CANCER & CRITICAL ILLNESS
Cancer Insurance can help pay for medical costs like insurance plan co-pays, extended hospital stays, diagnostics tests, treatments, and procedures. Other non-medical expenses such as child care, travel, and lodging expenses, and lost income can also be taken care of. Eligibility requirements, coverage specifics, and payout types will vary by company and product. Some pay a lump sum upon initial diagnosis, others pay for specific treatment expenses.
The costs of cancer can be devastating- Cancer patients and survivors are more likely to resort to bankruptcy, and nearly half deplete their life savings while trying to recover. This is true even for those that have traditional or Medicare-based health coverage. Cancer insurance provides peace of mind in a difficult time, allowing more opportunities to seek the best possible comforts and care.
Health concerns can be proactively considered, but it’s impossible to know what diseases may or may not lie ahead. A critical illness policy normally pays out a lump-sum for diagnosis of specific illnesses such as heart attack, kidney failure, or organ transplants. (These policies may also cover both medical and non-medical costs.) While critical illness and cancer insurance are different things, some companies offer a combined critical illness/cancer policy.
Seniors often purchase products targeted to pay out in the event of Cancer, Heart Attack, or Stroke events. It is important to understand how a plan would payout if the insured suffers from multiple ailments- some policies can be utilized multiple times as long as premiums are paid, others payout only once. UAR can help you select the right plan type for your adult clients.
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