Cancer insurance?

[jcorr]

I'm talking with a prospect tomorrow about life insurance and she wants a quote on cancer insurance too. I don't know that much about it besides having a general lukewarm, "is it really worth it?" sort of opinion. I know that Ohio National offers an Accelerated Benefit Rider which will pay out like a long term care policy or if diagnosed with a terminal illness. NYL has something similiar but neither is cancer specific. What suggestions would have if she insists on having a cancer policy?

 

[DHK]

Assurity has a stand-alone critical illness policy. They pay out a lump sum depending on the level and type of cancer diagnosis.

 

[rousemark]

I'm talking with a prospect tomorrow about life insurance and she wants a quote on cancer insurance too. I don't know that much about it besides having a general lukewarm, "is it really worth it?" sort of opinion. I know that Ohio National offers an Accelerated Benefit Rider which will pay out like a long term care policy or if diagnosed with a terminal illness. NYL has something similar but neither is cancer specific. What suggestions would have if she insists on having a cancer policy?

You didn't mention the age which might make a difference. Washington National, United National Life and Manhattan Assurance have good plans.. Is it worth it to the agent to sell them? Easy sale, no real underwriting other than have they had cancer or AIDS, average commission around $300 - $400 per app. Average renewal commission around 15% for the life of the policy.

 

[jcorr]

Female age 34, NS, 5'4 140 lbs. California. Currently I'm assuming no health issues.

 

[rousemark]

Female age 34, NS, 5'4 140 lbs. California. Currently I'm assuming no health issues.

Height and weight are not factors for cancer only coverage. And most companies do not take into consideration smoking or gender status. Only age and cancer history. In the case of someone under 45, I prefer to offer CUL. Older folks, either UNL or Wash Nat.

 

[goillini52]

Height and weight are not factors for cancer only coverage. And most companies do not take into consideration smoking or gender status. Only age and cancer history. In the case of someone under 45, I prefer to offer CUL. Older folks, either UNL or Wash Nat.

Now that I think about it, you'd think that they WOULD charge more for smokers.

 

[AboutThatLife]

They are really good. Health insurance doesnt pay for chemo alot of the time. Lots of other little things too .

Combined has a really good one, as does CUL.

 

[rousemark]

They are really good. Health insurance doesnt pay for chemo alot of the time. Lots of other little things too .

Combined has a really good one, as does CUL.

Most of the advances in treatment are now taking place in immunotherapy.. Most companies either do not cover it or have a very small benefit. CUL covers it the same as chemo and radiation. If I am writing Wash Nat or UNL, I try to add extra first occurrence benefit to make up for their not covering immuno..

 

[Derek Streich]

SureBridge has a new CI product that is available for seniors. can be sold as stand-alone lump sum CI coverage up to age 90. max benefit $50K. Super simple e-application with true simplified accept/reject underwriting (No PHI, No MIB, No RX Check).

 

[Brandon 8676]

See if your company offers a first diagnosis policy that pays a lump sum benefit and/or a comprehensive cancer policy that covers treatment. These can be sold alone, or as with my company, the first diagnosis policy can be sold as a rider with the comprehensive policy.