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Should You Order Cancer Insurance?

Looking for information on cancer insurance? Cancer refers to a disease that sees a group of cells divide and grow abnormally, and then invade and destroy adjacent tissues, often times metastasizing to other areas of the body. Unlike benign tumors, cancerous tumors can be fatal and require quick and immediate treatment. Many people tend to think of cancer as a senior disease, though facts show that it is actually fairly common among younger individuals as well. Cancer causes 13% of all deaths in the world; the American Cancer Society reported that in 2007 7.6 million people died from this disease. What causes cancer? It can be due to a number of factors, not limited to genetics, the effects of harmful carcinogens like tobacco smoke, radiation and chemicals.

A relatively new item that has come to the insurance market is that of cancer insurance. This is not merely disability insurance or some specific clause in a life insurance policy; this is a policy created exclusively for cases in which the policyholder develops cancer. Needless to say, this is not an insurance policy that you can apply for after already having cancer. This is a contract that specifically defines the terms: if money is to be paid, then the person must develop cancer under normal lifestyle and working conditions. (There are also other disease insurance policies available.)

Why might you be interested in cancer treatment? Depending on the policy you get, you may wish to leave money to your family members in the event of a cancer related death, or you may simply take the policy out exclusively for the payment of medical bills related to cancer treatment. In fact, cancer treatment accounts for about 10% of all U.S. health expenses.

Like most insurance policies, cancer insurance cover a large percentage of your treatment and diagnostic costs after you pay the deductible. (In some cases, your health insurance might actually pay the deductible.) Cancer insurance policies have high maximums, some as high as one million dollars.

In considering whether or not you personally need a cancer insurance policy, consider these three questions:

  • Does my current health or life insurance policy provide adequate coverage?
  • How much will the treatment cost if I do develop cancer?
  • How likely am I to develop the disease? (Family history, smoking, etc.)

Besides considering what coverage your health or life insurance company offers, you must also consider what the cancer insurance policy does not cover. No plan is so perfect that it covers everything. Medical costs of cancer treatment vary tremendously. When it comes to cancer treatment costs, 78% of the average belongs to hospitalization. Physician services make up 13%. The remaining 9% is due to pharmaceutical drugs, nursing home care and other professional services. Most of the expenses that are not directly related to cancer medical treatment are not eligible for coverage. These expenses could be anything from home care, transportation costs, and other rehabilitation expenses.

What is the actually chance that you will get cancer in a lifetime? If you avoid unhealthy habits like smoking and try to eat healthy, then you stand a good chance of not contracting cancer. About three Americans in ten will get cancer sometime during their life. One in 250 people will get cancer in a year’s time. This is a decision that only you and family members can make. However, try to keep emotion out of the equation. Consider your odds of developing the disease in the first place. If there is a history in your family of cancer illness, if you have had cancer before, or if you smoke or work amidst a dangerous environment, then you may have a reason to pursue this policy.

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