Cancer Insurance
Cancer
insurance is a supplemental health plan that is designed to help you pay
for the excess costs associated with the treatment of cancer.
This type of coverage in very inexpensive and is important in so many ways.
While all of the health insurance plans we sell will cover you for cancer in the same fashion as any other disease, there are some very sound reasons for adding this type of coverage to your plan.
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Most
of you do not have disability insurance. A Cancer Plan or Critical
Illness Plan can offer you up to $50,000 in lump sum payment. If
you cannot work, how will you pay your bills. Do you have a year
of salary saved? |
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Insurance
plans pay for accepted, common, FDA approved treatments. Guess what
- a lot of people are still alive today because they received experimental
and alternative treatments that they had to pay for themselves. This
plan will pay for treatments even if they are experimental. |
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There might
also be child care expenses, travel and lodging to treatment centers. |
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If you are
uninsurable but have not had cancer before, you can still get this
plan. |
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The rate
you pay when you purchase the plan does not go up as you get older. |
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I hate to say it, but men have a 1 in 2 lifetime risk of developing cancer and for women the risk is 1 in 3. These plans are guaranteed renewable. The only thing that has a higher certainty of payout is life insurance (if you hold it long enough). |
Two Types of Cancer Plans
1. Lump Sum - pays out a one time, lump sum upon diagnosis. I like these plans better than one that pays you a monthly allowance. Most of the expenses associated with treatment comes within a relatively short time frame. You will need the money sooner rather than later.
2. Monthly Supplemental Cancer Plan - I am not a big fan of this style of payout. This is the type that advertises on television (the one associated with a certain type of water fowl - hey, I don't need a law suit). They pay fixed amounts each month. Usually, the amount they pay would not cover one day of treatment. We do not choose to sell these plans. If you want or need a long term way of replacing your salary, get a disability plan and get it while you are young and healthy. Or at least healthy.
Is Cancer Insurance Expensive?
A 45 year old can get a lump sum plan that pays out $50,000 for about $45 a month ($30,000 is about $27 a month). The entire family, regardless of size, can get a $30,000 plan for $36 a month (parents are around 45). Considering the protection, it is relatively inexpensive.
We Need to Face the Facts
I wish it were not so, but cancer is all too common today. I unfortunately know of a number of people under the age of 65 who have had cancer, have it now or are no longer with us. Even as I write this page, I am astounded as to how many people I know who have been affected.
A lot of people think they do not need cancer insurance because they have health insurance. The fact is, unless you have health insurance and disability insurance and a cash reserve, you can get into trouble. Let me explain why.
First of all, it is very likely that you will be unable to work. It might be temporary or it might be permanent. You just cannot tell. Even if you have disability insurance, it might have an elimination period of 90 days or more. You need income. In addition, the income you receive from your disability plan is probably a lot less than your regular salary.
Second, someone might need to quit their job to take care of you or you might have to pay someone. Where is this money coming from?
Third, and this is an unfortunate realty, not all effective cancer treatments have been FDA approved. I am not talking about some bogus herbs or witch doctors. I am referring to experimental procedures, offshore treatments (I know people who have traveled to Europe for treatment that was already in widespread use but not FDA approved) and off-label treatments. Your health insurance will not pay for this.
Critical Illness Insurance Coverage For More Than Cancer
Critical illness insurance covers everything that a cancer insurance plan does but also offers coverage in case you have a heart attack, kidney failure, stroke and many other dread diseases and illnesses.
I think that critical illness coverage is much better than just cancer insurance. But, there are a few catches.
This type of insurance is medically underwritten. In other words, with cancer insurance they will write as long as you did not have cancer before. With critical illness insurance you have to be generally healthy.
Since you are getting coverage for so many more things, this type of insurance tends to be more expensive.
Where Do I Get More Information?
I have an Adobe file you can download and read. It has a small brochure, rate charts, application, etc. If you are interested click on this Cancer Insurance Plan link.
Or you can go to our dedicated site that gives you instant quotes from multiple companies for cancer insurance, critical illness insurance or both. Use this link: Cancer Insurance Plans
You can give me a call at 800-272-0512 or send me an email by clicking here.
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