Cancer Insurance Frequently Asked Questions

1. What is cancer insurance coverage?

An insurance policy that pays cash benefits to the policy holder upon initial diagnosis of cancer and sometimes over the course of treatment.  The cash benefits are paid directly to the policy holder and can be used however needed. Typically one would use it to pay their “have to” bills, ie. Mortgage, Rent, Car, etc…

2. How does cancer insurance work?

Once your diagnosed with internal cancer or malignant melanoma or sometimes a skin cancer that has metastasized benefits are paid upon initial diagnosis and sometimes over the course of treatment.  For instance: Health insurance pays the hospitals and the doctors, where cancer insurance pays the policy holder directly, cash benefits to be used however they see fit.

3. Is cancer insurance worth it?

Cancer can be a very financially devastating disease, even someone with the best health insurance in the world will still experience out of pocket expenses that health insurance won’t cover.  This may cause you to have to tap into your savings, and deplete your financial resources that you have worked your whole life to accumulate. So cancer insurance is piece of mind coverage that hopefully you never have to use.  It is a great way to protect your financial well being in case of an unfortunate diagnosis.

4. Do I need cancer insurance?

Cancer insurance is piece of mind coverage if the unthinkable happens.  If you can afford losing a large portion of your savings paying for cancer treatments and medical bills, then you may not need cancer insurance…

…but if you want to protect your lifestyle and financial resources, than cancer insurance may be for you.

5. What does a cancer policy cover?

Internal cancer, malignant melanoma, and sometimes other skin cancers that have metastasized.  

The money provided from a cancer policy can help pay for out of pocket expenses when they occur.

6. What does cancer insurance cover?

See above.

7. How much does cancer insurance cost?

Cancer insurance coverage ranges by age and amount of coverage.  Contact us for a customized detailed quote comparison from many of the top rated insurance companies.

8. Can cancer insurance be deducted on taxes?

Typically no, however we always recommend contacting your tax advisor for more information.

9. Are cancer insurance benefits taxable?

Typically no because the policies are paid with post tax dollars.  However if you purchase a group policy through your employer your benefits may be taxed.  Contact your employer for more information.

10. Can cancer premiums be pre tax?

Only through an employer group.  If your employer offers a benefit of cancer insurance if may be paid pre tax.  Contact your employer to inquire if they offer this.

11. Can you buy cancer insurance?

Yes, typically if you haven’t had any diagnosis or treatment in the last 10 years, and you don’t have any current tests pending for which you have not received results.  You may be eligible for a cancer insurance policy, contact us for more information.

12. Can I get cancer insurance after diagnosis?

Some policies will decline coverage if there was a past history of cancer, others will consider coverage if cancer free for a minimum of 10 years.

13. Where to buy cancer insurance?

At eSupplemental.com we offer many different cancer insurance plans, contact us to learn more on what you may qualify for.

14. Which cancer insurance is the best?

It’s not a matter of cancer insurance being the best, you want a good reputable company that you can trust that will pay a claim when needed.  We typically recommend a lump sum policy that pays upon diagnosis instead of a cancer policy that pays over the course of treatment.

15. What is group cancer insurance?

Cancer insurance purchased through an employer group, typically at group rates.  Typically the benefits on a group plan may be limited. Contact us today to compare your options.

16. Does cancer insurance have a waiting period?

Typically 30 days

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Is there a free look period with cancer insurance?

In the first 30 days you can cancel your policy and get a free refund, after that you pay month to month and can cancel at any time.  You are not locked into keeping your policy.

18. Does cancer insurance offer a return in premium or cash value?

Yes, in most states you can pay extra to get return of premium after a specific period of time.  For most policies it’s 25 years. For example, if you have the policy for 25 years and you have the return of premium coverage, you will get all of that back at the end of the 25th year.  This return of premium coverage adds 50 – 75% more to the cost of the policy per month.

19. Is cancer insurance guaranteed for life?

Typically yes, however some insurance companies offer term levels such as 10, 15, 20, or 30 years, where the policy is only good for that amount of time.  

20. Do cancer insurance premiums increase with age?

With most cancer insurance policies rates do not go up with age.  If there is a rate increase the insurance company would have to raise rates for everyone in your state regardless of age.  Rate increases on cancer insurance are rare, they typically don’t raise rates every year like health insurance.

21. Are there any other riders to a cancer insurance policy?

Some policies will offer riders to protect you in the event of a heart attack, stroke, or a stay in the ICU for additional cost.