Cancer Insurance: Pros and Cons

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Cancer is a terrible disease. Although there unfortunately isn’t a cure, there are more cancer survivors each year due to medical advancements. While you can never really be ready for a cancer diagnosis, there are ways to help you be financially prepared in the event of a diagnosis.

The specialists, doctors, treatments and hospital visits can add up and many times the treatments can make a patient unable to work. Cancer insurance can provide benefits upon diagnosis or during treatment that can help allow focus to remain on what’s most important – recovery. However, cancer insurance may not be right for everyone, so it’s worth looking at both the benefits and downsides to understand if it’s right for you.

Pros of Cancer Insurance

This type of coverage usually has benefits including:

  1. Freedom to choose your doctor or hospital, with no referrals needed for specialists
  2. Financial protection that can help with the many extra expenses that potentially come with cancer
  3. Cash benefits paid directly to you if you choose to be used for medical and non- medical expenses
  4. After diagnosis, a lump sum cancer policy can provide benefits up front
  5. A cancer insurance policy can help with expenses during the entirety of your treatment course
  6. Some confidence that comes through knowing you have some financial help in the case of a cancer diagnosis

Cons of Cancer Insurance

  1. Adding an expense to your monthly insurance payments (although plans can be made affordable based on your financial situation)
  2. Paying for a type of insurance that you may never need

In the case of a cancer diagnosis, know cancer insurance can help provide hope. By helping to remove the financial burden that is sure to come throughout the cancer process, cancer insurance can allow you to focus on what really matters, your recovery. The question you need to ask: Is Cancer Insurance Worth It to You? Consider the pros and cons and make the decision with your loved ones.


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