What Is A Cancer Insurance Policy

No one likes to think about getting sick, but just as you may wind up eventually

having to deal with a nasty flu, it"s a possibility that you may wind up having to deal with a diagnosis that terrifies you: cancer. According to the CDC, cancer affects 1.2 million of new people every year, and the word alone frightens most people. One way to make the diagnosis a bit easier to bear is in knowing that your financial burden will be taken care of, and a cancer insurance policy is one way to go about helping you with your financial problems, but what, exactly, is a cancer insurance policy and how can it help you?

Benefit of a cancer insurance policy

Cancer Insurance policies also include the costs related to any kind of unforeseen health issues. Not only this, the cancer insurance policies/critical illness policies can work alongside other disability policies, long term care insurance etc.

Understanding the Policy

Your regular health insurance covers things like your doctor"s visit, your medication, and laboratory testing. But this type of insurance doesn"t cover a lot of the costs that go along with dealing with cancer treatment. That is where a cancer insurance policy comes into play. This type of policy helps to pay expenses that are not covered by your traditional health insurance policy.

There are basically three different types of policies that you can select from when you"re looking to purchase a cancer insurance policy. The first is an expense-incurred policy. This type of policy pays a specific percentage of expenses that you may incur when you have to pay for treatment.

The second type of policy is one that covers a fixed-dollar limit, which is known as an indemnity policy. And the third is a policy that pays you a lump sum of money in the event that you may be diagnosed with cancer. All three types of policies tend to have a bit of a waiting period to them, some are 30 days, some are as much as 60 days, but there is no cancer insurance policy that will cover you if have been diagnosed with cancer before you purchase the policy, which is why it"s vital that if you have a family history of cancer, as many families do, you look into this type of policy.

It"s also important that, when you"re looking for a cancer insurance policy, you make sure you research the companies involved in the policies. You"ll want to find the best companies in the industry as well as select a policy that will best meet your needs.

by: cancerplans

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