Cancer Insurance

Cancer insurance policies may be purchased individually or, in some instances, through your employer's benefits program. Cancer insurance policies supplement existing health insurance policies or income. You will not be able to purchase a cancer policy if you already have cancer.

The majority of cancer insurance policies pay out a lump sum benefit upon diagnosis. Some of them continue to pay for certain expenses, but others offer simply a one-time lump sum and then coverage ceases.

Remember to take into account that your premiums will be higher if you seek a larger lump-sum payment or if you want the remainder of your family to be covered. Your premiums may also increase as you get older.

You may want to consider purchasing comprehensive medical insurance coverage and disability insurance to assist in paying for medical care and time lost from work due to any serious illness or injury. Cancer insurance is NOT a substitute for a health insurance plan.

In the event of a cancer diagnosis, a cancer insurance payout could allow for a number of treatment and travel options that you perhaps wouldn't otherwise have been able to afford.

Another option to consider is a critical illness insurance policy. This policy offers a lump sum payment for a number of conditions, from cancer to stroke to burns.

In Review:
A cancer insurance policy can help protect your income and savings from expenses that aren't covered by your major medical health insurance policy