You just found out you have cancer, and you’re feeling shock and disbelief, almost a numbing feeling, or maybe your family member was just diagnosed. Your whole world has just changed and all of a sudden there are a million and one things you want to do and things you need to do to protect yourself and family financially.
Finances may not be the first thing you think about, and that is ok, but when you do start to think about it, make sure to include looking for a good cancer policy. When researching your options for coverage, I encourage my clients to dig into the details but I strongly suggest that the policy in question includes certain benefits.
Here are the top 3 things to look for in a good cancer policy:
1. Wellness Benefits2. Simple Applications3. Initial Diagnosis Benefits
For more information on the specifics of these three important aspects of a policy continue reading below.
1. Wellness benefits- Let’s hope you never get cancer. That is kind of the goal- right? Well, for your premium, you would like to feel like you can get a little back without a diagnosis. A wellness benefit is a great way to accomplish that. Many cancer plans will pay you back for preventative visits like pap smears or colonoscopies with evidence that the procedure occurred. We should be doing these things anyway. Having our cancer plan pay us back for taking time from our day to make our health a priority with these wellness visits. Many clients use the renewal date on their plans as a reminder to schedule their wellness visits.
2. Simple applications- Not all applications for this kind of coverage are created equal. Some are straightforward while others are not. In my experience, you are far less likely to move forward with a plan if the application seems difficult and cumbersome. Ask an agent for their feedback on application procedures, medical underwriting and processing times.
3. Initial diagnosis benefit- When cancer policies come up in conversation with clients, they often report the time just after the initial diagnosis as the most scary. Stress is high with lots of uncertainty. This is often the time when most people are away from work or not working at all. This is why the initial diagnosis benefit can be so helpful. It pays you at the start of your care when you likely need it most. We call it “thinking money” in the industry. This is the time when you, your family and caregivers and doctors are putting together your game plan for how to get well. Not having to worry about your finances at this time gives you the freedom to focus on your health rather than paying for it.
None of this is easy. It takes careful thought and planning on how to move forward. But it can be less complicated when you know what benefits are most helpful. Cancer plans have lots of other great features too but these are the ones that I like to see in a plan before discussing it with a client.
