Cancer insurance?

[Life Hawk]

They only ask about cancer and AIDS. Some will DQ if ever had, some look back 10 years, etc.

Manhattan Assurance has the best cancer plan(it pays for immunotherapy), but it's a little pricey. United National Life has a good one that I think is a more affordable plan(but no immunotherapy). These are Scheduled Benefit plans. Many companies have the First Occurance plans.

I use UNL. Simple and straight forward and reasonably priced.

 

[rousemark]

What type/amount of underwriting do cancer individual policies typically have?
Also, what would be a typical timeframe for them to cover illness/treatment - meaning, say someone purchased a policy and got diagnosed w cancer several mos later. Would that be covered or is there typically a waiting period? (I'm assuming they don't have an extensive uw process)

I have a client in VA in his early 50's that recently asked about them. Just curious who might be a good option. No cancer in his family prior to age 60, no deaths from cancer ever. Thx

Most companies only ask about cancer and Aids. If the answer to those two questions is no, they qualify medically. Some will accept person who has a history of basal cell skin cancer but will exclude coverage for future skin cancers.. Some, like Washington National ask about certain precancerous conditions and will not accept person that have been treated for those.. As a general rule cancer that is first diagnosed after the policy has been in force 30 days is covered. Most companies underwrite by the questions on the app. A few, run RX checks or MIBs.. Bankers Fidelity will do random phone interviews but I haven't heard of anyone else doing that.

Tom mentioned CUL/Manhattan Assurance. They not only cover immunotherapy but they also cover 27 other medical conditions. Most companies only pay a daily hospital amount if they offer dread disease built into the cancer plan. However, with the exception of the Initial Diagnosis benefit CUL covers the other disease the same as cancer. This is important because Lupus and MS are covered diseases that are treated with immunotherapy. It is my understanding that in 2017 CULs largest claim was a Lupus case in Kentucky. Most of the other cancer plans would not have paid anything on that claim.

 

[rousemark]

I use UNL. Simple and straight forward and reasonably priced.

The only problem is the plan states it is a "First Diagnosis" plan. They say they will pay for subsequent diagnosis but have never gotten them to put it in writing in any form.

 

[goillini52]

The only problem is the plan states it is a "First Diagnosis" plan. They say they will pay for subsequent diagnosis but have never gotten them to put it in writing in any form.

Louis, when I read that I see..."we'll pay for cancer that is 1st diagnosed after the 30 day waiting period".

 

[rousemark]

Louis, when I read that I see..."we'll pay for cancer that is 1st diagnosed after the 30 day waiting period".

Well, that is not exactly what it says: The policy is listed as a "FIRST DIAGNOSIS CANCER BENEFIT POLICY" and is actually worded a little different that what you "see"..

"We will pay expenses incurred for treatment of cancer following a first diagnosis of cancer, subject to the waiting period." There is a slight ambiguity in the way it is worded. And, every time I have texted or used the web contact asking, " The policy say you will pay for a firest diagnosis of cancer.. It I am diagnosed with throat cancer following the waiting period the policy will pay benefits. If I am later diagnosed with an unrelated kidney cancer will the polcy also pay benefits for that cancer? " To this day, they have never answered my inquiry by responding to my emails.. Russ Holson did verbally say they would pay but he never responded in writing to that effect.

BTW, the lump su benefit that most other companies call a "First Diagnosis benefit", they call an "Express Pay benefit".. It is described: "We will pay a lump sum benefit upon first diagnosis of cancer based on the amount selected at time of application if such optional coverage is selected, subject to the waiting period." Note that the rider wording is exactly the same as the policy wording and yet we all agree the express pay rider will only pay one time..

 

[Abrasax]

I have a client in VA in his early 50's that recently asked about them. Just curious who might be a good option. No cancer in his family prior to age 60, no deaths from cancer ever. Thx

Not sure about the companies being discussed, but Mutual of Omaha has some weird rules in VA.



Speaking of, I like how MoO's plan is super simple. Lump sum paid out on diagnosis. How does it compare to the other policies mentioned?

