Cancer policy

[billyb]

I had a client call me this morning about a draft her son found on her bank statement. Since her husband's death 3 years ago she has been in and out of the hospital and rehab several times coming close to death. I did a 3 way call to Liberty National and found out the $313.88 draft was for a cancer policy. The lady said her husband may have bought the policy years ago but she knew nothing about it. I find it hard to believe that she didn't balance her checking account once in a while.

We got the policy cancelled. She has Medicare and a supplement so she didn't think she needed a cancer policy. I worked for LN until 1991 and back then a cancer policy didn't cost much and offered comprehensive benefits. I sure hope someone will call her and try to explain why this policy cost so much. Is this a competitive price for a cancer policy?

 

[Tahoe Ray]

I had a client call me this morning about a draft her son found on her bank statement. Since her husband's death 3 years ago she has been in and out of the hospital and rehab several times coming close to death. I did a 3 way call to Liberty National and found out the $313.88 draft was for a cancer policy. The lady said her husband may have bought the policy years ago but she knew nothing about it. I find it hard to believe that she didn't balance her checking account once in a while.

We got the policy cancelled. She has Medicare and a supplement so she didn't think she needed a cancer policy. I worked for LN until 1991 and back then a cancer policy didn't cost much and offered comprehensive benefits. I sure hope someone will call her and try to explain why this policy cost so much. Is this a competitive price for a cancer policy?

So I know almost zero about this but I was running a quote (for a life product) when I saw this post.

I know that Omaha does lump sum cancer policies so I ran an 80yo in FL for 100k in benefits. Monthly premium is $250.

I have no idea if that's good or how old your client was but this is a reference point.

@rousemark knows a lot about these policies so maybe he can help.

 

[rousemark]

I had a client call me this morning about a draft her son found on her bank statement. Since her husband's death 3 years ago she has been in and out of the hospital and rehab several times coming close to death. I did a 3 way call to Liberty National and found out the $313.88 draft was for a cancer policy. The lady said her husband may have bought the policy years ago but she knew nothing about it. I find it hard to believe that she didn't balance her checking account once in a while.

We got the policy cancelled. She has Medicare and a supplement so she didn't think she needed a cancer policy. I worked for LN until 1991 and back then a cancer policy didn't cost much and offered comprehensive benefits. I sure hope someone will call her and try to explain why this policy cost so much. Is this a competitive price for a cancer policy?

318 per year? Yes.. 318 per month? Then probably not. I have never seen on that high.

 

[Newby]

Your logic is flawed " She has Medicare and a supplement so she didn't think she needed a cancer policy."

Cancer policies are not for paying medical bills. They are generally bought to cover other expenses that come up with a lengthy illness. She may not have had a need for it, but it wasn't because she had a Med Sup.

 

[billyb]

When I worked with LN years ago the cancer policy was not one that paid a lump sum. It covered chemo, paid a daily room benefit and other care related expenses. Not sure what a policy costing $318.33 a month covers but the premium seems excessive.

 

[Tahoe Ray]

When I worked with LN years ago the cancer policy was not one that paid a lump sum. It covered chemo, paid a daily room benefit and other care related expenses. Not sure what a policy costing $318.33 a month covers but the premium seems excessive.

Yeah. That Omaha quote I gave you just cuts you a 100k check on a diagnosis of internal cancer or malignant melanoma.

I would guess that the policy you're dealing with is similar.

I would agree that the pricing is a little crazy (probably because he purchased it so late in life) but it has to be a large lump sum-type product.