Cancer Insurance - Waste of Money ?

[Abrasax]

As I sit here in the regional cancer center waiting to see my radiation oncologist for a follow up, talking with others that are either survivors or undergoing treatment, my thoughts turned to cancer insurance. There are many that say it is a waste of money. I can guarantee you that those that are fortunate enough to have the coverage to help them financially as they undergo treatment are among that group.

But, what about the folks that carry a plan and never have a claim? Have they just wasted their money? Well, first of all, I would be very thankful if I were in that group but something occurred to me
this morning that I had never thought of before.

"Where do you think the money to pay claims to those that need it comes from?" ...From the money contributed in the form of premiums by people who never have a claim. So the money we pay is not wasted but goes to help others in need which actually was the whole idea behind the early insurance societies.

Down deep I always knew that but I have used that knowledge in my presentation. Have always just appealed to the clients sense of "greed" that if the needed the money it would be there. But, by telling them, "I hope you never need it and if you don't you will have helped others that were in desperate need.", you also appeal to their sense of charity.

I don't think they're a waste of money. The cost is usually low enough to go unnoticed every month, and most people "waste" on more money on frivolous spending then they would pay for a cancer plan.

I'm a believer in Critical Illness coverage in general, especially the plans that last your whole life. It's more emotional for clients AND agents because we all have seen someone financially affected by either cancer or another critical illness. And it's such a simple, straightforward policy, low priced policy, there's not much preventing an impulse buy.

I've always been a big believer in CI. When I was first licensed, I tried to show it to my parents, but being healthy they didn't see the need at the time. Within a year, my mom had her first stroke. Now she wants to load up for my father and get the cancer plan since she can still qualify. She watched her mother die of cancer with no money. She watched her father die of Alzheimer's with no money. $50,000 would not have saved their lives, but it would have lessened the burden, and my mother wouldn't have been stuck with a $30,000 nursing home bill.

This is life. It happens all the time. And nobody's ever prepared. A lot of these plans can be purchased for $20-30/mo, It's easy to miss that coming out of your bank account.

Of course this only makes sense for certain income levels. If you make a good living, $50k might not sound very impressive, but to the middle market, that be a year's wages.

There's certainly a place for this coverage. This thread is strange because it seems like some are missing the forest for the trees.

 

[adjusterjack]

I'm a believer in Critical Illness coverage in general

How about uploading a sample policy.