5 Best Reasons to Buy a Cancer Insurance Policy

Cancer Insurance is rapidly growing as a new fad in the field of health insurance. This insurance plan has been introduced in response to the rapidly growing rate of cancer diagnosis worldwide and the booming cost of cancer care and treatments. Cancer insurance is a specialized insurance policy that provides limited coverage if you are ever diagnosed with cancer.

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    As a supplemental insurance policy, it reduces the out-of-pocket cost associated with cancer diagnosis and treatments that includes hospitalization, radiation, chemotherapy, surgery, nursing care, blood transfusions and the cost of the prescribed drugs. The sum assured amount depends upon the stage at which cancer was diagnosed - minor, major or critical.

    With a rapidly growing rate of cancer diagnosis in the world, there are several reasons why you might want to invest in this type of a policy.

    Let us discuss some of the reasons below:

    1. Cancer Runs in Your Family History

    In today’s world, the rising number of cancer diagnosis and its prolonged treatment afterwards result in the tremendous increase in the cost of cancer care. Having a family history of cancer particularly increases the risk of getting diagnosed with cancer later in life. If you have a family history of cancer, then opting for a cancer insurance policy might work in your favor.

    However, prior to purchasing a cancer insurance policy, you must be aware that any pre-existing cancer conditions are not covered under the cancer insurance plan. 

    2. You Have Insufficient Financial Backup

     Having a proper financial backup makes a huge difference in case of medical emergencies. It is a known fact that a deadly disease like cancer can lead you to bankruptcy. Having a cancer insurance policy as a backup not only covers the cost of your treatment but also makes you financially stable, so that you have enough savings to cover your medical expenses.

    In case you are worried about facing a sudden financial crisis, it is better to choose a plan that offers a lump-sum payout option. In such policies, the lump sum assured is immediately paid out if you are diagnosed with cancer.  You can use the payout of this policy in whichever way you like. You can use it for your travel expenses to meet the doctors in other state within your country, cover the cost of home care, pay for daycare or pay your day-to-day bills. Having your cancer insurance as a financial backup, therefore, will ease the financial stress during the period of your treatment.

    3. You Can Use Cancer Insurance as a Supplementary for Your Current Policy

    If your family history hints that you are at an average risk of developing cancer, then ideally you can take a comprehensive health insurance plan that is more budget-friendly and fulfills all your financial needs. Opting for a cancer specific insurance plan can be more beneficial as you will have to pay lower premiums as compared to a traditional health insurance plan.

    If you don’t have any health insurance at all, then on the basis of your current financial situation and the risk of getting diagnosed with cancer, you should buy cancer insurance plan.

    It is not necessary that having both, a cancer insurance plan and a comprehensive health insurance plan, will provide you the double coverage of cancer and non-cancerous diseases. The cancer insurance plans have a “co-ordination of benefits” clause with other health insurance plans. Under this clause, it does not cover the benefits that are offered by the other health insurance plans.  So, while zeroing in on a cancer insurance plan, you should be aware of the inclusions and exclusions of the policy.

    4. The Booming Cost of Cancer Treatment

     In recent years, India has witnessed a massive growth of cancer cases. With the rapid growth of cancer diagnosis worldwide, the cost of cancer treatment is also growing significantly. There are various factors that determine the cost of cancer like the stage of cancer when it was diagnosed - early, major, advanced or critical; the cost of the hospital, duration of cancer treatment, recurrence of the disease, loss of income and extent of insurance cover already available.

    Cancer insurance plans take care of all these expenses and secure your life financially. Under cancer insurance policies, a premium waiver benefit is available, provided the disease is diagnosed at an early stage.Moreover, in case of detection of a major cancer, a monthly income is paid out for a specific number of years. Apart from this, non-medical expenses that can be covered with a comprehensive cancer policy can include child care expenses, home health care, loss of income benefits and dietary restriction aids.

    5. Cancer Insurance Plans Cover Almost all Types of Cancer

    Generally, cancer insurance policies cover almost all cancer except skin cancer. However, if cancer is resulted from a sexually transmitted disease like AIDS or HIV, then the claim is not payable. The eligibility of availing the cancer insurance policy fails in case of a pre-existing condition.

     Some cancer insurance plans also provide income for a certain period of time in order to assist your family financially while you would be undergoing treatment. This plan comes with a waiting period and one has to submit the bills in order to get the claim. However, before you go for a plan like this, it is important to note that a cancer insurance policy cannot be the replacement of health insurance plan.

    Getting diagnosed with cancer is surely worrisome and the cost of its treatment is no less than a nightmare for middle-class people.  Purchasing a cancer insurance policy, therefore, is a big aid that saves you from the financial breakdown in case you are ever diagnosed with cancer. 

    Written By: PolicyBazaar - Updated: 18 August 2021
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