Buzz
Currently, cancer is not uncommon, and the rate of cancer patients is increasing every day, causing concern for everyone. People want to find insurance packages to feel secure and reduce the amount of money they have to spend if they unfortunately get cancer. Therefore, health insurance programs have designed cancer insurance to meet people's needs.
Which Cancer Insurance Should You Buy?
Article Contents:
1. Understanding Cancer Insurance.
2. Benefits of Purchasing Cancer Insurance.
3. Cancer Insurance Premiums.
4. Conditions and Regulations of Cancer Insurance.
5. How Does Cancer Insurance Work?.
6. Entities Providing Cancer Insurance Services.
7. Should You Buy Cancer Insurance?.
8. Considerations When Joining Cancer Insurance.
I. Understanding Cancer Insurance
1. What is Cancer Insurance?
Cancer insurance is a type of health insurance that covers all expenses from diagnosis, testing to cancer treatment. Its purpose is to help policyholders minimize the amount they have to pay, narrowing the gap between the main insurance payout and non-payout. Especially when you officially participate in cancer insurance, you will receive many benefits related to cancer and accidental death insurance.
2. Types of Cancer Insurance
Similar to other insurance packages, this insurance is also divided into two types to help customers choose the appropriate type of insurance:
- Cancer insurance of life insurance companies: Participants in this insurance package will be protected for a long time (10, 20 years or even a lifetime) if they pay the full premiums as stipulated in the contract. In addition, if the insured does not encounter risks, the accumulated amount will be returned after the contract expires.
- Non-life insurance company cancer insurance: This insurance is health insurance, premiums are paid regularly annually, and benefits are paid to insured persons who contract cancer within 90 days from the effective date of the contract. At the end of the contract, you can renew the contract to ensure that benefits are carried out.
The characteristic of cancer insurance is to cover expenses related to treatment not covered by current policies. Therefore, this insurance cannot replace traditional insurance. Its operations include:
- In most programs, participants diagnosed with cancer receive insurance funds for medical and living expenses. Participants can use the insurance payout to compensate for lost wages and deductions in the payment contract.
- In a few cases, besides covering expenses related to cancer, cancer insurance also provides coverage for situations that your primary insurance cannot handle.
II. Benefits of Purchasing Cancer Insurance
What benefits do you get from buying cancer insurance?
Purchasing cancer insurance through insurance agencies, banks, ensures you the following benefits:
- Cancer insurance benefits: Cancer consists of various stages and degrees, and depending on each stage, there are different benefits. For example, with stage 2 cancer, the insurance may cover around 60%, while stage 3 cancer may be covered up to 100%, depending on the insurance provider.
- Hospitalization benefits: Insured individuals diagnosed with cancer and hospitalized will receive appropriate financial support based on the number of days hospitalized as specified in the contract.
- Benefits in case of death from cancer: Insured individuals who pass away due to cancer will receive the payout as stipulated in the contract.
- Benefits in case of accidental death: Similar to cancer-related deaths, the insurance will provide the insured individual with an appropriate payout.
III. Premiums for cancer insurance
The premiums for cancer insurance vary depending on the insurance agency and the type of insurance, as well as the payment terms, such as monthly, quarterly, or annually. You can visit or call the insurance agency's hotline to find out the most accurate insurance premiums.
IV. Terms and Conditions of Cancer Insurance
1. Policyholder
The policyholder is an individual aged 18 or older or legal entities operating in Vietnam who agree to and sign the insurance contract, and adhere to the conditions specified in the insurance contract. As the contracting party, the policyholder is responsible for paying the insurance premiums according to the schedule (daily/monthly/quarterly/yearly) specified by the insurance agency. The policyholder may purchase insurance for:
- Themselves
- Spouse, children, parents (including adopted children, adoptive parents), siblings, or legally appointed guardians/caretakers of the policyholder, legally.
Example: If you purchase, sign, and agree to a cancer insurance policy for your mother, you are the policyholder.
2. Insured Person
The insured person can be the beneficiary. This individual can be an individual or organization with assets, civil liabilities covered by the insurance. For example, if Nguyen Van A purchases cancer insurance for his father Nguyen Van B, then Nguyen Van B is the insured person. However, if Nguyen Van B purchases insurance for himself, then Nguyen Van B is both the policyholder and the insured person.
3. Beneficiary
4. Effective Date of the Contract, Insurance Term
According to regulations, once the policyholder/insured submits the Insurance Application Form and completes the insurance premium payment, the contract will become effective. The insurance term will be clearly stated in the Insurance Contract/Certificate and the Insurance Application Form.
5. Provisions Regarding Insurance Application Period
Waiting Period of Cancer Insurance
The waiting period for cancer insurance varies depending on the stage of cancer:
- Early Stage: The period is 180 days. The policyholder must survive for at least 30 days from the date of cancer diagnosis. Hospitalization benefits for early-stage cancer: Starting from the cancer diagnosis, there is a 180-day period, and the hospitalization benefit extends to 30 days for inpatient treatment.
- Late Stage: The period is 90 days. Calculated from the time of cancer diagnosis, the policyholder must survive for at least 30 days. For late-stage cancer diagnosis, the insured person's hospitalization benefit period is 365 days, with 60 days of hospitalization allowance.
- Death Due to Accident: According to the terms of the insurance contract, in the event of an accident resulting in death, the insurance will pay out the amount within 180 days.
