Cancer Insurance - Waste of Money ?

[rousemark]

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.

 

[johndf]

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.

 

[AllenChicago]

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.

 

[pfg1]

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

 

[fedvp]

Cancer Insurance is a special case of critical illness policy. It provides cover if you're ever diagnosed with cancer. Generally, a cancer-specific policy covers a number of costs associated with cancer diagnosis & treatment, including hospitalization, radiation, chemotherapy & surgery, among others.

 

[rousemark]

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.

I just now saw your post. I apologize for not answering sooner. I use CUL and Washington National primarily. Both have stand alone cancer and CI coverages. Another good little regional company is National Security out of Elba, AL. They have a really great priced CI plan.


Thanks

 

[xrac]

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.

Great point. Those who do not experience cancer actually help others who do.

 

[LostDollar]

That's a point in the sales interview where I would be showing the sales person the door if he or she did not get off that point very quickly.

Not trying to be combative with this comment, but specious is the word that comes to mind.

The thread overall is very interesting-again just a personal take-because it provides an example of a point another forum member makes about the way to approach someone--sell or ask questions.

 

[shonceman]

On occasion, an older client will still ask me about "joining" an insurance plan. I used to hear it a lot more from their forebears when I was working in rural Virginia. Leftover terminology from the days of the Mutual Benefit Societies (such as Settlers Life, which was formerly the Huff-Cook Mutual Burial Association). I think there may have been a component of the idea of members helping one another in those days that we've lost sight of in our more modern times. But "paying it forward" is an extremely important idea to the Millenial generation, so it's a thought worth resurrecting.

 

[shonceman]

Actually, that very thought is central to the various Christian medical cost-sharing ministries.