What Is Life Insurance for Cancer Patients?
Many of you might be haunted by the question – Am I still eligible for a life insurance plan even if I am diagnosed with cancer? People even after being diagnosed with this horrifying illness can still apply for a life insurance plan. The terms of the best cancer insurance depend on the kind of cancer, treatment options, and prognosis. Getting protected can provide valuable financial security for you and your family. This type of life insurance policy will cover any stage of cancer may it be at an early stage or a more advanced stage. This type of insurance policy can offer you a large coverage that will help you to meet expenses related to medical treatment, radiation, chemotherapy, hospitalization, and other such expenses.
How Can I Get Life Insurance After a Cancer Diagnosis?
Your chances of acquiring a life insurance plan are heavily influenced by whether you are presently receiving treatment or how recently your treatment was completed. Your odds are also heavily influenced by your cancer's history, type, stage, treatment, and grade. A life insurance policy will eventually consider your cancer's curability, severity, and therapy. Certain cancers are regarded to be extremely low risk, and a history of these may have no effect on premiums or insurance at all. Other sorts of higher-risk cases may result in a bad rating (meaning you may pay more) or even be declined for the policy.
Most cancer patients choose a guaranteed issue insurance policy designed for people with a critical illness as it is a great option for those who are presently undergoing treatment or have a history of severe cancer. A critical illness life insurance plan is a type of life insurance that does not require any medical underwriting.
How Much Does Life Insurance Cost for Cancer Patients?
A cancer life insurance plan can protect you from cancer for as little as Rs 2 each day. This is for a 30-year-old healthy non-smoker male who paid a lump sum annual premium for a life insurance policy term of 10 years with a sum assured of 10 lakhs.
The earlier you purchase, the lower your cancer insurance premium will be. Let us consider Mr. A, a 30-year-old salaried professional who lives a healthy lifestyle and is a non-smoker. He would have to pay an annual regular premium of 1,144 plus taxes for a pay-out promise of 20 lakhs for a policy term of 20 years.
Mr. B, a 35-year-old healthy non-smoker, paid professional, would have to pay a cancer insurance premium of 3,552 plus taxes every year if he purchased the same plan for a total assured of 20 lakhs over a policy period of 20 years. In the absence of a life insurance plan to protect you against this life-threatening condition, the cost of purchasing cancer insurance turns out to be less expensive than paying for cancer treatment out of pocket.
When Can I Buy Life Insurance as a Cancer Survivor?
Because cancer is such a terrible condition, cancer survivors must usually be in remission to qualify for low-cost life insurance plan rates. Typically, this implies you have been completed treated and have been cancer-free for five years, but the exact amount of time varies based on the type of disease and the insurer. People who are predicted to live longer lives are eligible for lower-cost life insurance policies. As a result, age, health, occupation, and family history all play a role in setting your life insurance rate. The Critical Illness Insurance Plan is perfect for any patient who is dealing with cancer. These insurance plans require no medical which makes obtaining the policy a quick and hassle-free process. Other life insurance plans of ours are also easy and beneficial. You can choose to buy them online at your preferred time from the comfort of your home. Do visit our official website or contact us for more details.
How We Chose the Best Life Insurance for Cancer Patients?
Even if the prognosis is favorable, a cancer diagnosis is a life-changing event. It's especially worrying and difficult for those who currently don't have a life insurance plan. Securing a vital layer of financial security for your loved ones becomes much more difficult once you get diagnosed with cancer. So, when looking for life insurance for cancer patients, it is critical to consider all choices. Comparing insurance and shopping around is the greatest approach to locating the coverage that best meets your needs and unique scenario. This is one of the best ways to acquire the best life insurance for cancer patients. In the life insurance sector, each type of cancer is addressed differently. Each sickness and variation will have a unique life insurance policy and thus pricing.
In order to acquire the best cancer insurance, your life insurance needs will be determined by your age and responsibilities. Begin by considering the costs that your loved ones will incur as a result of your death. Consider your existing assets as well. Contact us at Bharti AXA Life Insurance and we shall help you with a desired life insurance policy that will cater to all your needs!