case, co-payments are covered at 100% within a vast network of oncology care providers.

What are the recommendations to follow when choosing a life insurance policy with specific coverage for cancer?

When choosing a Life Insurance, it is important to start by carefully assessing your needs.

Later, once you’re in the process of choosing a policy, review the coverage the insurance offers, paying particular attention to the coverage related to cancer.

In addition, we recommend that you try to understand which situations are excluded from coverage, the level of flexibility and adaptability the insurance offers you, and what additional benefits it includes.

Given the financial significance of a life insurance policy, we recommend that you seek the assistance of insurance professionals, such as EXS Insurance.

EXS Seguros offers you a consulting service tailored to your individual needs, helping you, for example, compare different insurance companies and policies, guaranteeing the best value for your money and ensuring that you choose the most appropriate coverage to be as protected as possible, even when it comes to cancer.