Cancer Insurance for Seniors? Need Sources

[G.Gordon]

Jeebus!! Some of you guys need to get laid or something. Every time some of you don't see eye to eye there is a pissing match.

State your point and move along.

I agree... the OP needs to chill. If someone wants to state their opinion that seniors shouldn't be sold cancer insurance... so be it.

 

[Crabcake Johnny]

Honest question, not smug. Does anyone on this board have a client who has received a payout from a cancer policy?

I know agents with clients who have received disability, life, accident, obviously health but have yet to hear a single story about someone getting that elusive "$50K" cancer check.

 

[Russ]

Honest question, not smug. Does anyone on this board have a client who has received a payout from a cancer policy?

I know agents with clients who have received disability, life, accident, obviously health but have yet to hear a single story about someone getting that elusive "$50K" cancer check.

I've been writing cancer insurance for over 20 years. I've had some big payouts on cancer policies.....$20,000+ in a few cases. I wonder how companies make money on them.

 

[Crabcake Johnny]

Noted. I was curious as to whether anyone has personal experience with these kinds of policies. Thank you.

 

[G.Gordon]

I sold tons of the Kanawha plans. I still get CC'd on the letter that accompanies the check for the lump sum. The largest I've seen was $25k on a plan that was probably not five years old and didn't cost $25/mo. Now that Humana owns the company they've stopped stating the amount in the letter.

 

[Crabcake Johnny]

As I see it, my job is to educated. After my client is educated they can buy what the want - although I will not sell junk. They can choose another agent for that.

So as long as the plan is solid and properly underwritten (Not by Billy Bob's Fire & Casualty out of Pig's Knuckle Arkansas) I'll be happy to write it.

 

[jdeasy]

Noted. I was curious as to whether anyone has personal experience with these kinds of policies. Thank you.

I have a life client that had a payout on one from Pyramid. She wasn't my client for that one, but, she did show me the cancelled check for $75,000 that she got from a lump sum cancer policy.

 

[moonlightandmargaritas]

I've had some big payouts on cancer policies.....$20,000+ in a few cases. I wonder how companies make money on them.

Let's face it, if they weren't profitable, they wouldn't be selling them.

Believe I read the loss ratio(s) for these types of products are in the 30-35% range...which would make them THE most profitable contracts many health insurers sell.

 

[somarco]

You are probably right, Paul. I believe GA requires a minimum 40% loss ratio for supplemental plans, not just limited to cancer.

 

[xrac]

I've been writing cancer insurance for over 20 years. I've had some big payouts on cancer policies.....$20,000+ in a few cases. I wonder how companies make money on them.

My brother is a hard head who would never listen to me and frankly I never wanted to deal with him. However, he had a cancer policy with someone (probably Combined) on his wife that didn't cost him much of nothing and he collected $10,000.