Should You Buy A Cancer Cover Or A Critical Illness Plan?

There is a good chance that you know someone who has suffered from cancer. If you compare times from a decade ago, cancer has become way more common. Doctors usually link increased cancer patients to modern lifestyles, tobacco usage, food additives, processed foods, and air pollution.

Also, cancer is a lifestyle disease that is dreaded by the privileged and the underprivileged. This is because the diagnosis may not be directly connected with anything you may have done, followed or not followed. Fitness enthusiasts, sportsmen, celebrities who have spent their entire life taking care of their health have fallen to cancer. Yuvraj Singh was at this pinnacle, rated the man of the series in the historical world cup win in 2011. In the same year, he was also diagnosed with a rare lung cancer.

The NCRP Report by the ICMR states that cancer cases in India are likely to increase to 15.7 Lakhs by 2025 from 13.9 Lakhs in 2020. And, the treatment for cancer is neither easy nor cheap. The report predicts that this trend will not slow anytime soon, so treatment costs will only continue to soar in future as well.

How can you cover such huge expenses? Is there a policy that covers cancer specifically? In such a scenario, should you buy a cancer-specific policy or a critical illness policy?

Let's find answers to all these questions and more.

What Is A Cancer Cover Policy?

A cancer care policy or a cancer protection plan is a policy that covers the risk associated with getting diagnosed with cancer. Cancer will be covered in its early, major, and advanced stages under this plan.

These policies provide you with a lump sum amount based on the diagnosis, that can be used to cover cancer treatment expenses.

Why Do You Need A Cancer Cover Policy?

What Is Covered Under A Cancer Cover Policy?

What Is Not Covered Under A Cancer Cover Policy?

What Is A Critical Illness Cover?

A critical illness is any serious illness, sickness, or disease that attacks a vital organ and is potentially life-threatening or irreversible such as cancer, stroke etc.

Anyone can succumb to a critical illness (especially if you have a family history of critical illnesses) and it requires extensive and expensive treatment. The importance of being financially prepared for such unforeseen circumstances cannot be overstated. A Critical Illness Cover is that preparation. It protects you financially if you are diagnosed with one of the listed serious diseases, including cancer.

This cover provides you with a lump sum amount that can be used to cover medical expenses, such as long-term medical treatments, medical equipment for assistance, etc.

Why Do You Need A Critical Illness Cover?

A critical illness might require you to quit your job as the treatment might require you to take time off work. Besides losing your earnings, you may have to handle the high cost of the medical treatment. With the lump sum provided by the critical illness cover, you can cover the staggering costs of the treatments

This lump sum can also be used -

As an income replacement to cover your family needs.

To cover the costs associated with lifestyle changes, home modifications like renovating your home to incorporate a wheelchair or installing oxygen tanks.

It also provides coverage for medical expenses that are not covered by health insurance.

What Does A Critical Illness Plan Cover?

A critical illness will provide coverage for all the listed life-threatening diseases. The plan will provide a lump sum payout on the diagnosis of any health conditions listed in the policy as critical illness.

Critical illnesses covered by the plan include cancer of specified severity, angioplasty, heart attack, kidney failure, etc.

Note: A detailed list of diseases covered under the plan can be found in the policy documents. Ensure you go through the policy wordings thoroughly.

Please check our article on Critical Illness Rider or Standalone Critical Illness Policy to learn more.

Cancer Cover Or Critical Illness Policy: Which Is A Better Option?

If you have a family history of cancer and you are concerned that you may be affected by it in the future, then you can purchase a cancer-specific policy which will cover any expenses incurred during cancer treatment.

When it comes to broad coverage and protection against multiple illnesses, a critical illness policy will be your best bet. As this plan covers a wide range of illnesses, it will obviously cost you more.

Both policies will provide you with a lump sum payout that can be used for the expenses incurred for the treatment or can also serve as an income replacement.

Ensure you carefully examine your family medical history and your own medical history and conduct detailed research on your needs, before zeroing in on a Cancer Care or Critical Illness policy.

Summing Up!

Having learned the differences between a Cancer Cover policy and a Critical Illness policy, we are confident you can go ahead and choose whichever is the right one for you. Ensure you read your policy wordings carefully to learn the scope of coverage and the benefits.