Cancer Insurance Benefits: Importance of Cancer Insurance Pla
In its place, according to NICPR, 71% of cancer deaths occur in the age group of 30 – 69iv. This is the economically active and productive age-group. Therefore, there is an adverse socioeconomic impact on the patients, their families, and the country.
Even the death toll from the top five types of cancers can be reduced by timely screening, early detection, and affordable treatment. This calls for attention to issues of low awareness about cancer that leads to late detection and, consequently high costs of treatment. It doesn’t help that there aren’t enough treatment facilities and well-equipped centers.
Cancer is a life-threatening disease, and one gets devastated on being diagnosed with it. The real challenge arises in finding a life insurance plan when one is diagnosed with cancer. Hence, one should buy term insurance with cancer coverage or critical illness coverage that covers cancer. There are various types of cancers, and some of them are curable. However, the treatment requires much money, which generally becomes difficult to afford.
You need to buy a term insurance plan early in your career to avoid financial shocks. There are addCriterion term insurance plans with critical illness coverage, which include cancers and heart attacks. Such plans shall help the policyholder when he is diagnosed with an illness.
Critical illness cover can provide the support that is needed financially once the policyholder has been diagnosed with an ailment like cancer. Most of the time, it usually works only in instances where the policyholder is diagnosed with the illness within the policy term.
How does term insurance work in the case of a cancer patient?
Treatment of cancer is not a fixed cost; it depends upon the type of stage of the disease, that may vary from person to person. So there should be a sufficient amount for hospital bills, medicines, and all other related expenses. This critical illness cover is available in term insurance, so when the policyholder is diagnosed with any of these listed illnesses, the costs are managed.
Therefore, it is easy to manage finances with a policy in place. Read in detail about the policy you are planning to buy, as some of the policies only cover part of the expenses.
Advantages of term insurance cover for cancer patients
While one may not be able to purchase an insurance policy that will cover a person already who has cancer, it is allowed for a person to receive critical illness coverage with your existing term plan.
Here are some of the benefits of a term plan with cover against Cancer:
Payment at the time of diagnosis
Waiver of premium
Tax benefits under the Income Tax Act
Can a person buy a cancer cover or a term insurance plan once he has been diagnosed as suffering from that disease?
Now, post-diagnosis you have two options — you can either think of buying a term cover as soon as you are declared positive for the disease, or you can wait and try to buy a term cover post-treatment. We enlisted both scenarios for you below for better clarification on the subject:
1. Buying a term insurance policy after a cancer diagnosis.
Buying a term cover while you are undergoing cancer treatment is a bit of a difficult task, as the insurer is unaware of the outcome of the treatment. In this case, any one of the following can appear:
In case of an early stage of diagnosis, the insurer may provide:
A regular life cover with a greater premium cost, or
Promise to provide the insurance cover for you against death resulting from all other risks except the diagnosed cancer
If the cancer is at a later stage, the insurer may assess your chances of survival based on the type of cancer and
Offer a term cover at a higher premium cost, or
Decline your offer
It doesn’t hurt to try to secure your family, even if it’s a little late.
2. Buying a term insurance plan after cancer treatment.
After treatment, your lifestyle changes a lot; it even takes years to recover fully. However, you don’t have to wait until you are fully recovered to be able to protect your family. Buy term insurance cover as soon as possible. While you apply for term insurance coverage as a survivor of cancer, you should be ready for a few possibilities:
Higher than average premium.
The premium cost that you found on the online term insurance premium calculator is the cost of normal living. Exclusion of certain conditions Some causes of death, such as treated cancer disease, may not be covered. Exclusion of some of its features The insurer may not allow features such as critical illness or even modify them to exclude particular cancers.”. This benefit is adjustable based on your medical history before accepting your life insurance offer.
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