Should You Buy Cancer Insurance?

A cancer diagnosis can strike fear and worry in the minds of almost anyone. In addition to the disease, many patients also worry about the related overall costs of treatment and recovery. The thought of what it would mean for their financial health only adds to their stress. When fighting a life-threatening disease, these thoughts should be the last thing on the mind. Hence, preparation is key.

No one likes to think of a future with a health complication leading to financial worries. Fortunately, it costs lesser to prepare for the worst. One of the ways to bolster your chances of fighting cancer with minimal financial worries is to buy a cancer insurance policy.

What is Cancer Insurance?

Insurance for cancer is available in two forms. The first is a rider, benefit, or additional feature of your life insurance policy. Availability will vary across policies and insurance providers. The other type you should know about is the standalone cancer policy.

Cancer insurance is a plan designed to allow a person to stay financially prepared for the possibility of a cancer diagnosis. A patient with insurance may find it easier to deal with most of the financial aspects that follow a cancer diagnosis (since the policy will pay them a part of the sum assured). The amount they receive will depend on what stage of cancer has been diagnosed.

The pay-outs are not dependent on the expenses incurred or expected by the patient. These plans may also offer features such as premium waiver benefit, sum assured reset, second opinion, and more.

5 Reasons You Should Buy Cancer Insurance

The idea of buying an insurance policy meant solely for a single critical health condition can be an overwhelming thought. But, keep in mind that the insurance policy is also an opportunity to ensure that you can fight cancer, if you are ever troubled by it, with minimum obstacles in your way.

If you are still wondering whether you should get a cancer plan, here are five reasons why it is a good idea.

1. Cancer history in the family

It is possible to inherit cancer genetically. If someone related to you has a history of cancer, it can increase the chances of you or your family members getting it too. In such cases, it is ideal to stay prepared to face such a possibility. One way to do this is to get cancer insurance. With financial security, you can focus on your health and minimise the risk of cancer.

2. Increasing number of cases

Today, more people are living with a cancer diagnosis than they did a few decades ago. Various factors are contributing to a higher burden of cancer across the world, including our increasing lifespans, lifestyle changes, virus exposure, and more. This does not look to change any time soon. On the bright side, cancer research is advancing to find more effective solutions to problems, old and new. Your chances of fighting cancer are better today, and cancer plans will only add to your strength.

3. Rising costs of cancer treatments

Cancer research and treatments look to increase the chances of survival, recovery, and a healthy life after diagnosis. But many of the treatments and solutions do not come cheap. The dilemma of whether to forgo treatment or put the family under economic stress is not a situation any cancer patient or their loved ones should have to face. Having the best cancer insurance in India can allow you to seek the best possible treatments.

4. Lump-sum benefit

Cancer policies do not take into account your treatment expenses. Based on what stage your diagnosis was at, you will be given partial or full payment of the sum assured. In cases of major stage cancer, sum assured plus additional benefits (depending on the policy) are received. In either case, you get a single amount you can put to use as you deem suitable, be it for treatment or the needs of the family.

5. Premium waiver benefit

One of the helpful features of cancer policies is the premium waiver benefit. Through this, the insurance provider allows the policyholder to either stop any future premium payments or waive them off for a specific period. In case you are diagnosed, this waiver allows you to keep the policy in force without adding to your financial stress in the moment. This may not be available with all policies.

Ailments such as cancer can sweep away all your joy and health in no time. Don’t let it do that to your finances. Cancer insurance is a simple and effective way of ensuring you have the support if you ever need it.