Health problems can come unexpectedly and bring emotional and financial stress. That’s why many people choose insurance to help during difficult times. Two popular types of health-related insurance are cancer insurance and critical illness insurance. In this blog, we’ll explain cancer insurance vs critical illness insurance and how to decide which one might be better for you.
What is cancer insurance?
Cancer insurance is a health policy that provides financial support if you're diagnosed with cancer. It offers a one-off payment that you can use for medical treatment, private care, travel costs or everyday living expenses during recovery.
Understanding what is cancer insurance is good if you're looking for focused protection, especially if you have a family history of cancer or higher personal risk.
What is critical illness insurance?
Critical illness insurance offers broader coverage. It pays a lump sum if you're diagnosed with an illness like a heart issue, stroke, kidney failure or certain types of cancer.
The money can be used to cover treatment, replace lost income, pay for care or manage household expenses while you recover.
Knowing what is critical illness insurance and applying while you're in good health usually means lower premiums and fewer medical exclusions.
Difference between cancer insurance vs critical illness insurance
Here are the differences between critical illness insurance vs cancer insurance:
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Feature
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Cancer insurance
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Critical illness insurance
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Illnesses covered
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Only cancer
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Many illnesses (inc. some cancers)
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Cancer stages covered
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Often all stages
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Usually major/advanced stages
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Payout
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Lump sum on cancer
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Lump sum on any covered illness
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Use of money
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Any personal use
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Any personal use
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Cost
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Usually cheaper
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Usually more expensive
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Critical illness vs cancer insurance – what to choose?
Choose cancer insurance if:
- You only want cancer cover.
- You have a family history of cancer.
- You’re looking for a cheaper option.
Choose critical illness insurance if:
- You want broader protection for different illnesses.
- You can afford higher premiums.
- You don’t want to take chances with other serious health conditions.
It’s also possible to have both types of health insurance policy if your budget allows.
Conclusion
Cancer insurance and critical illness insurance are useful in different ways. Cancer insurance gives focused cover at a lower cost, while critical illness insurance offers wider protection. Choosing between critical illness vs cancer insurance now can help you feel more secure about the future.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis or treatment. Please consult a certified medical and/or nutrition professional for any questions. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.
Ref links:
https://www.policybazaar.com/health-insurance/critical-illness-insurance/articles/cancer-insurance-vs-critical-illness-plan/
https://www.acko.com/health-insurance/cancer-insurance-vs-critical-illness/