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Why Cancer Insurance is Worth Selling

By July 20, 2022January 27th, 2024No Comments

Cancer can affect anyone. Whether you’re young or old, tall or short, male or female, no one is out of reach of cancer’s grasp.  

Most likely you know someone affected by cancer, whether it’s a family member, a coworker, or a friend. The National Cancer Institute reports that 39.5% of men and women will be diagnosed with cancer at some point during their lifetimes.  

As an insurance agent, are you taking every opportunity to offer peace of mind to future fighters by acquainting them with Cancer Insurance?  

Why Sell Cancer Insurance?  

A study published by The American Journal of Medicine reported an average loss of $92,098 by individuals who were newly diagnosed with cancer. This study also found that close to 40% were unable to pay their bills after four or more years.

If the emotional weight of being diagnosed with cancer wasn’t enough, the financial burden that comes with it can be just as shocking. This aspect of a cancer diagnosis shouldn’t be ignored. Cancer Insurance helps to dampen the financial burden those diagnosed with cancer face. These plans can also help those fighting or who have already survived to recover financially and provide for their families.  

Get to Know the Policies  

There are three main types of cancer policies you should be selling: expense-incurred, indemnity, and first diagnosis or occurrence. The first two mentioned above pay set amounts for covered medical expenses. The third pays a lump sum, which can be often used for medical and non-medical expenses during the first cancer diagnosis.  

There are many expenses a Cancer Insurance policy can cover, here are just a few:  

  • Copays and deductibles  
  • Hospital stays  
  • Travel accommodations  
  • Specialists that are out-of-network  
  • Treatments, tests, and procedures  

Know When to Sell These Plans  

When deciding to sell these cancer plans, determine if this type of ancillary cross-sale makes sense for your clients and prospects. Cancer Insurance is widely available, with plans suited for individuals 18 to 100 years old. Although keep in mind some carriers might not issue policies to people who have been previously diagnosed or received treatment for cancers or other conditions like AIDS, HIV, or Hodgkin’s disease.   

Other carriers may offer policies that pay out for cancers of internal organs, but not skin cancers. If your client is also at risk for a heart attack or stroke, they may be better suited for a cancer, heart attack, and stroke product 

Recommending this ancillary product shows your clients that you are anticipating their future needs and can offer a valuable solution geared towards mitigating future costly expenses.  

Using a local insurance FMO in North Carolina can help you find the best Cancer, Heart Attack, or Stroke plan for your client. Give us a call at 919-460-6073 or email us at info@carolinaseniormarketing.com to learn more.