Cancer Cover - 60% cheaper than Serious Illness Cover

Cancer Cover could be a far cheaper and better option for many people seeking Serious illness cover

It is dismaying to think that c. 83% of Irish people having no idea that there is a cancer cover policy that will pay you a lump sum on diagnosis of cancer*, when cancer accounts for nearly 70% of all serious illness claims. For example, in the most recent data (2020), cancer accounted for 67% of all serious illness claims with Zurich Life and a pretty similar 65% of all serious illness claims with Royal London.

Given these stats consumers are frankly ‘not at the races’ when it comes to taking a rational and cost-effective approach to dealing with their illness cover. Cancer cover accounts for over two thirds of all serious illness claims and this figure will increase according to medical experts as heart attacks and strokes (the next biggest illnesses for claims) decrease further as medicine and treatment (both pre and post illness) have improved massively over the past 10 years. Sadly, cancer treatment and research though improving all the time, are still very much grappling with rather than beating the dreadful illness.

To quote Averil Power, the CEO of the Irish Cancer Society..’ ‘We are facing a future where one in two of us will get cancer’.

 

In Paddy Power language that’s a staggering even money odds which is truly frightening and all the more reason why cancer cover should be very much near the top of your personal financial shopping list particularly when it is so much cheaper than serious illness cover i.e. typically over 60% cheaper.

Again, this is a factor not widely known as our recent Low IReach Nationwide Survey showed that 95% of people had no idea that cancer cover was so much cheaper than serious illness cover. Zurich find that the average age of people who take out cancer cover is in their mid-forties and that the average sum insured is €45,000 -€50,000.  

 
Serious illness Cover V Cancer Cover

We have therefore run quotes for individuals aged 40 and 45 who are looking for €50,000 of serious illness cover over 20 years. They are non-smokers and the cover is level term with no indexation. 

40                €28.62                         €17.66                    62.1%            €2,630.40

45                €44.35                         €26.29                   68.7%            €4,334.40

Source: Clearchoice-  Premiums quoted for non-smoker rates over a term 20 years on 25.01.22

The difference in price is stark and the savings over the term are huge when one compares both serious illness and cancer cover.

In an ideal world, serious illness cover is indeed the best cover to have because it covers you for all the major illnesses such as cancer, heart attack, stroke, MS, motor neurone disease etc and every financial adviser would recommend it. However, it is expensive cover and that puts many people off the minute they hear or run a quote. They should then consider cancer cover and getting a quote because they will be pleasantly surprised to see how cost effective it is to get cover for the (potentially very serious) illness that they have an even money chance of getting in their lifetime.

Zurich Life are the only life company in Ireland to offer cancer cover and www.getcancercover.ie is the only Irish website devoted solely to it. Zurich’s policy pays out a lump sum if you are unfortunate enough to get diagnosed with breast, lung, bowel cancer etc. 

Whilst getting diagnosed with cancer is devastating for any individual and their family, the financial repercussions from it are also huge so having cover like this is very important. The Irish Cancer Society have highlighted this very well particularly in their 2019 Report ‘The Real Cost of Cancer’, which showed that the average cost of dealing with Cancer was on average €756 a month so as its 2022 and inflation is rampant, that figure is certainly well over €800 now. 

Less onerous underwriting for Cancer Cover versus Serious Illness cover is also a big draw..

As with any type of cover but particularly serious illness cover – many people are nervous that their application will be turned down because the life company and their underwriters consider them too risky to underwrite.  This unease ensures they either never apply for such cover or when they are refused cover – they walk away and don’t consider any alternatives. This is a  big missed opportunity as it is worth remembering that Cancer Cover can be taken out by some people who would ordinarily be declined full Serious Illness Cover. This includes people with a medical history of: 

–         Heart Attacks

–         Angioplasty

–         Angina

–         Valvular Disease

–         Stroke 

–         Obesity

–         Diabetes

–         Kidney Problems

 

In summary, cancer cover is a very attractive and suitable alternative to serious illness cover as it not only covers the major illness that 1 in 2 people are likely to get (and which is responsible for 65%+ of all serious illness claims) but it does so far more cheaply.

Its not too late to add another new year resolution ….run a quote on www.getcancercover.ie and get your cancer cover now!

*IReach Nationwide Survey on behalf of Low.ie Nov 2021