ICEA LION CANCER INSURANCE
What is ICEA LION’s Cancer Insurance?
Our Cancer Insurance product is a financial planning solution that pays you in cash in the unfortunate event that you are diagnosed with cancer. It may be easily confused with your medical insurance that covers you for cancer treatment, rather than pay you in cash to use as you deem fit. The pay out can be used for actual treatment if your medical cover is insufficient, or to meet your other financial obligations that you may be unable to meet as a result of your incapacitation from the illness. This way, you can focus on your treatment, as we focus on your expenses.
Why Take Up ICEA LION’s Cancer Insurance?
Cancer is one of the leading causes of death in Kenya after infectious and cardiovascular diseases. National cancer statistics indicate that the number of deaths and new cases are on the rise. Cancer is therefore on the verge of becoming a national disaster and ICEA LION’s Cancer Insurance is an innovative response to this – being the first stand-alone product of its kind. Our insurance offers a financial safety net to cushion families affected by cancer from the financial burdens caused by not only the treatment costs, but also other expenses that cannot be met due to cancer. Importantly, this burden is removed from the shoulders of your family.
What Are The Benefits of ICEA LION’s Cancer Insurance?
- The cost of insurance is dependent on your age, gender and whether or not you smoke. As such, the cost is specific to you and not a lumped figure. For instance, if you are 18, male and a non-smoker, you can pay less than Kes 200/- per month for a cover of Kes 1 Million. The cover ranges from Kes 1 Million to 15 Million
- It is available to buy online. You can click here to get a quote and buy cancer insurance online
- ICEA LION’s Cancer Insurance is differentiated from other critical illness covers because the other critical illness covers allocate a percentage of the sum assured to each of the identified critical illnesses rather than 100% to cancer insurance.
- All premium is refunded to you if you do not suffer invasive cancer or a benign brain tumour or if you choose the optional cash back benefit
- The pay-outs are made directly to you or your nominated beneficiary or next of kin
- The sum insured will be paid regardless of any insurance you may have with other insurance companies
- You can be able to get cover for up to Kes 5 Million (sum insured) via what is called a Free Cover Limit without having to get medical tests. For amounts above this, you will need to undertake medical tests
- Premium is renewable annually and payments can be made in a flexible manner; monthly, quarterly, half yearly or annually. Note that the policy term ranges from a minimum of 5 years to a maximum term that ends on your 65th birthday. However, you can only purchase the policy up until age of 60
- The policy covers you from age 18 up until the age of 65, which is higher than most policies.
- If you are unable to pay premiums on time, we offer you a 30 day grace period during which time the cover is still in force
- We offer a 30 day consideration period that enables you to opt out of the cover if you change your mind
How Does ICEA LION’s Cancer Insurance Work?
Our cover is designed to provide pay-outs once you are diagnosed with invasive cancer or a benign brain tumour. It is also based on the type of treatment being received. For invasive cancer, the payments are issued as indicated below:
- On Cancer Diagnosis: 10 % of the sum insured
- Chemotherapy: 5% of the sum insured per each course of treatment up to a maximum of 5 courses within 5 years since initial diagnosis.
- Radiotherapy: 5% of the sum insured per each course of treatment up to a maximum of 5 courses within 5 years since initial diagnosis.
- Surgery: 20% of the sum insured limited to 1 surgery within 5 years since initial diagnosis.
- Relapse: 10% of the sum insured between 5 and 10 years since initial diagnosis.
- Recovery: 10% of the sum insured after 10 years since initial diagnosis.
- Palliative Care: The remaining part up to 100% of the sum insured
Additionally, the product benefits/payouts have been extended to cover non-invasive or benign brain tumors as follows:
- Diagnosis of a benign brain tumor: 10% of the sum insured
- Surgery of a benign brain tumor: 40% of the sum insured
As an added benefit, the product potentially pays out benefits up to 150% of the sum insured based on the benign brain tumour cover above.
What Other Important Information Should I Know About ICEA LION’s Cancer Insurance?
- You can only buy a policy on your life or your spouse
- There is a waiting period of 6 months from the date when your cover starts. In addition, a survival period of 1 month applies from the date you submit the first claim. This means that in the unfortunate event you pass on within one month, the claim will not be payable
- As mentioned earlier, this cover is provided free of medical tests up to Kes 5 Million. You will be required to complete an application form which contains a declaration of health status. However, ICEA LION reserves the right to call for medical tests for benefits below the Non-Medical/ Free Cover Limit if we find it necessary from the application form. If medical tests are required, the full cost of medical tests will be borne by us.
- You can make the premium payment through a bank standing order, bank transfer or salary deduction.
- As mentioned earlier, should you be unable to pay the premium or it is not received on the due date, the policy enters a 30-day grace period in which to pay. Note that cover is maintained during the grace period. If your premium is received during the grace period, the policy continues as if the premium had been paid on the due date. If your premium is not received by the end of the grace period, the policy is cancelled with effect from the date on which the unpaid premium was due.
- In the unfortunate event your policy is cancelled, we will request you to return the original policy document for formal cancellation of the contract. At this point, you have the right to make a new application for this cover by obtaining a quotation and subsequently filling a cancer insurance proposal form. We therefore recommend you keep your policy document in safe custody.
When Will ICEA LION’s Cancer Insurance Not Pay Out?
It is important to note that there are claims for which we will unfortunately not be able to pay:
- If you are diagnosed as having cancer, within 6 months of you buying cancer insurance
- If you get medical advice, have symptoms or tests, or receive any medication or treatment, for cancer-manifesting symptoms 12 months prior to you buying cancer insurance
- If you have a surgical procedure for diagnostic surgery – we start to pay you after diagnosis
- If you make a claim for a type of cancer that you were diagnosed with before the start date of your cancer insurance policy
- If you have any of the tumours which are histologically (this is the study of tissues and cells under a microscope) described as benign, pre-malignant, borderline malignant or low malignant potential
- If you have a diagnosis of Leukoplakia
- If you have any prostate tumours which are histologically classified as having a Gleason Score greater than 6 or having progressed to at least class T2N0M0 by the AJCC Sixth Edition TNM Classification
- If you have Chronic Lymphocytic Leukaemia (CLL) less than RAI Stage 3
- If you have cancers that are a recurrence or metastases of a tumour that first occurred within the qualifying waiting period of 6 months
- If the unfortunate event you have breast cancer: Unfortunately, no benefit shall be payable if you, the female life insured, underwent a mastectomy or a lumpectomy or had a positive diagnosis made within 5 (five) years prior to the commencement date of your cancer insurance policy
- If you unfortunately get any cancer directly or indirectly caused by any pre-existing condition
- If your diagnosis is made by you, the insured, or a member of your family, or anyone who is not a qualified medical practitioner
- If you live outside Kenya for more than 6 months in a row, unless you are a resident Kenyan citizen and you have been posted to work outside the territory
Now that you have a better understanding of our ICEA LION Cancer Insurance, should you wish to get a quote or buy our cancer insurance, please click here to get started. If you would like to talk to us in person, you can call us on 0719071999 or request a call back by clicking here.