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How to buy Cancer Insurance Plans 101

How to buy Cancer Insurance Plans 101

Cancer has become one of the most life-threatening illnesses across the world. The mere mention of this word can instill fear among the strongest people. While people diagnosed with cancer have to go through physical as well as emotional trauma. You shouldn’t need to worry about treatment and other medical expenses over that.

Cancer insurance plan helps you cover the treatment expenses, rehabilitation as well as help your familycovers regular costs in case your health condition forces you take rest. However, before buying cancer insurance, one should consider these factors.

  1. Highest sum assured

With the increasing cost of cancer treatment, experts recommend you should buy cancer insurance that provides a high insured amount. Cancer treatment and medicines are expensive enough and the cost may vary depending on the stage of your cancer illness. Most cancer insurance plans offer assured sum in between Rs 10 lakhs to Rs 50 lakhs. While buying the policy, you must consider the hospitalization and treatment costs, medication and rehabilitation, your current salary as well as your regular expenses in case you have to take compulsory rest for few months after your treatment.

  • Multi-stage cover

Depending on the insurance company, you either get the lump sum amount at the start of your treatment or based on the stage of your illness. While the treatment cost may be at bay in minor and major stages, the expenses are hugely increased if the person is at the critical stage of cancer i.e. stage 4. Most people cannot work at this stage forcing them to take rest. Best cancer insurance plans cover the expenses according to the stages.

  • Wider policy term

Many cancer policy plans have fixed-term through which your cancer treatment cost will be covered. However, cancer diagnosis and treatment is a long process so choose the plan that offers coverage for a longer period. Most cancer insurance policies have a maturity age of 70; however, it may differ for different insurance companies.

Lastly, don’t just consider the plan that only covers your cancer treatment. Your cancer cover policy should be able to cover the cancer expenses as well as financially support your family so you and your family can concentrate on getting you better. When you are fighting a life-threatening disease such as cancer, meeting your daily expenses should be least of your worries.

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