The Importance of Cancer Insurance

Cancer is one of the leading causes of medical costs in America. There is hardly anyone who has not had, or known someone with, cancer. It can break your bank account if you are not prepared. That’s why a cancer insurance policy is a great option to explore.

So what is a cancer policy? Cancer insurance policies help to pay for both medical bills and loss of income.

Most policies will pay a lump sum payment upon first diagnosis of cancer. In other words, if you have a $50,000 policy, you get an immediate $50,000 payout. This can be huge if you are going to be out of work for an extended period of time.

How Long Will Cancer Keep Me Out of Work?

There is no one answer to this question. The American Cancer Society gives tips on what to do about working with cancer. But the time off required depends on your strength and your treatments. For some, they will be able to continue work. However, many people will be out of work for weeks at a time. This often results in loss of income unless you have paid leave or work a salary position.

Many people, when thinking about insurance, only talk about how they will pay for medical bills. They rarely think of how they will pay for the lights, food, and other necessities. It is just something you do not think about when talking about insurance.

What Carriers Sell Cancer Insurance Policies?

There are many carriers that sell cancer insurance policies. Some popular ones are Guarantee Trust Life, United Healthcare, Occidental Life, and Mutual of Omaha. However, you will need to find a carrier that sells the policies in your specific area. These policies are not usually guaranteed issue. That means you must pass initial health questions as well as go through underwriting. This is why it is important to sign up for a policy early. Many of these policies are combined with term life insurance as well.

If you want to look into getting a policy for yourself, be sure to request a free quote today.