Is There a Need to Buy Cancer Insurance Plan?

Is There a Need to Buy Cancer Insurance Plan?

Protecting your health has never been a more urgent requirement before. With the increase in lifestyle changes and pollution-related diseases, every person planning their financial future needs to carefully consider the medical aspect. One of the valuable products that can act as an emergency support system is a cancer insurance plan.

What is Cancer Insurance?

A cancer cover plan is a comprehensive instrument that covers your healthcare expenses on being diagnosed with the critical illness. You might wonder if you need cancer insurance if you already have a health plan in place. To understand this, it is crucial to have a perspective on the scale of the financial assistance required to treat cancer.

A health plan may provide cover for cancer, but it might not extend beyond hospitalisation expenses. When a person is suffering from the disease, the expenses can be vast, and most of the time, extremely challenging to manage. Cancer insurance is designed, keeping in mind the nature of the financial support required in this scenario.

On average, there are over 11,57,294 lakh new cancer patients registered each year in India. Moreover, the risk of developing the disease is increasing alarmingly. Hence, the reassurance of coverage with cancer insurance makes more sense today.

Let’s discuss some key points why cancer cover plan may be a good idea for you:

1. Financial Shield

A person who has cancer insurance is entitled to receive financial compensation upon diagnosis of the disease. Based on the insurer and the type of cancer insurance, the payment can be in the form of a lump sumor at regular intervals.

Considering the steep cost of healthcare,especially in critical illness cases, cancer insurance acts as a shield for your savings. In the absence of a cancer cover plan, you are at risk of depleting personal savings rapidly. The payment from cancer insurance can prevent that from happening and offer much-needed assistance.

Apart from that, the cancer insurance can help you manage non-treatment and hospitalization-related expenses that may not be included in a health plan. You can also choose to buy the cancer cover plan as an additional layer of financial security over existing health cover and term insurance benefits.

2. Medical History

Your medical history can play a key role in your decision to buy cancer insurance. While most people think that if cancer runs in your family, you are at a greater risk of suffering from it. But this is not always the case. There are different types of cancers that can be inherited or get developed over time, as well.

According to Centers for Disease Control and Prevention (CDC), if you have a family history of breast, ovarian, uterine, or colorectal cancer, you may be at a higher risk for these cancers.However, this is not the only assumption that you should base the decision of buying cancer insurance.

If you have no one in your family that has, or have had cancer, it does not necessarily mean you are risk-free. As horrible as it may be to think of such a scenario, it is equally crucial to be realistic and plan accordingly. It is best to gather the necessary information and secure coverage against the disease.

3. Cost of Treating Cancer

One of the most considerable expenses in a person’s life are usually healthcare-related. As the cases of people suffering from cancer increase, the treatment becomes more advanced and burns a larger hole in the patient’s pocket.

The cost of treating cancer depends mainly on the type and stage of cancer when it is diagnosed. With a capable cancer insurance cover, the financial burden on the policyholder can be substantially reduced. Some plans also offer a waiver of premium benefit, in case of early diagnosis of the disease.

Alternately, insurers like Max Life Insurance offer cancer insurance plans where you can opt to receive a portion of the sum insured as annual income payout, for a period of 5 years, if it is diagnosed at a major stage.

4. Coverage Benefits

Mostly, a cancer insurance plan will provide comprehensive coverage against several types of cancers. But, in the case of pre-existing cancer, the policyholder may not be entitled to claim the benefits. It is in your best interest to go through the coverage scope of the cancer insurance cautiously to avoid disappointment in a time of need.

Make sure to check the waiting period of your cancer cover plan at the time of purchase. You can save yourself tremendous financial trouble by planning efficiently in the present. Nevertheless, it is also crucial to note that cancer insurance is not meant to replace health insurance.

You can strengthen your financial planning with a specialised cancer cover plan for a particular situation which can be financially distressing. Therefore, compare and evaluate the benefits of cancer insurance plans to safeguard yourself and your family against future uncertainties.