Cancer insurance plan is a unique coverage formed to provide financial assistance to victims who are diagnose of cancer after the free look up time stated in the terms and conditions of the insurance policy. A cancer insurance plan is design to cover the expenses of cancer diagnosis and treatment, which includes hospitalization, radiation, chemotheraphy, surgery and other cancer related treatment.
The funds are being paid at different level of diagnosis, which are minor, major and critical. The plan does not provide maturity, death or surrender benefits. At truth, it’s not restricted to the cost of treatment.
For an individual to be eligible for cancer insurance, the insured must not have any cancer existing problems. That is victims who are diagnose of cancer or treated of cancer related issues are not
Cancer types covered by cancer insurance plan (in the early and advanced staged)
Below are types of cancers which are covered by cancer insurance plan:
- Breast cancer
- Cancer of the stomach
- Cancer of the lungs
- Cancer of the ovaries
- Cancer of the hypolarynx
- Cancer of the prostate
Advantages of cancer insurance plan
- The cancer insurance plan covers a variety of cancer stages
- The insurance plan pays Lump sum in the event of a cancer diagnosis.
- They provide premium waiver if under specific situations, such as cancer diagnosis in its early stages.
- The amount guaranteed is increased by some percentage if no claims are filled throughout the year.
- Monthly payments are usually made for a set number of years, which are subjected to certain conditions like major cancer.
- There are Premium discounts offered for plans that exceed a specified threshold.
- After your first diagnosis, insurance covered keep existing
Differences between cancer insurance plan and a critical illness plan.
In a critical illness plan, there is are coverage for every expensive treatments for a range of specific critical disease, these diseases include: stroke, paralysis, major organs transplant, cardiac arrest, multiple sclerosis, total blindness, deafness, kidney failure and other critical related illness. After a policyholder is diagnosed with a critical illness, a lump sum benefits are provided which will be used for treatment, co-pays, therapy and other expenditures.
However, one significant disadvantage of critical illness plan is that such plans only cover cancer in its late stages. For example, the plan will pay for cancer if a malignant tumour exhibits uncontrolled growth, with severe destruction of normal tissues at an advanced stage. Furthermore, in critical illness plan, there is no waiver of future payments, and the benefit of increasing is not available.
READ ALSO: secured insurance agent
Why you need a cancer insurance plan.
This plan is essential due to the domino impact this illness usually have on families’ physical emotional, and financial well-being. In some cases, some of the best health insurance policies do not have coverage on cancer-related illness and even if it does, their coverage is based on the cancer stages.
These insurance is worth considering if:
- If you have family member who was diagnose of cancer (family history)
- If you work in a dangerous environment that may expose you to cancer.
- You may not have enough money in the future to cover hefty medical expenditures.
- Your health insurance policy does not provide enough coverage for you
- You are the only member who earns money