Without a doubt, cancer is the most dreadful disease that one can encounter, and it requires immediate medical attention. In addition to the physical toil, cancer is also likely to cause a major strain on one’s finances. Insurance companies offer various protection plans for individuals to protect themselves from the potential threat of cancer. While it is true that most life insurance policies do not provide any coverage for cancer patients, it is not entirely impossible to get life insurance even after cancer. Let’s discuss the different types of insurance products available in the market for cancer coverage.
To be clear, these plans do not apply for people who already have cancer. Cancer care covers are similar to critical illness covers. These policies can be bought along with a regular term insurance plan or an endowment plan. Here, lump sum benefits are paid to the insured upon the first diagnosis of cancer. Since most life insurers do not have any specialized plans for cancer patients, it is better to take this policy beforehand and get protection from the financial strain associated with cancer. Cancer protection covers are ideal for people with a family history of cancer. Some of the popular plans market are as follows:
Most of the insurance companies in the market do not provide any coverage for people who have survived cancer. In an industry-first initiative, Star Health and Allied Insurance provides coverage for people who have survived cancer. Customers can sign up for this policy by providing medical records of their cancer treatment. This is mainly to protect these survivors from the financial liabilities of recurrence, second cancer, and metastasis (spread of cancer). The policy named Star Cancer Care Gold comes with two different sum insured options of Rs.3 lakh and Rs.5 lakh. Upon diagnosis of any of the above mentioned eventualities, the policy pays half of the sum insured amount as lump sum payment. The remaining half can be used a mediclaim policy to get coverage against various medical procedures, including surgical and non-surgical treatments.
Cancer patients do not have that many options as far as life and health insurance policies are concerned. However, it is possible to protect oneself against the financial liabilities of cancer by purchasing any of the cancer-specific plans available in the market. In addition to the ones listed above, there are many other life and health insurers in the market who offer cancer-specific covers for their customers. These policies are extremely useful when it comes to protecting oneself against the risk of cancer. Star Cancer Care Gold for cancer survivors is likely to provide them a fighting chance against the risk of various additional threats. Though a wide variety of choices is not available, these specific plans are likely to come in handy against the risk of different types of cancer.