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Should I stop my cancer-only health insurance policy?


Dear Doc,

I have had health insurance for the past five years that covers cancers only. I had no reason to make a claim and when I look at it, it was real money down the drain. I think I am about to stop the payments.{{more}}


Dear Adrian,

My advice to you is that you would be best served by having a health policy that covers general health, rather than specifically giving you coverage for cancer only. Cancer is only one category of illness that you are exposed to and predicting that that is all you need coverage for is not spreading your risk coverage properly.

Insurance companies take risks on the persons that they sell insurance to, with the reasoning that a group of persons will claim far less than they collectively pay to the company. It means therefore that if everyone claimed more than they paid in, it will be impossible for all to receive the benefits offered. If the company knew that you would definitely develop a cancer, they will most likely not sell you insurance; and likewise, if you definitely knew that you would not develop cancer, you would not purchase insurance. The reality is that both parties collectively are taking unknown risks.

Private insurance coverage is a very important protection that individuals can and are encouraged to purchase, even in a system which offers some level of public care.


SVG Cancer Society,
P.O. Box 709, Kingstown.

[email protected]