Cancer vs. Critical Illness Insurance - The Key Differences

With the rising healthcare costs, investing in health is of utmost importance to stay financially protected in case of medical emergencies. You have the option to choose from various kinds of health insurance policies. One of the things that confuse most people is whether to buy a critical illness cover or a cancer insurance plan to fight dreadful diseases. To understand this better, you first need to have in-depth information about these policies.

About The Critical Illness Insurance Plan

Critical illnesses often appear unannounced, and they can turn your life upside down. Apart from the emotional and physical misery, they also affect your financial well-being. A critical illness requires long-term treatment, medicines, and hospitalization. Such an illness demands heavy, unplanned expenses. This is when the critical illness insurance plan proves beneficial. It provides covers for the expenses that you require for the treatment.

A Brief Overview of Cancer Insurance

The cancer insurance policy is designed to provide financial help to tackle expenses regarding cancer treatment. The cure for cancer requires different kinds of treatments, which include surgery, chemotherapy, and radiation. It takes time and a lot of medical care to treat cancer. The cost incurred to treat cancer can be very expensive. If you have a cancer insurance policy, you will receive a lump sum from your insurer in case you are ever diagnosed with cancer.

Difference Between Critical Illness And Cancer Insurance

Qualifying for Cancer Insurance Policy

To buy the cancer insurance plan, you need to be at least 18 years old. There is no maximum age limit for purchasing the policy. It has a survival period of seven days from the day of diagnosis.

Qualifying for Critical Illness Insurance Policy

Different insurance plans for critical illnesses have varied minimum age requirements. However, you can buy this plan for your children who are more than five years old. You have to be at least 18 years old to buy the policy.

When purchasing cancer or critical illness health insurance policies, you must make sure that you are getting a comprehensive cover that includes a maximum number of critical illnesses and all stages of cancer. A suitable health insurance plan will keep you protected against the increasing cost of healthcare in India.