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Reply to Cancer Insurance - Waste of Money?     
Old 08-24-2017, 10:39 AM   #1
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rousemark on Cancer Insurance - Waste of Money?
 
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Cancer Insurance - Waste of Money? Cancer Insurance - Waste of Money?
As I sit here in the regional cancer center waiting to see my radiation oncologist for a follow up, talking with others that are either survivors or undergoing treatment, my thoughts turned to cancer insurance. There are many that say it is a waste of money. I can guarantee you that those that are fortunate enough to have the coverage to help them financially as they undergo treatment are among that group.

But, what about the folks that carry a plan and never have a claim? Have they just wasted their money? Well, first of all, I would be very thankful if I were in that group but something occurred to me
this morning that I had never thought of before.

"Where do you think the money to pay claims to those that need it comes from?" ...From the money contributed in the form of premiums by people who never have a claim. So the money we pay is not wasted but goes to help others in need which actually was the whole idea behind the early insurance societies.

Down deep I always knew that but I have used that knowledge in my presentation. Have always just appealed to the clients sense of "greed" that if the needed the money it would be there. But, by telling them, "I hope you never need it and if you don't you will have helped others that were in desperate need.", you also appeal to their sense of charity.

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  Reply With Quote to Cancer Insurance - Waste of Money?
Old 08-24-2017, 12:01 PM   #2
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Cancer Insurance - Waste of Money? Re: Cancer Insurance - Waste of Money?
That’s the thing about insurance, we buy it to protect us in advance in case something happens that we couldn’t afford to cover. If we never use it, we’re grateful, and if we have to use it, we’re thankful. Either way, insurance gives us both protection and peace of mind.

However, you bring up a good point regarding paying it forward. I don't think a lot of agents approach the sale from that perspective.
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Last edited by johndf; 08-24-2017 at 09:27 PM.
  Reply With Quote to Cancer Insurance - Waste of Money?
Old 08-27-2017, 10:38 PM   #3
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AllenChicago on Cancer Insurance - Waste of Money?
 
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Cancer Insurance - Waste of Money? Re: Cancer Insurance - Waste of Money?
I've had a few people buy stand-alone Critical Illness policies, who couldn't afford health insurance.

Fortunately, they haven't had a claim. With cancer, I think $100,000 would be exhausted fairly quickly. Plus, they'd probably use a good chunk of that $100K for living expenses.
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  Reply With Quote to Cancer Insurance - Waste of Money?
Old 08-28-2017, 07:54 AM   #4
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Cancer Insurance - Waste of Money? Re: Cancer Insurance - Waste of Money?
Originally Posted by rousemark View Post
As I sit here in the regional cancer center waiting to see my radiation oncologist for a follow up, talking with others that are either survivors or undergoing treatment, my thoughts turned to cancer insurance. There are many that say it is a waste of money. I can guarantee you that those that are fortunate enough to have the coverage to help them financially as they undergo treatment are among that group.

But, what about the folks that carry a plan and never have a claim? Have they just wasted their money? Well, first of all, I would be very thankful if I were in that group but something occurred to me
this morning that I had never thought of before.

"Where do you think the money to pay claims to those that need it comes from?" ...From the money contributed in the form of premiums by people who never have a claim. So the money we pay is not wasted but goes to help others in need which actually was the whole idea behind the early insurance societies.

Down deep I always knew that but I have used that knowledge in my presentation. Have always just appealed to the clients sense of "greed" that if the needed the money it would be there. But, by telling them, "I hope you never need it and if you don't you will have helped others that were in desperate need.", you also appeal to their sense of charity.
rousemark, good point!

I know you've sold a good bit of supplemental policies. So what companies offer the best cancer plans - both from a solution standpoint, and an affordability standpoint?

Are stand alone cancer plans better than critical illness plans?

And speaking of CI plans... who is best in that space right now? I am in VA.


Thanks
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