I have major medical and hospital.. why would I need a separate policy for cancer? Major medical policies do not furnish CASH and many have high deductibles and co-pays. A cancer policy pays cash for clients to use for any ongoing needs. Going through cancer can mean extended time from work as well as travel and time from work for the spouse and other family members as well. Most people do not want to use up and be penalized on a retirement fund due to cancer. Can’t work. Can’t pay the mortgage. Can’t buy groceries. Can’t pay the ongoing monthly bills. These occur often when someone faces cancer and according to the facts and figures survey of cancer victims, 60% of the actual cost of cancer is NOT MEDICAL but due to loss of assests and income plus the ongoing bills.
There are two types of cancer policies that provide CASH. One is called Lump Sum and can be purchased in Benefit amounts $10,000 up to $50,000. Options for this policy include Heart/Stroke coverage, Intensive care daily coverage up to $600 per day. Also included is a RETURN of PREMIUM if the policy is kept in force and no claims made over a 20 year period. No treatments are required to collect the lump sum benefit amount. There is only one claim and the client knows how much they will recieve as soon as they are diagnosed. Again, these benefits are paid REGARDLESS of any other coverage and no treatments are required to collect.
The second type of coverage also has a RETURN of Premiums option and is based on a Scheduled list of benefits. Benefits are paid as treatments and specified costs are incurred. There is no lifetime maximum on benefits!! So, a person could collect if they needed benefits for as long as they keep the policy.
Of course, a person can not qualify for cancer insurance once they are diagnosed and these policies have a 60 day waiting period to be affective.
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