Rising Awareness of Cancer Risk Making Cancer Insurance an Important Product
No wonder if cancer insurance policy would become the most sought-after healthcare product in the segment. The rising cases of cancer due to changes in lifestyle and of course the awareness of cancer care and skyrocketing treatment costs pulling people to buy cancer care insurance policies.
According to a report of the British Journal of Cancer, the lifetime risk of getting diagnosed with cancer in Britain has increased over time from 38.5% for men born in 1930 to 53.5% for men born in 1960. It clearly says that the lifetime risk of cancer for people born since 1960 is greater than 50% now which is a matter of concern.
A special research paper on cancer in India published in Lancet Oncology journal some time ago finds that in India alone, about 10 lac people are diagnosed with cancer every year, and another 6 to 7 lac people die of this deadly disease.
By 2035, these numbers may almost double to 17 lac new patients and 12 lac deaths per annul, the research further says.
It is apparent that the risk of getting cancer is increasing substantially and the cost of getting it treated has also gone up. Even a hospitalization can wipe out your entire saving. This makes ample reason to have comprehensive medical insurance against cancer. However, there are few insurance policies that cover critical illness including cancer available in the market, but these policies, in general, pay only for inpatient hospitalization and for treatment at hospitals in India. They do not cover the entire cost of treatment, while policies dedicated to covering cancer, cover the entire costs incurred in the treatment.
While the premiums for cancer insurance policies in India are very low, getting it treated is out of the reach of the common people. The average cost of treating breast cancer among females and lung cancer among males ranges between Rs. 3-to-25 lac.
Why buying cancer insurance is important?
With increasing time, new types of diseases are also taking place in this world, and there are some diseases that are incurable even today and cancer is one of those diseases. There is a cure for cancer, but only as long as the cancer is in the first-second stage, after a time this disease also becomes incurable and the person has to die with it even though he does not want to. Seeing this growing web of diseases in this world, insurance companies started bringing new plans in the market to cover diseases as well.
See, now the disease does not know who is poor and who is rich, it is easy for the rich, but having cancer disease for the poor is like a curse because the curse ends with the person. Cancer treatment for a poor person is as expensive as the word cancer for him, cancer treatment in government hospitals is possible but much more difficult and private hospital treatment is expensive. In such a situation, every person is left with only one option and that is a cancer insurance policy, under which you will be provided all the coverage related to cancer.
Facts about Cancer
Cancer is the second leading cause of death globally — it accounts for 1 in 6 deaths around the world. In the year 2020, there will be an estimated number of 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the only United States, if talking bout the whole world then data would be more. The number of deaths clearing that cancer is still incurred and if you don’t wake early and get treatment along the stage then you have died with cancer or you will die because of cancer. A cancer insurance policy provides you with early treatment to get rid of this disease, and this is what a person wishes from an insurance policy.
With increasing time, people are getting affected by this disease, but one thing which stings the most is that humans are unable to get treatment for it. The reason is clear that not everyone can afford its treatment, in such a situation, people should try cancer insurance policy once, maybe another way of living will be opened for them.
