In recent years, more and more cancer insurance policies have become available. The Consumer Information Association (VKI) has now analyzed this – with sobering results. Many have exceptions and are expensive, says Gabi Keindl of VKI.
Cancer is the second most common cause of death in Austria. Currently, around 400,000 people are living with a diagnosis, and according to the Austrian Cancer Aid, around 44,000 people become ill every year. The associated insurance policies have been on the rise for several years.
However, not all types are insurable. The insurance amounts that can be agreed are between 10,000 and 100,000 euros. In the event of illness, the money is paid out and can be used freely for, for example, additional treatments, advice or psychological care.
Premiums depend on age
According to VKI, the premiums are not only based on the insured amount, but also on the age at which the contract is concluded. The older a person is, the more expensive the premium. “Against this background, taking out cancer insurance makes slightly less sense. Because these insurance policies usually end at the age of 70,” the VKI criticized. At this time, both women and men are most likely to develop cancer, although breast cancer can occur much earlier.
“If, for example, breast, prostate, lung or colon cancer are not insurable, then taking out a policy makes even less sense from a purely statistical perspective,” consumer advocates warn. These types of cancer are the most common. Pre-tumoral lesions are also generally excluded according to the VKI.
“Better alternatives”
“In Austria, everyone suffering from cancer is treated through the state health insurance. Even additional insurance does not improve the quality or type of treatment,” it is pointed out. For consumer advocates, such insurance is “not absolutely necessary.”
Better options are disability insurance or survivor insurance, which can also cover other illnesses such as heart attacks and strokes. If you want to protect your family in the event of death, you can take out life insurance.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
