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Live a better, healthier life

Is a Cancer Insurance Policy Worth It?

woman with cancer hugs her granddaughter

Cancer. Almost everyone has someone in their life who has been affected by this terrible disease: friends, family members, co-workers, or you might have even faced cancer yourself. The American Cancer Society predicts there will be over 1.7 Million new
cancer cases this year.1

If you’ve experienced cancer diagnosis with a loved one, you know the emotional whirlwind a diagnosis brings. Almost immediately after a diagnosis, the discussion centers on treatment options available in order to fight the disease. Along with getting treatment, you’ll want to focus on what’s important – being with family and loved ones, not details like paying your bills. If you’re diagnosed with cancer, your health insurance may cover many of your medical costs.

But, often overlooked is the impact cancer can have outside of a hospital room. In addition to the physical and emotional changes, a cancer diagnosis may make it difficult to pay home and family expenses like your mortgage, utilities and other basic bills. A supplemental policy specific to cancer can provide benefits upon your diagnosis or during your treatment that can help you and your family worry less about money and focus on what’s most important: recovery.

However, it’s important to consider the cost and details of the policy to ensure it covers what you need in an affordable plan. Only you can decide if a cancer insurance policy is worth it for you and your situation.

Cancer Insurance Benefits

There are two types of cancer insurance policies with differing benefits: benefits paid upon diagnosis and benefits for treatment.

Benefits paid upon diagnosis are paid in a lump sum. This type of cancer insurance policy allows you to use the money you receive as you see fit – meaning that it doesn’t have to go toward your treatment. You’ll know the exact amount that you’ll receive when you make a claim, so you can plan effectively. Benefits paid upon diagnosis can be used at your discretion to help:

  • Replace income lost from taking time off from work for treatment
  • Cover health insurance deductibles
  • Pay your mortgage, utilities or even to get groceries
  • Cover travel expenses needed for treatment
  • Any number of other options: your lump-sum payment is yours to use as you see fit.

Benefits paid for treatment are meant to help cover costs associated directly with your cancer treatment.

Practical Uses for Cancer Insurance

If you receive a cancer diagnosis, you’d likely immediately start researching your treatment options. If you live in Oklahoma and the doctor you want to see is in New York, your cancer insurance benefits could be used towards travel expenses like airfare and hotel rooms, and household bills while you’re gone. Cancer insurance can help allow you to focus your time, energy and effort on your recovery. And that’s what really matters.

If you are a small business owner, cancer insurance can help you keep your business running smoothly in the event of a diagnosis. A lump-sum policy can provide you the freedom you need to keep your business afloat while you receive treatment. Whether the proceeds are used to cover payroll or pay your rent and utilities, you would have options to decide the right steps for your financial security while you’re unable to work at your normal pace.

Weigh the benefits of a policy against the cost and coverage to decide whether cancer insurance is worth it for you.

 

Sources:

1 American Cancer Society – January 2018 https://www.cancer.org/cancer/cancer-basics/lifetime-probability-of-developing-or-dying-from-cancer.html

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