This policy is a direct-to-consumer version of Aviva’s Cancer Essentials product and is underwritten by Aviva Insurance.
Premiums start from just £2.03 per month for an 18-year-old non-smoker, or £3.16 per month for a 37-year-old non-smoker.
The annually renewable policy offers up to £100,000 to pay for the cost of drugs recommended by the patient’s NHS specialist but not funded by their NHS health trust.
On diagnosis of cancer, the product pays a one-off cash benefit of £5,000.
There is also a cancer helpline offering advice and information from trained specialists.
Customers cannot be covered if they have had cancer within the past ten years. Non melanoma skin cancer and prostate cancer with no active treatment recommended are both excluded too. Cover is available to age 70.
What they say
CEO Shaun Williams said: “Cancer is a real and genuine fear for many people. Thankfully, survival rates are starting to improve, but insurance just hasn’t changed, until now.
At Lime, we are innovating and making cancer cover available and affordable for all. We want everyone to have the health insurance cover they know they need and deserve.”
What we say
This is not a new product (we reviewed it back in 2016) but what’s different is that Lime is offering it online and as part of a wider portfolio of products and solutions under the heading of ‘doing insurance properly’.
Lime has a relaxed online style, written in a way to appeal to people who perhaps shy away from more traditional insurance distributors. The application process seems very straightforward and quick too – although we couldn’t find set out anywhere some important information about the product – such as in what exact circumstances the policy will pay out. You need to contact Lime to find out (or look up the T&Cs on Aviva’s website).
The product itself is a slightly odd mix of three things – a £5K CI style lump sum on diagnosis of cancer, a £100K pot that can be used to pay for drugs not funded by the NHS and helplines.
Unlike most CI plans, it’s an annually renewable product, which means premiums attract IPT (at 12% currently).