Does Cancer Run in Your Family? Now’s the Time to Look at Cancer Insurance

According to the American Cancer Society Cancer Facts & Figures 2018 report, about 1,735,350 new cases of cancer will be diagnosed this year in the U.S.

Is there a history of cancer in your family? Or for some reason, a

re you more likely to develop it than the average person is? If so, you may derive some peace of mind from purchasing a cancer insurance policy.

What is cancer coverage?

People purchase cancer policies to augment their primary health coverage. Why? Most medical plans pay some costs associated with a serious illness or disease such as cancer, but not all.

As a form of supplemental insurance, a cancer policy can lessen your overall financial burden.

Look at cancer insurance

Lump-sum policies provide a cash payment upon diagnosis. The recipient can spend it any way they want to. Treatment-based policies, on the other hand, pay over time. These usually cover chemotherapy, hospitalization, surgery, and transportation and lodging costs.

Some cancer policies require that deductibles be met before coverage begins. Others have certain limitations. Also, insurance companies may cover different types of cancer.

Which cancer policy is right for you?

Before purchasing a cancer policy, consider the following:

• Would your needs be best met by a lump sum payout or a treatment plan?
• How much coverage do you require? (The more you get, the higher the premium.)
• Some plans have add-on features called riders for an additional premium. These provide extra benefits, such as the return of premiums if the policy is not used

AmeriLife carrier Cigna offers a Flexible Choice Cancer Insurance policy with features including lump-sum benefits paid upon diagnosis. It also offers optional riders to increase coverage and provide greater flexibility.

“It gives our customers the freedom to focus on what matters – their recovery,” says Magdalena Medic, a Cigna supplemental benefits regional vice president in Land ‘O Lakes, FL.

“Flexible coverage options help provide customers with peace of mind, knowing they have additional financial protection when they need it most.”

Steps to take while employed

The American Cancer Society notes if you are diagnosed and you have a disability benefits policy through your employer, it can help replace lost income if you become unable to work. The ACS recommends you confirm exactly what the policy covers, and determine when the benefits go into effect, before leaving your job. You don’t want to find out after you’ve left that you are not covered.

A short-term care policy can provide income as you wait for a disability policy or long-term care policy to kick in. It’s important to make sure there are no gaps in your overall health insurance coverage, as this could prevent you from getting coverage in the future.

If you are not employed, there are private insurance plans available. Among them are long-term care insurance, individual disability plans, critical illness plans and cancer and intensive care unit (ICU) plans. Again, they vary by insurer.

Act now to be ready for cancer 

We hope you do not need a cancer insurance policy. However, if you find out you have the disease, it can be a challenge to get coverage once you are diagnosed.

At AmeriLife, we are committed to meeting your insurance and retirement needs. Our goal is to help you achieve the peace of mind that comes with being prepared. That’s why the time to look at cancer insurance is now.

Contact an AmeriLife agent to explore cancer coverage options for yourself or family members. They can help you determine what would best fit your situation and budget.

Not intended for residents in AZ, GA, NM, WV and WY.

THE LUMP SUM CANCER POLICY IS A CANCER ONLY POLICY.  IT PAYS LIMITED BENEFITS ONLY. IT DOES NOT CONSTITUTE COMPREHENSIVE HEALTH INSURANCE COVERAGE AND IS NOT INTENDED TO COVER ALL MEDICAL EXPENSES. THIS COVERAGE DOES NOT SATISFY THE “MINIMIUM ESSENTIAL COVERAGE” OR INDIVIDUAL MANDATE REQUIREMENTS OF THE AFFORDABLE CARE ACT (ACA). THIS COVERAGE IS NOT MEDICAID OR MEDICARE SUPPLEMENT INSURANCE.

Product availability varies by state.  The policy contains exclusions, limitations, reduction of benefits and terms under which the policies may be continued in force or discontinued. For cost and complete details of coverage, contact your insurance agent/producer or the company. Policy Forms: Lump Sum Cancer – LY-LSC-BA et al, LY-LSC-BA-B-ID et al,  LY-LSC-BA-OK et al, LY-LSC-BA-B-OR et al, LY-LSC-BA-B-TN et al, LY-LSC-BA.V3-B-TX et al.