The impact of cancer is not just limited to the physical and emotional toll it takes on patients and their families, but also the financial burden of treatment and care. Cancer insurance, also known as critical illness insurance, is a type of coverage designed to help offset the high healthcare costs associated with cancer diagnosis and treatment.

How Cancer Insurance Works

Cancer insurance typically pays out a lump sum benefit to the policyholder in the event they are diagnosed with cancer, regardless of their age or whether they have a family history of the disease. This lump sum benefit can be used to cover a range of expenses, including medical bills, travel costs, and lost income due to time off work.

The risk of cancer is a reality for many families, with certain types of cancer having a higher likelihood of occurrence in certain age groups and populations. Breast cancer, for example, is more commonly diagnosed in women over the age of 50, while prostate cancer is more common in men over 60. Additionally, certain lifestyle factors such as smoking, excessive alcohol consumption, and a diet high in processed foods can increase the risk of developing cancer.

Selling a Cancer Plan

When asking about your clients’ needs it will be important to bring a few things into the conversation. You may want to ask your clients if cancer is something that runs in their family or if they are tobacco smokers. These are important questions to ask even asking them if so, how were the medical bills handled? Providing your clients with knowledge of how a cancer plan can help with these expenses and proper medical treatment will help you find the right plan for them.

Benefits of Cancer Insurance

While cancer insurance cannot prevent the occurrence of cancer, it can provide peace of mind for families who may be at higher risk due to their age or family history. By having a cancer plan in place, families can feel more prepared to handle the financial strain that comes with a cancer diagnosis.

One of the primary benefits of cancer insurance is that it can help cover the costs associated with treatment and care. Cancer treatment can be incredibly expensive, with costs for chemotherapy, radiation therapy, and surgery often running into hundreds of thousands of dollars. Even with health insurance, out-of-pocket expenses such as deductibles and copays can quickly add up.

Cancer insurance can also help cover indirect costs associated with cancer diagnosis and treatment. For example, if a patient needs to travel to receive treatment, cancer insurance can cover the cost of transportation and lodging. Additionally, if a patient needs to take time off work to receive treatment or recover, cancer insurance can provide a source of income to help offset lost wages.

It’s important to note that cancer insurance is not a substitute for health insurance. Rather, it is designed to supplement existing coverage and provide additional financial support specifically for cancer-related expenses. It’s also important to carefully review the terms of any cancer insurance policy before purchasing to ensure that it covers the types of cancer that are most relevant to your individual circumstances.

Where does Pinnacle Financial Services come in?

Pinnacle Financial Services is a full-service “FMO” that offers you some of the best technology in the business, like our proprietary Connect4Medicare platform, top-notch support service, and personal sales and marketing from the very start. There is no sales quotas or commitments that you need to make to us, as we just want to help you grow your business. This is a win-win opportunity for all of us, so what are you waiting for? Join us at the top!