Why leading insurers are widening cancer cover?

Cancer treatment is very expensive and a person is off work and may not be in a condition to report to a job and get a salary. In such a dire situation to meet the expenses most people these days are buying critical illness cover. Claims for critical illness over the last few years have gone up significantly and many leading insurers are widening cancer cover so that a greater number of people purchase the policy. Leading insurers have updated critically ill products to improve the coverage of less advanced cancers.  Most companies already provide cover for breast, prostate, cervix, and bladder cancer but insurance companies have now widened its definitions to include an additional 16 cancers. So insurance companies now offer the widest cancer cover within a standard critical illness cover policy.

Is critical illness claims overtaking life insurance payouts?

Yes, with the rise in cancer and many people suffering from the disease there is a rise in critical illness claims and it has surpassed life insurance payouts. Moreover, even before buying life insurance people opt for buying critical illness cover as falling critically ill can be a huge financial burden for the family. Cancer remained the largest cause of critical illness claim in the last few years but there is an increase in the number of heart attack, stroke, and multiple sclerosis claims paid out.

What to look for while buying a critical illness cover?

It depends on the duration for how long you want the cover and what you want to get covered. It could be that enables you to cover your monthly financial expenses and other policies that may help you repay your loans. Cancer and many other lifestyle diseases are on the rise and it is important to have a healthy lifestyle to avoid serious health issues. 

We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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