Being diagnosed with cancer brings not only physical, psychological and emotional hardship but also puts an extreme financial burden on the patient and his family.
“Cancer is a scarer,” says GlobalCapital CEO Reuben Zammit. “It drains you morally and financially.”
He refers to local statistics that show that two out of five people are diagnosed with some form of cancer at some stage in their lives. Over 250 new cases of breast cancer are registered every year and more than 150 men are diagnosed with prostate cancer each year.
Driven by these figures and people’s requests for insurance cover, the company has launched an innovative product: a life insurance policy with a particular focus on cancer.
The Cancer Care plan may pay up to €100,000 to individuals diagnosed with cancer. The patient can use this money in whichever way he or she deems fit, be it to take time off work, to put money aside for relatives or pay a loan.
This life insurance policy is meant to complement health insurance cover
If the cancer is diagnosed at the very first stage and does not progress further (carcinoma in situ), 15 per cent of the sum assured will be paid. If the diagnosis progresses, then the remaining 85 per cent will be paid.
There are added benefits included with the policy.
“Children up to the age of 18 are covered at no extra charge, and would receive 10 per cent of the sum assured. And there is also a free nursing care allowance – five per cent of the sum assured – to cover medical expenses, examinations and treatment, supplements, etc,” explains Zammit.
One can also make a second cancer claim for 100 per cent of the sum assured after one has been cancer-free for five years.
Most cancers are covered by the policy, including skin cancer, another common cancer.
This life insurance policy is meant to complement health insurance cover. One may already have a health insurance with another company but can still buy this product, which Zammit describes as “very affordable”.
For example, a €10 per month policy for a 30-year-old non-smoker will provide a €50,000 cover for a 20-year period.
The policy is available to those between the ages of 18 and 65. Someone who has had cancer but has been cancer-free for 10 years, can also apply for it.
The policy plan has only had a soft launch so far but the company has already received many queries from interested individuals.
“People want peace of mind, and this cover may help them reduce their worries to instead focus on their treatment,” Zammit says.
GlobalCapital is this year supporting the Pink October campaign. For more information on the Cancer Care plan, visit www.globalcapital.com.mt.