Every year, hundreds of patients of all ages in Malta are diagnosed with various forms of cancer. Some forms of cancer are less aggressive and more curable than others but a cancer diagnosis always shocks patients, families, relatives and friends nonetheless. Complications related to personal finances often follow as a result of intensive, prolonged treatment plans in Malta and at times, overseas as well.
With this in mind, GlobalCapital has launched Cancer Care - a first of its kind local insurance product aimed at providing financial support to cancer patients. A Cancer Care policy may be acquired by anyone between 18 and 65 years of age subject to an underwriting exercise. In the unfortunate event that the policyholder is diagnosed with any of the most common types of cancer during the term of the policy, GlobalCapital Life Insurance Limited will pay up to €100,000 to the policyholder.
This sum of money may be used as the patient deems fit in the circumstances, for example the policyholder can take a year off work to focus on treatment and recovery without having to worry about becoming a financial burden to his or her immediate family members.
Reuben Zammit, CEO at GlobalCapital p.l.c. said, "The silent killer comes unannounced and upsets lives in incalculable ways. Cancer Care is a ray of hope in an otherwise bleak situation, which may hit anyone, at any time and without prior notice. At least, financial peace of mind is now within reach for those in need of cancer treatment and who no longer need to be dependent on the financial generosity of their families, friends, employers or the public at large. Policyholders can receive up to €100,000 which they can use as they wish. Nothing on the local market offers this kind of flexibility and financial support to cancer patients, with no strings attached."
Cancer Care - how it works
If a policyholder is diagnosed at the very first stages and the cancer does not progress further (also known as carcinoma in situ or CIS), 15% of the sum assured will be paid. If the diagnosis progresses to cancer, then the remaining 85% will be paid. When a policyholder is diagnosed with cancer immediately, the full 100% will be paid.
Free Child Cover - all children of the policyholder up to the age of 18 will be included and covered at no extra cost to the equivalent of 10% of the parent cover
Free Nursing Care Allowance - an additional 5% of the sum assured will be paid after admission of the first cancer claim. This amount shall be considered as reimbursement of medical expenses incurred for examinations and treatments of the condition. Any treatment that is related to cancer is eligible to be claimed, including supplements.
Second Cancer Claim Cover - the option for the assured to make a second cancer claim for 100% of the sum assured after a five-year cancer free period. The Cancer Free Period shall start on the date of completion of treatment of the preceding cancer.