 

[goillini52]

Well, that is not exactly what it says: The policy is listed as a "FIRST DIAGNOSIS CANCER BENEFIT POLICY" and is actually worded a little different that what you "see"..

"We will pay expenses incurred for treatment of cancer following a first diagnosis of cancer, subject to the waiting period." There is a slight ambiguity in the way it is worded. And, every time I have texted or used the web contact asking, " The policy say you will pay for a firest diagnosis of cancer.. It I am diagnosed with throat cancer following the waiting period the policy will pay benefits. If I am later diagnosed with an unrelated kidney cancer will the polcy also pay benefits for that cancer? " To this day, they have never answered my inquiry by responding to my emails.. Russ Holson did verbally say they would pay but he never responded in writing to that effect.

BTW, the lump su benefit that most other companies call a "First Diagnosis benefit", they call an "Express Pay benefit".. It is described: "We will pay a lump sum benefit upon first diagnosis of cancer based on the amount selected at time of application if such optional coverage is selected, subject to the waiting period." Note that the rider wording is exactly the same as the policy wording and yet we all agree the express pay rider will only pay one time..

Is Russ the owner's son, or grandson?

You should've recorded him saying that.

 

[RH4]

Well, that is not exactly what it says: The policy is listed as a "FIRST DIAGNOSIS CANCER BENEFIT POLICY" and is actually worded a little different that what you "see"..

"We will pay expenses incurred for treatment of cancer following a first diagnosis of cancer, subject to the waiting period." There is a slight ambiguity in the way it is worded. And, every time I have texted or used the web contact asking, " The policy say you will pay for a firest diagnosis of cancer.. It I am diagnosed with throat cancer following the waiting period the policy will pay benefits. If I am later diagnosed with an unrelated kidney cancer will the polcy also pay benefits for that cancer? " To this day, they have never answered my inquiry by responding to my emails.. Russ Holson did verbally say they would pay but he never responded in writing to that effect.

BTW, the lump su benefit that most other companies call a "First Diagnosis benefit", they call an "Express Pay benefit".. It is described: "We will pay a lump sum benefit upon first diagnosis of cancer based on the amount selected at time of application if such optional coverage is selected, subject to the waiting period." Note that the rider wording is exactly the same as the policy wording and yet we all agree the express pay rider will only pay one time..

As I am not a claims specialist, my words should not be misconstrued for doctrine, but the plan is marketed as and to date claims have been paid according to the following criteria:

The Express Pay benefit (a rider) is a one time shot; the cancer is diagnosed, the lump sum is paid and the rider is, for all intents and purposes, vanquished. The good news to that is, of course, subsequent premium payments do not reflect the Express Pay rider...meaning premiums go down, often substantially.

The schedule (or base plan to be clear) is paid out forever as long as the patient is receiving cancer treatment irrespective of whether or not there has been remission, or the cancer has spread to somewhere else, or if it is in fact a completely new cancer. As long as the policy is in force, the plan will pay benefits for any and every cancer diagnosis with exception to those explicitly outlined in the policy.

If you have any further questions, please contact our Agent Support Line @ 866-343-0001 or message me directly.

-Rush

 

[goillini52]

As I am not a claims specialist, my words should not be misconstrued for doctrine, but the plan is marketed as and to date claims have been paid according to the following criteria:

The Express Pay benefit (a rider) is a one time shot; the cancer is diagnosed, the lump sum is paid and the rider is, for all intents and purposes, vanquished. The good news to that is, of course, subsequent premium payments do not reflect the Express Pay rider...meaning premiums go down, often substantially.

The schedule (or base plan to be clear) is paid out forever as long as the patient is receiving cancer treatment irrespective of whether or not there has been remission, or the cancer has spread to somewhere else, or if it is in fact a completely new cancer. As long as the policy is in force, the plan will pay benefits for any and every cancer diagnosis with exception to those explicitly outlined in the policy.

If you have any further questions, please contact our Agent Support Line @ 866-343-0001 or message me directly.

-Rush

Any plans to add coverage for immunotherapy, which is becoming popular?

 

[RH4]

Any plans to add coverage for immunotherapy, which is becoming popular?

Yes; we are hoping to have it available by the end of the year.