Who Should Buy Cancer Insurance?

Cancer insurance has been introduced recently to address the exponentially growing rate of cancer incidents globally and the high cost of cancer treatments. Read on to know why you should consider buying cancer critical illness insurance.


Understanding Cancer Insurance


What is cancer insurance? It is a specialised insurance plan that offers certain coverage if you are diagnosed with cancer. As a supplemental plan, it lowers the out-of-pocket cost towards cancer care including hospitalisation, surgery, chemotherapy, radiation, cost of the prescribed drugs and blood transfusion. The sum assured is based on the stage of the cancer when it is diagnosed.


Individuals Who Should Consider Buying Cancer Insurance


Family History of Cancer


This raises the risk of getting diagnosed with cancer in the future. Therefore, buying cancer insurance in advance might benefit the person. But remember that pre-existing cancer won't be covered by the policy.


Insufficient Finances


Since cancer treatment costs are booming, you need enough financial backup if you are diagnosed with this condition. But if you don't have the backup, a cancer plan can act as one to cover treatment costs and stabilise your finances.


If you worry about meeting with an unexpected fund crisis, buy a cancer insurance plan online that offers a lumpsum payout. You can use it to pay the daily bills, pay for daycare or home care or finance your travel costs for cancer treatment in India.


The High Cost of Cancer Treatments


Since cases of cancer diagnosis are increasing worldwide, treatment cost is also growing significantly. The cost to be incurred is determined by numerous factors, such as:


·       The stage of cancer at which you are diagnosed


·       Hospital costs


·       Duration of treatment


·       Recurrence of the condition


Cancer critical illnesses insurance covers all these costs. If you are diagnosed at an early stage, you can avail cancer insurance premium waiver benefits. If the stage is major, a monthly payout is often made for a certain number of years.


Type of Cancer Issues


Cancer plans usually cover all kinds of cancer besides skin cancer. Also, the claim for cancer associated with a sexually transmitted disease such as HIV or AIDS is not payable. A claim for a pre-existing condition can also not be paid.


Supplementary Insurance Needs


If you think that you have an average risk of developing cancer, consider buying a comprehensive health plan. You should find it budget-friendly and it can meet your financial requirements. Choosing a cancer-specific policy can help more if you wish to pay lower premiums than a traditional health policy.


If you don't have any health plan, you can opt for cancer insurance. However, remember that it cannot cover non-cancerous conditions.

Considering the above reasons, it can be a good idea to buy cancer insurance online. This can prove especially beneficial to middle-class people. You can use the cancer insurance premium calculator of different plans to go for one with affordable premiums. That way, you can protect yourself and your finances in case you develop this fatal disease in the future.