Scoring Methodology of Term Cancer Insurance

Introduction

Term Cancer Insurance mainly covers cancer over a fixed time period. A fixed lump sum benefit is payable if the insured is diagnosed with cancer. Term Cancer insurance products are usually with fixed premium and coverage term of 1, 5 or 10 years, mostly with guaranteed renewability up to a certain age. 10Life rates Term Cancer products based on the coverage under cancer. Some products in the market cover only the serious cancer only and others cover carcinoma in situ and early-stage cancer.   

General Assumptions

  • Issue age 25/ 30/ 35/ 40/ 45; non-smoker; male/ female
  • HK$1,000,000/ HK$500,000 sum assured
  • 10-year coverage term

Cancer Coverage Score

The Cancer Coverage Score is calculated based on the scope and definition of cancer coverage, where points are deducted for the following unfavourable terms relative to the market:  
  • Vague exclusion on Cancer - "Non-life threatening cancers"
  • Exclusion on any top 10 common cancers 1 (including colorectum cancer, lung cancer, breast cancer, prostate cancer, liver cancer, stomach cancer, non-melanoma skin cancer, corpus uteri cancer, non-hodgkin lymphoma cancer and thyroid cancer)
  • Exclusion/ low coverage on carcinoma-in-situ (CIS)
  • Deduction from major payout after CIS  payout
  • Do not have continuous cancer treatment benefit
  • Any survival period is required after diagnosis
  • No multiple cancer benefits
  • Deduction from major payout after CIS payout

10Life scores are for reference only, and do not constitute any insurance purchase advice. You should seek independent advice before purchasing any insurance products. If you have any questions or suggestions about 10Life's scoring methodology, please email us at enquiries@10Life.com.

Updated on February 24, 2021

1. Top 10 Cancer (Hong Kong) - https://www3.ha.org.hk/cancereg/topten.html
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