Cancer is a life-threatening disease, and being diagnosed with it is devastating. It is a real challenge to find a life insurance plan when someone is diagnosed with cancer. Hence, it is essential to buy term insurance with cancer coverage or critical illness coverage that includes cancer. There are different types of cancer, and some of them are curable. However, the treatment costs a lot of money, which is generally difficult to afford.
To avoid financial blows, you should buy a term insurance plan early in your career. There are a lot of term insurance plans with critical illness coverage, including cancer and heart attack. Such plans will help the policyholder when they are diagnosed with the disease.
A critical illness cover may provide financial assistance when the policyholder is diagnosed with a disease like cancer. However, in most cases, it only works if the policyholder is diagnosed with the disease within the policy term.
The cost of treating cancer depends on the type and stage of the disease, which may vary from person to person. Hence, there should be enough money for hospital bills, medicines, and other associated expenses. Term insurance plans have critical illness coverage to manage expenses when the policyholder is diagnosed with any illness mentioned in their policy.
So, it becomes easier to manage the finances when you have a policy. Read the fine print of the policy that you are planning to buy, as some policies only pay a portion of the expenses.
While it is not possible to procure an insurance policy that can cover an individual who has already been diagnosed with cancer, it is possible to acquire critical illness coverage with your existing term plan.
Listed below are a few benefits of buying a term plan with a cancer cover:
| Life Insurance for Cancer Patients | Entry Age | Maturity Age | Policy Term | Sum Assured | Premium Payment Mode |
|---|---|---|---|---|---|
Young Term Plan | 18-45 years | 99 years
| 10-81 years | 25 lakhs- 20 crores | Monthly/ Quarterly/ Semi-Annually/ Annually |
ISelect Smart 360 Term Plan | 18-65 years | 99 years | 5-81 years | 5 lakh- No limit | Monthly/ Quarterly/ Semi-Annually/ Annually/ Single |
Saral Jeevan Bima | 18-65 years | 70 years | 5-40 years | 5 lakh- 25 lakh | Monthly/ Half-Yearly/ Yearly |
There are two possibilities after the diagnosis - either you are looking to buy a term cover right after your diagnosis, or you try to buy a term cover after treatment. We have covered both the scenarios below for easier understanding:
There is a huge section of people who ask, “Can cancer patients get insurance after diagnosis in India?” The answer to that question is yes, although it is not easy to get.
Needless to say, it doesn’t hurt to try to secure your family, even if it's a little late.
After cancer treatment, your lifestyle changes a lot, and full recovery may take years. However, you need not wait for your full recovery to safeguard your family. Buy term insurance cover as soon as you can. Here are a few possibilities you should brace for while applying for term insurance coverage as a cancer survivor:
1. Higher than Normal Premium: The premium cost you came across on the online term insurance premium calculator is the cost for a normal life.
2. Exclusions of Certain Conditions: A Few causes for demise may not be covered, including the treated cancer ailment.
3. Exclusion of Certain Features: The insurer may not allow features like critical illness or modify them to exclude specific cancers.
This benefit may be modified as per your medical history before accepting your life insurance proposal.
Over 14 lakh people in India were diagnosed with cancer in the year 2022.
Source: National Library of Medicine
As they say, hope for the best and prepare for the worst. While cancer patients can opt for cancer term insurance policies, others (particularly those with a history of cancer in their family) can plan by opting for a term insurance plan with terminal illness coverage.
1. Read the fine print carefully. Some policies offer only 20-25% of the sum assured upon early diagnosis and the rest at a later stage.
2. Check if the policy excludes certain forms of cancer. Some policies do not cover skin cancer, for example. Also, check the claim settlement ratio when searching for exclusions.
3. Cancer caused by sexually transmitted diseases is often not covered, and so is cancer caused by congenital activity and radioactivity.
4. Insurance for cancer patients will usually not cover other critical illnesses. Critical illness covers general policies that will usually not cover early-stage cancer.
As a cancer survivor, the insurer may demand a slightly higher premium for the increased health risk due to cancer. This rise should not be alarming, though, as it will be minuscule compared to the size of the safety umbrella your family will have.
To buy cancer insurance online, do the following steps:
Step 1: Visit the website “www.canarahsbclife.com”
Step 2: Browse the Life Insurance Plans section
Step 3: Select the plan you want to buy
Step 4: Click on the "Check Premium"
Step 5: Enter your age, occupation, gender, and other relevant information
Step 6: Compare quotes according to the policy features you select
Step 7: Once satisfied, you can go ahead and make the payment securely online
Advances in medical science have led to modern therapies and medications for the treatment of cancers. In most cases, hospitalisation is not at all required for cancer treatment if there is an early diagnosis.
Nowadays, even late-stage cancer treatments such as radiotherapy and chemotherapy do not require hospitalisation. So, the chances of your survival after being diagnosed with cancer are high. Cancer or any other life-threatening disease is likely to put your focus back on the most important things in your life. Also, now you need to bring major lifestyle changes. Your financial matters will also change a little. Protective insurance coverages and an emergency fund are even more critical after surviving cancer. Also, your family is at a higher risk of financial hardships in the case of your early death.
Thus, a long-term financial protection plan like term insurance becomes even more important after cancer. Even with all the exclusions and cost increments, term insurance coverage remains the most reliable way to ensure long-term financial safety for your family. So, wait no more, and apply for your term cover now.
Canara HSBC Life Insurance offers online term insurance plans to secure your family financially in your absence.
Yes, you can get a term plan with cancer coverage if you have cancer.
The best insurance for cancer typically includes a comprehensive term insurance plan that covers oncology treatments, hospitalisation, medications, and ongoing care. Critical illness insurance can also be beneficial, providing a lump sum payment upon cancer diagnosis to help cover expenses not covered by health insurance or to supplement lost income during treatment.
Yes, you can get life insurance policies even as a stage 4 cancer patient. While policy choices, premiums, and coverage limits might be less advantageous, obtaining life insurance with cancer can provide crucial financial support for your family, particularly in times of uncertainty about what lies ahead.
Most insurance providers don’t offer coverage for pre-existing diseases. But, in some certain cases, if you are diagnosed with cancer before buying an insurance plan, you will be provided with pre-existing cancer health insurance in India.
Yes, you get extra benefits if you have cancer. You will receive payouts if you are diagnosed with cancer, based on which stage of cancer you were diagnosed with.
