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I had thyroid cancer back in 2013. Glad I had both Cancer and CI plans both paid out with no problems.
Why Sell Cancer and Critical Illness Insurance?
- Thread starter rousemark
- Start date
- Thread starter
- #72
Wish I had not dropped mine 7 months before my diagnosis of throat cancer. Hope you are doing well... I am 4 1/2 years treatment free.. Coming up on that all important 5 year mark.
- Thread starter
- #73
Fortunately, this prognostication shared by many has not come to pass. The supplemental market is as strong as ever..
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duty, not job, my friend. I'm proud to be a contributor here when I read things like that.
Part of it certainly has. My health insurance premiums have doubled.
- 8,448
December 1, 2015
Yes indeed! ObamaCare's high Out-of-Pocket cost is generating an ongoing increase in Critical Illness sales.
Story: Obamacare deductibles leading to more critical illness policies
New ObamaCare clients in Illinois aren't buying C.I. as frequently as they did before ObamaCare. Perhaps the article is referring to more prosperous areas of the U.S.A..
Subsidized policyholders have more disposable cash to buy filler policies. The few U65 health insurance clients I have left (none subsidized) have trouble finding the $$ just to pay health insurance premiums.
Obamacare has created a new class and definition of insurance poor.
Obamacare has created a new class and definition of insurance poor.
Bumping this up...
How is the CI / Cancer market these days? I'm thinking this is something I'd like to look at - to at least have as a tool in my bag. Have had a people I know diagnosed with cancer this year - no supplemental covg. One is incurring some pretty large bills, thankfully he has good health covg so its not as bad as it could be for sure. But he could certainly have benefited from some extra $ to help.
Rousemark, you still using WN?
How is the CI / Cancer market these days? I'm thinking this is something I'd like to look at - to at least have as a tool in my bag. Have had a people I know diagnosed with cancer this year - no supplemental covg. One is incurring some pretty large bills, thankfully he has good health covg so its not as bad as it could be for sure. But he could certainly have benefited from some extra $ to help.
Rousemark, you still using WN?
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Agents often ask why should I sell limited benefit plans such as cancer or critical illness insurance.
Well, the first reason is, as evidenced by the video below, there is a need for it. The critics argue limited benefit palns are a bad buy based on, "what if I have a policy that only covers this and that happens? What if I only have coverage for cancer or cancer and heart trouble and I have kidney disease?" I like to reverse the question, what if I can't afford the prohibitive premium for a plan that would cover every possible illness and I don't buy the cancer coverage that I can afford because it only covers cancer and then am diagnosed with cancer? Which would be the bad buy? Buying into the argument I should go without coverage or the cancer plan?
It is said that 1 out of 2 men and 1 out of 3 women will experience cancer in their lifetime. Many of these will be minor cancers but a good portion of them will be serious, long term treatment cancers that can devastate a family financially as well as emotionally.
60% of the cost of treating cancer is non medical expense not covered by even the best of medical insurance plans. Most people experience Loss of Income -- often for both wage earners.. When one family member has cancer the other often has to take off in order to transport the one who has cancer back and forth for treatment. If you have a child that has cancer, you are both going to take off when that child is having treatment or is in the hospital.
Then there are miscellaneous things such as Child Care, Transportation, Special Diets, Clothes, etc
There are Deductibles to be paid by the insured in almost every health insurance plan And, what about Coinsurance? ---- Most people never know exactly what is not covered by their major medical insurance until it comes time to use it.
95% of cancer patients have insurance, but 1 in 4 said their plan paid less than expected. 1 in 8 people were surprised that their plan wouldn't pay anything for a bill they thought was covered. 1 in 10 people reached the limit of what their insurance would pay for treatment. 1 in 12 people were turned away or unable to get a specific type of treatment because of insurance issues. 25%used up all or most of their savings. 13% borrowed money from relatives.
All these things are terribly expensive and that is one of the reasons
62% of all bankruptcies are due to medical expenses
These are not scare tactics.. these are hard, cold facts. If it happens to one of your clients and you had not at least offered the opportunity to purchase a product that would have prevented it, how will you feel? I have a friend that just went into the hospital and may be there for months. I had never mentioned cancer insurance to her and I can tell you, I feel rotten about it.
The need on the part of your clients is there but what is in it for you? After all you have to make a living for your family while offering a service to your clients.
First of all, there is a large market base.. Cancer coverage is available to anyone who has not been treated for cancer in the last 5 - 10 years (varies with companies). Individual plans are available ages 18-85 and family plans cover children from birth to adulthood. Almost everybody is a prospect even those that have other coverages since the plans pay benefits direct to the insured in addition to any other reinsurance coverage they may have.
Compensation can be very good. Commissions usually range from 50% -75% first year and 10% - 15% renewals. And, the best part is that renewals are usually level for the life of the policy. I still get renewals on cancer plans I sold 20 years ago.
Simple product with simple underwriting... No need for laptops or tablets in the house. In the case of CI, the health questions usually are restricted to whatever illness that are to be covered. If you selling a cancer only policy, the questions are the standard HIV question and have you ever been diagnosed with cancer.. That is it. No restrictions on job status, occupation type, etc.
Wide market, Need for the product, lifetime compensation, no hassle underwriting. Sounds like pretty good reasons for offering cancer and CI insurance to me.
https://www.youtube.com/watch?v=o5P-zrdhJgI
Can you recommend a good lump sum cancer policy to sell? I have GTL but it's not very competitive I don't think. Thanks!
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Wish I had not dropped mine 7 months before my diagnosis of throat cancer. Hope you are doing well... I am 4 1/2 years treatment free.. Coming up on that all important 5 year mark.
I sold my best friend a $50k lump sum cancer policy several years ago and he dropped it about 6 months ago. He just got diagnosed with Colon cancer last week.
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Which lump sum cancer policy do you all recommend? Cigna? GTL?
- Thread starter
- #80
Washington National, Cigna both have decent plans. Cigna's cancer treatment plan is a good plan. Unfortunately they reduce commission in TN.
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