5 Simple tips to pick the right cancer cover

Choosing a cancer policy is extremely crucial. The exponential increase in cancer treatment costs is one of the reasons why having such a plan can prove beneficial. This expensive treatment has the potential to wipe out all savings in a matter of months. Also, if cancer runs in your family, having such a policy would seem like a sane choice. But before you can choose a cancer cover, you need to know a few points. Here are 5 simple tips that can help you to pick the right cancer cover.

  1. Coverage for early as well as the advanced stages of cancer

Make sure that you choose a plan that will support you at all stages of the disease. Do not choose a plan just because it asks for low premiums. Make sure that you are covered well by the plan. The plan should care for you in all stages – major as well as minor.

  1. The availability of a stage-based pay-out

It is very important that the cancer insurance policy offers a pay-out based on the stage of cancer. Treatment costs and the associated expenses would vary at each stage. The policy should offer 25% of the assured sum during the early stages and 100% of the sum during the major stages of the disease.

  1. A longer coverage

Cancer can strike a person at any age. Hence, the longer the duration of the cover is, the better the chances of financial security and peace of mind. You need to buy a cancer insurance plan that would offer protection for a longer period. Make sure that you get benefits from the cancer policy until 80 years of age.

  1. Inbuilt income benefit at the major stages

The best cancer insurance would offer a regular monthly income at the major stages of cancer. It is about 2% of the sum that has been assured and the sum is generally payable for 5 years in the best insurance policies. This regular income would ensure financial stability of the dependants in the family who might suffer from the loss of income.

  1. Waiving premium upon diagnosis of cancer

Once a person is diagnosed with cancer, the health would start to deteriorate due to the disease and the intense treatment. The diagnosed person would be unable to work and this would hit the source of income. Also, the family would struggle to manage household expenses or pay the premium.

These are some of the tips that you can keep in mind while buying a cancer policy. Choosing the right plan helps a lot.