Health Insurance

Best Cancer Insurance Companies

CANCER INSURANCE
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Written by Brandon

Cancer is a deadly illness in which abnormal cells divide uncontrollably and destroys body tissue. There are various types of cancer, but the most common type of cancer includes breast cancer, prostate cancer, lungs and bronchus cancer, and melanoma cancer which is a type of skin cancer. 

No one ever wants to be diagnosed with cancer, but the fact remains that our activities and lifestyle in recent times have increased the chances of getting cancer. There are over a hundred different types of cancer, and any part of the body can be affected also anyone is prone to this deadly disease. Recent studies in Britain have shown that the lifetime risk of getting diagnosed with cancer has increased from 38.5% to 53.5% for people born within 1960 to date. This study concluded that the lifetime risk of a cancer diagnosis for those born after the year 1960 is greater than that of people born before 1960.

 The mortality rate for every type of cancer is higher than other conditions, but fortunately, advancement in medical technology has made the fight against cancer more effective than ever before. With this development, the survival rate is predicted to increase to 20.3 million in 2026 from the present rate which is 15.5 million.

Moreover, while the rate of possible cancer diagnosis has increased and advanced treatment is being provided, the cost of treatment also keeps increasing as time passes. It is currently so expensive that it can wipe out a common man’s entire savings and probably still wouldn’t be enough. This is why medical insurance against cancer has become the next best thing.

Cancer insurance is a special case of the critical insurance policy. It provides cover if you are ever diagnosed with cancer. Generally, a cancer-specific policy covers several costs associated with a cancer diagnosis, and treatment including hospitalization, chemotherapy, radiation, surgery and a few others. Most of the available health insurance policy to covers all the life-threatening illness such as cancer, these policies generally only pay for inpatient hospitalization and treatment in local hospitals. They do not cover the entire treatment. Also, the policy money may not be enough, that is why it is more advisable to specifically be covered by a cancer insurance policy.

A lot of cancer patients struggle to meet up with monetary demands due to a lack of cancer insurance covering before diagnosis. Although a lot of insurance companies won’t grant insurance to the patient undergoing treatment, there is still room for approval. If they do approve a policy, it will be more expensive and coverage may be limited. If you qualify for a policy, the insurance company will make use of different ratings which include superly preferred standard and substandard to determine your premium.

A cancer insurance policy is designed to full the financial gaps when benefits are no longer being paid or expenses are not under the basic health insurance policy. The cancer insurance policy covers both medical and non-medical costs like co-pays, deductibles, lengthy hospital stays, diagnostics tests, treatments and procedures, child care, travel, and lodging expenses, lost income and more. Cancer Insurance should not be confused with Critical Illness Insurance. A Critical Illness Insurance Policy only pays out an amount of money for specific illness diagnoses such as heart attack, kidney failure, or organ transplant. Some Companies, however, combine Critical Illness Insurance with Cancer Insurance. 

To help you make a choice, read on to see the top 10 cancer insurance companies that provide exclusive Cancer Insurance and combined Insurance.

  • United healthcare
  • United American
  • Metlife Cancer Policy
  • Cigna Cancer Policy
  • Mutual of Omaha
  • Aflac Insurance Company
  • Physicians mutual
  • Guarantee trust life

UNITED HEALTH CARE

United healthcare us one of the largest healthcare organizations in the world. It provides health care for over 130 countries of the world and about 50 states in the U.S. They offer combined critical care and cancer policy in values of 10,000 dollars to 50,000 dollars. With this combination, you are covered for whatever costs cancer treatment may incur (medical and non-medical costs), and also covered for other serious illnesses like heart attack, loss of hearing, paralysis, coma, stroke, renal failure, etc. 

UNITED AMERICAN

Rated A+ superior by A.M Best. It offers coverage for up to 49 states in the US.The cancer policies the offers guaranteed renewable for life for both individuals and families. Their cancer policy is a lump sum payment ranging from 10,000 dollars to 50,000 dollars with a 30 day waiting period before coverage begins. Their policy also comes with benefits such as first occurrence benefits, surgical benefits, daily hospital confinement benefit, private duty nurse, ambulance benefits, chemotherapy benefit, blood and plasma benefits.

METLIFE CANCER POLICIES

Metlife provides coverage in a lump sum payment for annual screening, initial diagnosis, Cancer treatment, cancer recurrence, hospitalization and more. This policy is obtainable through an employer benefit program. Premium payments are automatically deducted from your payroll. As for their terms and conditions, there is no examination required for coverage and it is renewable. There is also no waiting period for coverage to begin and you can take your coverage with you if you change jobs during your policy term.

CIGNA CANCER POLICY

Cigna Cancer Policy offers comprehensive coverage beginning at about 19 dollars per month. Lump-sum benefit payment is also available in amounts ranging from 5000 dollars to 100,000 dollars. You’re also given the options of family coverage or individual coverage which is available from age 18-99 and coverage for cancer recurrence is also catered for. 

Cigna offers two types of cancer policies which are lump-sum payment policy and cancer care treatment policy. Benefits are also included for non-medical costs

MUTUAL OF OMAHA

A well known and respected Insurance Company. They offer two types of cancer policies

  • Lump-sum policy
  • Cancer care treatment policy

They offer combined insurance for cancer and critical illnesses. Family and individual coverage options are also made available with individual coverage ranging from age 18-89 and amount ranging from 10,000 dollars to 100,000 dollars in a policy term of 10, 15, 20 and 30 years or a lifetime policy.

AFLAC

Aflac was founded in 1955 and has an A+ rating for financial stability. It is one of the biggest Insurance Companies in the US. Their cancer policies are available through employer plans or directly to individuals and coverage is portable. You can receive payment of up to 100,000 dollars in a lump sum or over time. There is a 30 day waiting period before coverage begins and available options vary by state.

PHYSICIANS MUTUAL

Physician’s mutual had been in business since the year 1902 and has been rated A by A.M Best. It’s Cancer Benefit Policy is the most comprehensive cancer policies available. Cancer policy benefit is paid either directly to you or a provider of your choice. It covers both medical and non-medical costs, better yet it covers costs of miscellaneous treatment like the reconstruction of the breast, artificial limbs, wigs, medical equipment, extended care, Private nursing to mention but a few. Waiting periods and exclusions apply to coverage options.

GUARANTEE TRUST LIFE

Guarantee trust life has been functioning for over 80 years now. Rated A+ by the Better Business Bureau. They offer a combination of cancer and critical illness policy in a lump sum of 75,000 dollars from age 18-65 and 50,000 dollars from age 66-90. You get a 25% benefit increment if you participate in an approved cancer experimental treatment. Policy Holders also have free access to a support service when you can receive free medical advice 24/7.

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