4 Things You Need to Know Before Buying Cancer Insurance

4 Things You Need to Know Before Buying Cancer Insurance
4 Things You Need to Know Before Buying Cancer Insurance

Cancer is a disease that takes its toll not only on the body but also on one’s finances. And, unfortunately, cases of cancer are on the rise. According to the World Health Organization (WHO), around 1 in 10 Indians will develop cancer at some point. While there is often little we can do to prevent to disease, there is a lot that we can do to stay financially cushioned against the expenses that come along. In this article, we take a look at the importance of cancer insurance and outline a few things to keep in mind before buying this form of coverage. 

What is cancer insurance?

Cancer insurance is an insurance policy that pays the policyholder a lump sum amount if they are diagnosed with cancer. The policy may also come along with other added benefits, such as a premium waiver upon diagnosis.

Things to keep in mind when buying cancer insurance

Just like with any other health insurance product, buying cancer insurance requires some time and due research on your part. To help you get started in the right direction, we have listed out 4 important things that you must keep in mind when buying cancer insurance. 

  • Look for comprehensive coverage

Always ensure that the cancer insurance plan you choose covers all stages of the disease. This means that the plan should cover you from the earliest stage (carcinoma in situ) right up to the last stage (stage 4). Also, make sure to see how much payout you would get in early stages of cancer. Generally, insurers pay you around 20% of the sum insured for early stages and 100% for advanced stages of cancer. Additionally, your plan should have a high sum insured and offer a premium waiver benefit upon diagnosis. 

  • Check the waiting period

Cancer insurance plans also have a waiting period after coverage commences. During this period, you cannot make any claims. The waiting period in a cancer insurance plan can range anywhere between 90 to 180 days. Make sure to compare insurers based on their waiting periods and choose a policy with the smallest waiting period. 

  • Note the exclusions

This is one of the most important parameters to keep in mind when selecting a cancer insurance plan. Different insurers have varying clauses on their coverage. Do make sure to check if the coverage excludes certain types of cancer or if there are any clauses pertaining to recurrent forms of the same cancer. 

  • There is an age limit

Cancer insurance plans generally come with an age limit. Beyond this age, you will not receive coverage if diagnosed with cancer. Even if you are just in your twenties right now, look for a cancer insurance plan that will cover you at least up to the age of 70 or 75 years. 

Do keep these tips in mind when selecting a cancer insurance plan. Remember that ill health can often strike when we least expect it to and so, it is best to always be prepared with adequate insurance coverage. We hope that this article has helped you.