Cancer can take a significant toll on you or anyone’s life. It is, therefore, comforting to know one has insurance as a backup for such a life-changing event. What many people do not know, but should be aware of, is that there are cancer policy limitations. Look at your cancer insurance just as you would a retirement plan. You do not want to use the funds until the end of the policy. That way, you will adhere to payment claims and benefit from it the most. Let’s take a look at other restrictions.
Certain types of cancer/illnesses may not be covered.
Getting the news that one has cancer is never easy. Nor is getting the news that your cancer policy may not cover a specific type of cancer or added illness. You might be asking yourself, so what is the point of cancer insurance? Cancer insurance is meant to cover cancer specifically. At the same time, other illnesses would only disturb cancer treatments; it is suggested you receive coverage for that elsewhere unless the type of cancer is reasonable in risks. Be sure to double-check with one of our Care Financial consultants to go over specific details regarding coverage. Also, look over your medical plan to see if they can cover it as well.
The policy only applies to non-risk patients.
Many people think that a cancer policy is meant for when you have cancer. While it is partially true, the procedure only pertains to non-risk patients, saying the policy applies after the person receives or is close to ending cancer treatments. For example, if you are a cancer survivor, you are more likely to qualify than someone who might have just found out they have it. The reason for that is, after treatments, money may be tight, so the cancer insurance will take off the burden to cover costs such as daily living expenses and deductibles, to name a few.
Coverage begins two to four years after cancer insurance.
Even if you add cancer insurance to your plan, it is not effective immediately. Coverage begins two to four years after the policy has been added. The waiting period ensures that all benefits will be placed on hold until you want to file the claim. Again, the early stages of cancer are not covered. We do highly advise you that if you have a family history of cancer or it is genetically known, that you add cancer insurance as early as possible so that if and when the time comes, your lump sum of money will be readily available.
Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at www.carefinaicialonline.com or call us at 251-633-7122.