More than 1.6 million Americans are diagnosed with cancer every year.
The physical and emotional effects of fighting this dreaded disease are stressful enough. No one should have to endure additional concerns about their finances.
But for many Americans – even for those with major medical coverage – the stress of a cancer diagnosis is amplified by financial worries. As noted in a recent study, more than 70% of patients fighting colon cancer had major financial problems due to their care, although nearly all of them had medical insurance.
Fortunately, there is a remedy.
Life insurers offer supplemental policies that pay benefits when the policyholder is diagnosed with specified diseases like cancer. The benefits can be paid directly to the policyholder in one lump sum or they can be extended over time.
The cash benefits from these cancer insurance policies can provide a crucial financial lifeline for families and help them protect their household budgets.
According to a recent Bankrate survey, less than 50% of Americans have enough money saved to afford a $1,000 emergency expense. Cancer insurance policies can be a gamechanger, by providing payments straight to policyholders to use however they see fit.
Consumers with cancer insurance gain valuable peace-of-mind. Rather than worry that their illness might force an uncomfortable financial choice like raiding a college fund or skipping a rent, policyholders can rest assured that their benefits will be there when they need it most.
It’s important to note that supplemental benefits from life insurers are “in addition to” and not “in place of” medical health insurance. They provide American families with financial security when life takes an unexpected turn.
Fighting cancer is hard enough. People should be able to focus on getting well, not getting the bills paid.
Cindy Goff is Vice President, Supplemental Benefits and Group Insurance at the American Council of Life Insurers (ACLI), where she develops and implements state and federal public policy positions and strategies to ensure access to innovative financial protection products. She has also served as Director of Health Policy for Aflac and VP of Product Policy at America’s Health Insurance Plans.
