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Business News/ Money / Personal Finance/  How can life insurance ease the burden of cancer?

How can life insurance ease the burden of cancer?

The financial burden associated with cancer care can exacerbate the emotional strain on families, adding a layer of stress and worry. A good life insurance plan provides financial security and peace of mind in uncertain times.

Dealing with cancer is a journey filled with emotional strain.Premium
Dealing with cancer is a journey filled with emotional strain.

We live in a world that is constantly changing and is always striving for security and stability. This uncertainty gets amplified when we are faced with any life-threatening illness, such as cancer. In the face of a cancer diagnosis, families find themselves navigating through a profound emotional journey, grappling with uncertainty, fear, and the challenges of treatment. It is a time that demands unwavering support, both emotionally and financially. 

Unfortunately, the financial burden associated with cancer care can exacerbate the emotional strain on families, adding a layer of stress and worry during an already challenging period. In today’s uncertain times, where life-threatening diseases like cancer can strike unexpectedly, a good life insurance plan stands as a beacon of hope, providing financial security and peace of mind to individuals and their families.

According to the Indian Council of Medical Research-National Cancer Registry Programme (ICMR-NCRP) in March 2023, the number of cancer cases in the country is projected to increase from 14.6 lakh in 2022 to 15.7 lakh in 2025. This revelation underscores the growing prevalence of a disease that brings not just physical challenges but immense emotional and financial burdens.

Coping with cancer is an emotionally taxing journey, marked by uncertainty and fear. Families find themselves grappling with the multifaceted challenges of diagnosis, treatment, and the toll it takes on their overall well-being. It is during these trying times that the financial strain becomes a palpable concern, as medical expenses accumulate and potentially impact the family's financial stability.

A comprehensive life insurance plan serves as a vital tool to proactively prepare for the potential financial burdens associated with medical emergencies. Having a life insurance policy provides a sense of security, ensuring that your family has the financial support needed to cover medical expenses and maintain stability during this challenging period.

The importance of getting a life insurance policy

When it comes to life insurance, the most common question is, "Why do they need it?" The answer is simple: life insurance is an important safety net for individuals and their loved ones. However, its importance becomes even more apparent when considering the potential financial and psychological burdens that cancer can bring.

Life insurance eases the financial and psychological burden

When facing the formidable challenge of cancer, the impact extends beyond health into the realm of financial well-being. The complex landscape of medical bills, treatments, and associated costs can swiftly accumulate, creating a financial burden that demands strategic planning.

To navigate this challenge effectively, individuals often turn to insurance policies tailored for health and life. Health insurance policies, designed to cover medical expenses, offer a crucial line of defence against the exorbitant costs associated with cancer treatments. These policies provide financial support for hospitalisation, surgeries, medications, and other related expenses.

Whereas, on a broader spectrum, life insurance policies play a pivotal role in securing financial legacies and providing a safety net for loved ones. In the face of a cancer diagnosis, life insurance ensures that the financial impact on the family is mitigated. Here's how:

Financial support during treatment: Many life insurance policies offer critical illness riders. In the event of a cancer diagnosis, policyholders can receive a lump-sum payment, helping cover medical expenses, reducing the need to deplete savings, and alleviating the stress of mounting bills.

Income replacement: A cancer diagnosis can strain mental health, disrupting daily routines. Yet, life persists, demanding financial stability. In such times, a life insurance policy provides the option of income replacement. This ensures that essential financial commitments are met, offering a lifeline during the challenges posed by the diagnosis.

Debt relief: Life insurance proceeds can be used to pay off debts like mortgages, loans, or credit card balances while helping individuals and their families to focus on recovery without the constant worry of debt.

Legacy protection: Beyond immediate financial relief, a life insurance policy ensures that loved ones are protected in the long term. It can provide a financial legacy, covering education expenses, ongoing support, or any other needs that may arise.

Life insurance after a cancer diagnosis

It's a common misconception that securing life insurance becomes impossible after a cancer diagnosis. It is never too late to safeguard oneself and loved ones from the challenges of this illness. Financial security is still within reach through new-age life insurance plans, specifically designed to offer coverage for cancer and provide essential protection for individuals and their families. Even for cancer survivors, certain policies or riders can offer coverage. It's essential to consult with an insurance professional to explore these options.

What to look out for in a policy

Coverage amount: Assess the potential costs of cancer treatment and other financial obligations to determine the appropriate coverage amount.

Policy wordings: Understand the policy terms, including premiums, coverage limits, and any waiting period.

Riders: Explore critical illness riders and other optional add-ons that can enhance the policy's coverage.

Cancer is a battle fought on multiple fronts. While advanced medical treatments combat the illness, the love and support of family provide strength during this challenging period. A life insurance cover contributes to this comprehensive strategy, offering peace of mind and the assurance that individuals are well-equipped to navigate the situation. 

Just as families rally together, a good life insurance plan becomes a steadfast ally, ensuring that the focus remains on overcoming the illness and not on financial worries.

Pankaj Gupta, MD & CEO, Pramerica Life Insurance

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Published: 07 Dec 2023, 12:13 PM IST
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