Nearly 40% of people will be diagnosed with cancer at some point in their lives. With over two million new cancer cases expected in the U.S. each year, chances are high that you or someone close to you has already been affected.

Beyond the emotional toll, cancer can also bring major financial stress. Almost two-thirds of all bankruptcies in the U.S. are due to medical debt.

That is why we are explaining an important coverage that more people should know about: first-diagnosis cancer insurance.

Why You Might Need It

First-diagnosis cancer insurance provides a tax-free, lump-sum payment if you are diagnosed with internal cancer or malignant melanoma for the first time. You can use the money however you need — whether that is to cover burdensome medical costs, replace lost income or help with unexpected expenses. 

The payment comes directly to you separate from any insurance coverages or payouts from your existing medical insurance. Your cancer insurance also helps you handle copays or cover special treatments your medical insurance might not cover.

Unfortunately, cancer comes with a whole list of unexpected expenses. Say, for instance, that you need a special procedure or treatment at the Moffitt Cancer Center in Tampa. You want a loved one to drive with you, and they will need to stay in a hotel nearby overnight. The payout from cancer insurance could pay for travel, meals, and lodging.  

Without a cancer insurance policy, you would be forced to foot the bill for that trip yourself. 

How It Works

For a small monthly premium, you can get coverage between $10,000 and $50,000. This kind of policy is available for ages 0 to 69. To qualify, you do not need a physical exam, and family history is not a factor. 

The younger you are, the lower your premium will be. Most policies offer guaranteed renewal as long as premiums are paid. There is a 30-day waiting period once the policy begins. 

The policy pays out for internal cancer and malignant melanoma. Less serious skin cancers like basal cell or squamous cell carcinoma are excluded. No benefits are paid for any cancer that was diagnosed or showed signs before coverage started. 

If you are diagnosed with serious cancer, the benefit is paid directly to you. 

A Personal Note

I have had one of these policies for myself for over five years now. I pay a small monthly fee for $50,000 in tax-free coverage. 

Securing a policy is a smart move, especially if you are younger, since the premiums are lower the earlier you enroll. As long as you have not had cancer, you are likely to qualify. 

Cancer insurance is a popular product that many people do not think about until it is too late. It offers a real peace of mind when it matters most.

Ready to Learn More?

If this is something you have been putting off — or if it is the first time you are hearing about it — now is a great time to ask questions. I encourage everyone to reach out for a quote. 

This is a smart way to protect yourself and your future. Protect your health and your finances. You deserve both. Give us a call at 954-775-0275.