Cancer is undoubtedly one of the most dangerous life situations that can kill you. It is fatal, it is expensive, and it can also put financial stress on your family. However, before deciding whether or not you need a cancer insurance policy, you have to sit down and think.
One of the reasons for needing a cancer insurance policy is that India is one of the countries where cancer affects one in every five people. According to one study, to cover the cost of cancer treatment, many people have to either borrow or sell their property. Because cancer treatment goes for a very long period, it makes sense that you would need a policy that would cover you or your loved one in the event of cancer.
The price of a cancer insurance policy is also expected to rise in the future due to medical inflation. As time goes by, you will know that it will become more difficult for a common man to take care of the expenses of treating cancer and thus, it has become very much a necessity for a person to have a cancer insurance policy.
Factors you need to consider – the cancer insurance policy
- Family’s medical background
However, there are other factors that you will need to consider before purchasing a cancer insurance policy. The first thing you need to remember is the lifestyle. If you are a person who smokes and drinks regularly, it is suggested that you buy an insurance policy because you are at a higher risk of being diagnosed with cancer.
The other factor you have to keep in mind is your family’s medical background. If your family has a history of being diagnosed with cancer, then you need to buy a plan for yourself.
However, if you have cancer or not, you can never tell. Hence the need for a cancer insurance policy on cancer reduces because the premium you pay will be more and expensive. However, you cannot take a chance, and so if you or a loved one is diagnosed with cancer, you need to be prepared. Therefore, you can always buy a rider or add-on plan for yourself. If you have purchased a life insurance policy, you can buy a viral disease rider package for yourself and include riders. Make sure the rider is available, however, and it will cover cancer.
Buy a rider plan
Fortunately, the majority of the critical illness rider scheme covers various forms of cancer. You may have to pay a slightly higher premium when you buy a rider, but it will be less what you will pay when you buy a cancer insurance policy.
Therefore, your lifestyle choices and medical history have to be taken into consideration as it is the most critical criterion based on which you can buy an insurance policy for yourself. If you are someone who does not smoke or does not drink and has no medical history, which suggests that you are at risk of cancer, but you still want to be safe, can take the less expensive route by purchasing a critical illness rider.