Four reasons that will convince you to invest in Cancer Insurance

Cancer, just the mere mention of this word can send a shiver down your spine. This disease is one of the deadliest ones out there and claims well over a million lives all over the world, every year. Apart from the aggressive treatment and the uncertainty of whether it will save the patient, what scares people is the cost of cancer care treatment. Everything from the diagnosis of cancer to the treatment and medication can cost well over 10 lac rupees. Even if one survives this disease it can easily leave you bankrupt. To ensure that does not happen, banks have devised an insurance plan called cancer insurance.

An ordinary health insurance plan does not cover cancer treatment expenses since they are high. If you want to safeguard your family against the financial turmoil caused due to this disease you need to consider investing in cancer insurance plan.  

A cancer policy is designed to meet the specific insurance needs of a cancer patient. However, the pre-requisite for getting insured remains the same even here, the patients who have a pre-existing cancer condition cannot be covered under a cancer specialist policy. A cancer insurance policy ideally covers you against cancer, both at the early and advanced stages. Unfortunately, there are not many insurers committed to offer this kind of cover to the needy.

If you believe that you don’t need this policy, then here are some facts that will probably change your mind.

1.  According to estimates of various global and domestic organisations, lifestyle related diseases like cancer, heart diseases and hypertension are on the rise in India. One out of four Indians is at a risk of contracting one of these diseases before they reach the age of 70.

2.  Cancer treatment can cost you anywhere between 2.5 lakhs to 20 lakhs in just six months. You need something to fall back on when the costs are this high and cancer care Insurance Plans will have your back during this time.

3.  A heart and cancer insurance plan can be tailor made to meet the financial costs arising from the treatment require from one of these ailments. You can either choose one or both heart and cancer cover in your plan. The policyholder will receive lump sum payments throughout the various stages of his or her treatment.

4.  Cancer care insurance also provides a life insurance cover to the policyholder. This cover pays the nominee a certain amount of money in case of the death of the policyholder. This is a good way to secure your family’s’ future in case of the unfortunate.

Buying a Heart and Cancer Care Insurance Plan may seem like an added expense right now, but in the long run it might help you to preserve the finances of your family in a time when they need it the most. 

Cancer Care Insurance – how it works and what are its benefits

The first thing that one must do once they start earning is to buy insurance. For a secure future and to safeguard your finances one must create an insurance package. This package needs to have all the insurance policies that one can need. The four basic types of policies that your insurance package must contain are a life insurance policy, a health insurance policy, a critical illness policy and a personal accident insurance policy.

People are often confused between whether they should opt for a life insurance policy or a health insurance plan. The answer is that you need both. Both, a life insurance policy and a health insurance plan have unique functions and one simply can’t be replaced with the other.

Here’s how one is different from the other and why you need both.

What is a life insurance policy?

The need and importance of life insurance for everyone is undeniable. A good life insurance plan is an investment as well as a security. Here’s how a life insurance policy works, you pay a set premium for the duration of your policy. On maturity you receive a lump sum amount, which is the money you’ve paid as premium in case of term plans you, don’t receive a pay out on maturity. Term policies come at a low premium but in case of the death of the policyholder the nominee receives a sizeable amount in the form of a claim. Your life insurance plan needs to be tailored to the needs of your family. While buying a plan one needs to take into consideration the current income, loans if any, the expenses etc. of a family. There are a few different types of life insurance plans you can choose from, they are term insurance, whole life insurance, ULIPs and child life insurance plans, to name just a few.

What is a health insurance plan?

A good health insurance plan is the need of the hour for every family. Healthcare rates all over the country are soaring. Even simple procedures, tests and diagnostics can make quite a dent in your monthly budgets. Health insurance policies make sure that you don’t have to worry about finances when you or a loved one is in need of health care. Choosing the proper health insurance plan for your family is crucial. Health insurance plans take care of your medical expenses. To maximise the benefit of a health insurance plan one can purchase riders, which are like add-ons. There is a critical illness insurance that takes care of your medical expenses in case you contract a serious illness like cancer, heart disease or organ failure. Other riders include accidental death rider and permanent disability rider.