- Death Due to Cancer: From the time the insured person is diagnosed with cancer, the insurance will pay the appropriate amount within 365 days.
V. Scope of Cancer Insurance Coverage
Depending on the insurance provider, cancer insurance operates within a fairly diverse scope, typically covering both medical and non-medical expenses.
Medical expenses include hospitalization time, lump sum payments, tests, treatment methods, etc. Non-medical expenses include childcare services, home healthcare, dietary support, etc.
In the case where the person has melanoma not caused by melanocytes, insurance coverage will not be provided. For individuals diagnosed with early-stage cancer, insurance coverage may only cover half or less.
VI. Providers of Cancer Insurance Services
Preventing the risk of cancer with cancer insurance
Due to the increasing interest in cancer insurance, many providers have implemented and launched various insurance packages, including non-life and life insurance policies .... You can compare the insurance packages offered by different providers to choose the most suitable one, offering attractive benefits. Reputable providers of cancer insurance include:
1. FWD Cancer Insurance
The product is called FWD Healthy Living. Depending on the age, the insurance premium ranges from 291,000 VND/year to 2,477,000 VND/year. The contract term is 5 years, and the insurance premium remains unchanged throughout the payment period.
Find out more at:
- Website: Fwd.com.vn
- Hotline: 1800.96.96.90
2. Manulife Cancer Insurance
Manulife's cancer insurance product is called Manulife Confident 360. The insurance premium is 7.2 million VND/year, with a coverage amount of 1 billion VND, and a contract term of 10 years.
For more details, visit:
- Website: Manulife.com.vn
- Hotline: 1900.1776
3. Prudential Cancer Insurance
Prudential's cancer insurance product, named PRU - iPROTECT, offers quick online registration and low premiums. You only need to spend 1,500 VND/day, but in the event of cancer diagnosis, you'll receive up to 100 million VND.
For more details, visit:
- Website: prudential.com.vn
- Hotline: 1800.1247
4. Generali Cancer Insurance
Monthly insurance premiums start from 98,000 VND, providing coverage of up to 500 million VND. If you don't develop cancer, you'll receive a 100% refund.
Details available at:
- Website: Generali-life.com
- Hotline: 1900.96.96.75
5. PVI Cancer Insurance
The eligible participants for PVI's cancer insurance are Vietnamese citizens/foreigners legally residing in Vietnam, aged 16 - 55, extendable to 65 years if they continue their contract.
For more details, visit:
- Website: baohiempvi.com.vn
- Hotline: 1900.54.54.58
6. AIA Cancer Insurance
The benefits of AIA cancer insurance vary depending on the severity of cancer. Specifically, it covers 30% of the insurance amount for stage 1, 60% for stage 2, and 100% for stage 3. Participants can join from 30 years old to 65 years old, with the contract term extending up to 75 years.
For more details, visit:
- Website: aia.com.vn
- Hotline: 028.3812.2777
7. Chubb Cancer Insurance
Chubb's cancer insurance, named Cancer Treatment Support Insurance - C Care, stands out for protecting customers from 1 month old to 65 years old, offering optimal benefits to support cancer treatment at different stages, with fixed insurance premiums.
For more details, visit:
- Website: Chubb.com
- Phone: 028. 3910 7300
8. Liberty Cancer Insurance
The premium for Liberty cancer insurance starts from only 250,000 VND/year. Upon cancer diagnosis, you will have full access to 750,000,000 VND.
Details:
- Website: libertyinsurance.com.vn
- Hotline: 1800.599998
VII. Is it worth buying cancer insurance?
The benefits of cancer insurance include preemptive protection against catastrophic illness at any time. Besides safeguarding one's own health, this insurance also protects family members, helping reduce treatment costs, hospitalization, and diagnostic expenses. Its outstanding features are:
- In the event of death due to accident or cancer, the insurance will be paid out according to the terms of the contract. At this point, both the beneficiary and the insured party are entitled to benefits.
- Payment during the period when the insured person contracts cancer: From the time of diagnosis until the treatment of the disease.
VIII. Key considerations when participating in cancer insurance
Similar to other types of insurance, before you join cancer insurance, you need to thoroughly understand and adhere to the following rules:
- You need to know and understand what is mentioned in the policy, the waiting period before you receive benefits, and what is not covered by the insurance.
- Compare the benefits between the main policy and supplementary policies in insurance to see if there is any redundancy or duplication. If your current insurance policy already covers all or part of the diagnosis and treatment of cancer, you do not need to join cancer insurance.
- There is no need for a health check-up, but you need to declare honestly to avoid deception. If you intentionally provide false information, you will not be eligible for insurance coverage and may even be held responsible for your actions.
- Estimate the premium you can allocate for purchasing insurance: Depending on the insurance product, there are different costs. Therefore, you need to budget the expenses to choose the appropriate insurance type.
- Purchase insurance from reputable insurance agents: Employees of reputable insurance agencies will provide thorough advice on insurance, accompany you, and assist you in the claims process if you unfortunately contract cancer.
- When you decide to participate in this insurance, you should research thoroughly, compare these insurance product packages to make an appropriate choice according to your needs.
With the information shared above about cancer insurance, hopefully, you have gained the most useful knowledge about this type of insurance, thereby making a decision on whether or not to purchase insurance.
Above are the details about Cancer Insurance and the aspects you need to consider. Additionally, you can explore the concept of Social Insurance here.
