A quick guide to choosing the right cancer insurance policy

Merely a mention of the word ‘cancer’ is enough to cause distress in the minds of the toughest of individuals. However, being distressed isn’t the answer. The best way to deal with cancer (or any other disease or condition for that matter) is to prevent it from happening. A financially sound way of getting this done is to buy cancer insurance online.

The following guide means to help you buy cancer insurance policy online:

Maximum Assured Sum

Different types of cancer need different kinds of treatments. The treatment costs vary according to the type of cancer, the stage at which it is detected, and the treatment methods involved. The complete cure of a type of cancer could often involve spending a fortune on it. Going for the best cancer insurance policy with a robust sum assured is a good decision that can address the financial aspects of the disease. By making this decision, you can avail some of the best cancer care backed by the latest technology, which means that you won’t have to spend your entire life savings on the treatment. Certain cancer insurance plans provide indexation benefits where the sum assured increases by a fixed percentage every year subject to a maximum limit. The indexation feature will help attract more premium and will also ensure that an adequate sum assured is built in the event of a claim. There are also plans that offer increased coverage if no claim is made per year – till a specific limit.

Policy term

An important point to consider while selecting the best cancer insurance is the maximum term. Most of the cancer plans come with a maturity age fixed at 75. However, a maximum term can make a big difference during the buying decision. If a maximum term is 20 years, and you buy the plan at the age of 30, maturity will be reached when you are 50. Some entities offer plans directly up to a certain age, e.g. coverage till the age of 60, 70, or 75 years.

Coverage at different stages

When it comes to cancer, timely diagnosis and treatment are of the essence. Cancer is an unpredictable condition, and it would be wise to choose a plan that offers coverage for all or most stages of different cancer types. Also, remember that most policies offer a sum assured that depends on the basis of the detection of cancer at a specific stage.

In short, the benefits of cancer insurance far outweigh the little nitty-gritties involved in choosing it.

Health insurance policies are indemnity covers that only pay for inpatient hospitalisation. Cancer plans offer lump-sum payouts that depend on the stage of diagnosis. Critical illness plans may not always be useful because it may come with cancer-specific exclusions like prostate cancer stages, non-invasive cancer and pre-malignant tumours. In comparison, cancer insurance plans seem to be more inclusive and well-suited.

Make an informed choice and take a cover against cancer at the earliest to stay worry-free during unfortunate times.