02/27/2020 Cancer Insurance: What You Need to Know
Cancer Insurance: What You Need to Know
Cancer is second only to heart disease as the leading cause of death in the U.S., causing 600,000 American deaths annually1
But the good news is that the overall cancer death rate dropped 25% from 1991 to 2014, and the American Cancer Society recently reported the biggest drop in a single year in cancer deaths from 2016-2017 ever recorded (a 2.2% drop)2 . It’s expected that the number of people living beyond a cancer diagnosis will rise to almost 19 million by 2024.3,4
Advances in medical science have ensured that more people can consider themselves cancer survivors, but that doesn’t mean their finances aren’t taking a painful hit. Cancer treatments tend to be very costly and can require that patients miss work—and even lose income. And there are also many costs associated with cancer treatment that aren’t covered by major medical insurance. That’s where supplemental Cancer insurance can help.
Cash when it’s needed most
A popular type of cancer insurance provides a lump sum benefit if a policyholder is diagnosed with or treated for a covered cancer. The money received is in addition to any other insurance benefit and can be used at the policyholder’s discretion to help pay for any medical and non-medical expenses.
People faced with a cancer diagnosis have to consider their treatment options. As if that isn’t enough to worry about, cancer treatment and its related costs can put their family’s savings in jeopardy. Suddenly, they have to find a way to meet insurance deductibles, coinsurance, and co-payments and pay for “everything else,” such as:
- Transportation to and from care facilities
- Childcare and pet care
- Lost income due to time off work to recover or care for a family member
- Household bills like rent, utilities, tuition, and loans
This can add up to tens of thousands of dollars. Having a cancer policy “just in case” can be an invaluable peace of mind…especially if the unthinkable does happen.
Reducing your risks
Family history and lifestyle play large roles in a person’s risk of developing cancer. Fortunately, there are things you can do to protect yourself and improve your overall health and cancer risks . In fact, almost one-third of the most common cancers could actually be prevented if everyone ate a healthful diet, was physically active every day, and maintained a healthy weight. Additionally, experts recommend avoiding using tobacco products, limiting consumption of red meat, avoiding processed meats, and limiting alcoholic beverage consumption.1
Combined Insurance’s Cancer Protector pays you a lump sum benefit if you are diagnosed with or treated for a covered cancer. Your company may offer voluntary benefits that include this type of coverage, or you could purchase it individually through one of our agents.
Talk with your insurance agent if you want to learn more about cancer insurance and how it can help protect you and your family. Find an agent today!
Cancer policies underwritten by Combined Insurance Company of America (Chicago, IL) in all states, except New York. In New York, Critical Illness policies underwritten by Combined Life Insurance Company of New York (Latham, NY). Combined Insurance Company of America is not licensed and does not solicit business in New York. Cancer policies not available in all states. Exclusions and limitations apply. See policy for complete details.
1-Cancers. (2019, April 11). Retrieved from https://www.cdc.gov/chronicdisease/resources/publications/factsheets/cancer.htm
2-Facts & Figures 2020 Reports Largest One-year Drop in Cancer Mortality. (n.d.). Retrieved from https://www.cancer.org/latest-news/facts-and-figures-2020.htm
4 Cancer Statistics. (n.d.). Retrieved September 22, 2017, from cancer.gov/about-cancer/understanding/statistics.
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