[Living with Cancer] A Comprehensive Guide to Critical Illness Insurance with Ongoing Cancer Coverage

Cancer is the leading killer of modern times, with one-third of deaths in Hong Kong attributed to this disease¹. However, with advancements in medical technology and the introduction of new drugs and therapies, cancer is no longer synonymous with a terminal illness. For certain cancers, such as lung cancer or breast cancer, even at stage four, patients can still maintain a lifespan of several years, or even over a decade, through treatment or medication control². "Living with cancer" has become the new norm.

There are critical illness insurance plans available in the market that provide ongoing monthly cash compensation to insured individuals diagnosed with cancer, serving as a substitute for income to alleviate financial stress and allow patients to focus on recovery. This time, 10Life has compared 5 lifelong critical illness insurance plans that offer continuous cancer compensation, helping you understand the key features of these products.

Many critical illness insurance products on the market include a "multiple claims" clause. If the insured person experiences a recurrence of a critical illness or is diagnosed with another covered critical illness, they can receive compensation again under the policy terms as long as they meet specific conditions, such as a waiting period. Generally, after the insured receives the first cancer compensation, a 3-year waiting period is required before they can claim again for cancer recurrence and receive another lump-sum payment. However, Manulife has recently introduced a new critical illness insurance plan, Manulife HealthKeeper Critical Illness Income Protection, which shortens the waiting period for cancer recurrence and continuous cancer treatment to just 1 year. After the first compensation, the insured only needs to wait one year and undergo subsequent active cancer treatment or palliative care to claim again, with total compensation reaching up to 900% of the original sum insured.

Cancer was defined as a chronic disease by the World Health Organization as early as 2006³, meaning it is a long-lasting condition with slow progression. The time from treatment to recovery is measured in years. While innovative treatment methods have improved survival rates, they are often unaffordable, and patients may be unable to work for a period due to treatment. In response to the new norm of "living with cancer," some critical illness products offer continuous compensation. Insured individuals can receive monthly cash payments, providing cash flow for those undergoing long-term treatment. The waiting period for such continuous compensation is usually shorter than that for another lump-sum payment, as detailed in Table 1.

For example, with AIA's Love Companion and AXA Hong Kong and Macau's EverCare Critical Illness Protection, after the insured receives the first cancer compensation or claim, they only need to wait 1 year. If they are still undergoing active treatment, they can receive monthly compensation equivalent to 5% of the sum insured for up to 100 months (equivalent to 8 years and 4 months). The total cancer compensation can reach up to 600% of the original sum insured. However, it is worth noting that continuous cancer compensation and multiple insurance claims are often mutually exclusive, and the waiting periods for each may vary depending on the circumstances or policy terms.

Some critical illness insurance plans, while not offering continuous cancer compensation, provide additional cash compensation in instalments. For instance, with YF Life Critical Illness Extra Care (Enhanced Version), if the insured unfortunately develops cancer, in addition to the initial lump-sum cancer compensation, they will also receive monthly compensation equivalent to 1% of the basic sum insured for up to 180 months, equivalent to 15 years, with no waiting period required.

It is worth noting that if you opt for continuous cancer compensation, most critical illness insurance products will require the policyholder to submit proof of active treatment every 6 months. "Active treatment" generally refers to interventional treatments for cancer, such as surgery, radiotherapy, chemotherapy, targeted therapy, or bone marrow transplantation, but it may not include experimental or non-mainstream medical treatments. The definition of "active treatment" may vary between insurance providers, so policyholders should pay close attention to the specific terms.

The number of new cancer cases globally rises each year. In Hong Kong, over 35,000 new cases were reported in 2022⁴, averaging 97 diagnoses per day. Public concern about cancer continues to grow, and many critical illness products in the market now focus on cancer coverage. For instance, Manulife's ManuHealth Critical Illness Income Protection and YF Life's Critical Illness Enhanced Protection (Superior Version) both offer coverage for Chinese medicine cancer treatments. Under YF Life's plan, within three years of diagnosis, policyholders can claim reimbursement for prescribed Chinese herbal medicine, acupuncture, and tuina on an actual expense basis, up to 20% of the basic sum assured. The plan also provides actual expense coverage for clinical trial drugs, with a maximum limit of 20% of the sum assured.

To address the needs of cancer patients at different stages, beyond ongoing cancer compensation, some critical illness plans include late-stage cancer benefits. For example, AXA Hong Kong and Macau's LoveAssure Critical Illness Protection (Enhanced Version) provides an additional monthly payment equivalent to 5% of the sum assured to insured individuals with late-stage cancer, for up to 11 months.

Critical illness products offer a variety of protections and features. When selecting a plan, it is important to weigh the significance of these features and consider whether they might significantly increase premiums. Choose a product that matches your needs and financial capacity. If you wish to learn more about the main coverage of critical illness insurance, you can visit the 10Life Insurance Decoder or contact a 10Life insurance advisor
 

Further Reading:【Cancer Recurrence】Comparing Multiple Critical Illness Claims: Is a Higher Number of Claims Better?

Notes:
1.    Hong Kong Cancer Statistics Overview
2.   Hong Kong Integrated Oncology Centre
3.    Hong Kong Cancer Fund Jockey Club Cancer Rehabilitation Centre
4.    2022 Hong Kong Cancer Statistics Overview
 

Last updated: 4 June 2025

This English version of this article has been generated by machine translation powered by AI. It is provided solely for reference purposes. In the event of any discrepancy or inconsistency between this translation and the original Chinese version, the Chinese version shall prevail.