Cancer policies are a fast growing type of insurance policy that helps to protect you in the event you’re ever diagnosed with a type of cancer. While these are just supplemental policies, they can help to pay for travel expenses, lost wages, and much more in the event you can’t work. As you try to decide whether cancer policies might be right for your family members, you may want to consider the following:
??? Does the policy pay for everything? Understanding exactly what the cancer policies you’re considering cover is a must. Good policies will offer you either a lump sum of cash or ongoing payments for hospital stays, travel expenses, and doctors’ visits as well as other treatments. Learning a bit more about what is excluded from your potential policies is a must.
??? Can cancer-related illnesses be covered? Many people don’t realize this, but cancer doesn’t stop at that one diagnosis. Instead, other serious problems can occur after the diagnosis. From infections to diabetes to even pneumonia, learning whether or not your benefits extend to the conditions you’ll be dealing with after cancer is important. In the event you look at cancer policies that pay you a lump sum of cash on diagnosis, you’re probably looking at a good bit of money to help cover these additional health problems. If you look at policies that only pay out on certain expenses, that may not be the case.
??? Will my major medical policy work with this policy? When you’re looking at cancer policies, it’s good to investigate whether the two insurance companies will play nicely together. In some cases, your major medical policy may hold out on coverage with the hope that the other company will cover certain things. Find out how the two companies will work together before you make any purchases.
??? Do I have to wait for coverage? The bottom line is that you can’t get cancer policies to cover you after you’re diagnosed. That said, however, in some cases, you may have a fairly long waiting period before you’re diagnosed. Some have a waiting period of up to thirty days. Others may make you wait six months. Look at the total waiting time and find out if the policy expires in a certain amount of time as well.
As with any type of insurance, there will always be fine print in the many cancer policies available today. Make certain you know as much as you can before you buy the policy you need.