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 a critical illness rider that includes cancer coverage. 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.
Key Takeaways
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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 sufficient funds for hospital bills, medicines, and other associated expenses. Term insurance plans often include critical illness coverage to help manage expenses when the policyholder is diagnosed with any illness specified in their policy.
Therefore, it becomes easier to manage finances when you have a policy in place. Read the fine print of the policy that you are planning to buy, as some policies only pay a portion of the expenses.
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While it is pretty challenging 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:
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 scenarios below for easier understanding:
Buying a Term Insurance Plan after the Diagnosis of Cancer
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 don't need to wait for a 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:
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 opt for a term insurance plan with terminal illness coverage.
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 with term life insurance for cancer survivors.
To buy a cancer insurance plan online, do the following steps:
Advances in medical science have led to the development of modern therapies and medications for the treatment of cancer. In most cases, hospitalisation is not at all required for cancer treatment if there is an early diagnosis.
Nowadays, due to technological advancements and new treatments, 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.
Additionally, you will now need to make significant lifestyle changes. Your financial situation will also change slightly. 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 such as term insurance, becomes even more critical after a cancer diagnosis. 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.
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. Ideally, you should top it up with a critical illness rider, as it provides a lump sum payment upon cancer diagnosis to help cover expenses not covered by health insurance for cancer patients in India or to supplement lost income during treatment.
Yes, life insurance for stage 4 cancer patients is available. 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 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 can get extra help if you have cancer. You will receive payouts if you are diagnosed with cancer (if your policy permits), based on the stage of cancer you are diagnosed with.
Yes, sometimes. Approval depends on underwriting, remission duration, cancer type/stage, and medical records; insurers may postpone, load premiums, add conditions, or decline.
Base term insurance is death cover, but many insurers offer add-on riders (e.g., critical illness/cancer benefit) as part of the product. Rider terms vary by plan.
Insurance for existing cancer patients can include indemnity health insurance (subject to waiting/underwriting), cancer-specific/critical illness plans paying a lump sum on diagnosis, and existing life policies already in force; availability depends on insurer rules.
Canara HSBC Life Insurance offers online term insurance plans to secure your family financially in your absence.
