Cancer

Cancer Insurance

Cancer insurance is a form of supplemental insurance that is meant to cover gaps in a patient's primary insurance plans, but in some instances, primary insurance plans provide cancer coverage benefits that overlap with those of the supplemental cancer insurance plan.

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In the year 2018, it is estimated that approximately 1,735,350 new cases of cancer will be diagnosed in the United States alone.

Cancer Insurance

Family Legacy Insurance cancer insurance policy is here to help you and your family better cope financially—and emotionally—if a positive diagnosis of cancer ever occurs. Added comfort and protection means the freedom to focus on more important things.

Portable Option

Coverage is portable, so you can take the plan with you if you change jobs or retire.

Coverage Options

You can choose treatment-based benefits that pay over time or lump-sum benefits paid upon initial diagnosis. May not be available in all states

How it works

Policyholder suffers from frequent infections and high fevers.

Physician visit & bone marrow biopsy reveals diagnosis of leukemia.

Policyholder submits via Insurance Carrier and receives benefits in just a day or two in most cases.

Payable to: You $35,175

Protect your income with cancer insurance

Help cover expenses from diagnosis through recovery

Hopefully, you and your family will never face cancer. But if you do, Colonial Life is here to help. Our cancer insurance helps provide a financial safety net that can assist with covering cancer-related expenses that medical insurance doesn’t cover, so you can focus on what matters most: recovery.

Basically nobody wants to have to plan ahead for serious health problems. But if you have a family history of cancer or are otherwise at a higher risk, you may be concerned that your basic healthcare plan won’t provide enough coverage in the event that you someday need costly cancer treatment. In that case, a cancer insurance policy might give you some peace of mind. It’s important to note that you are only eligible for this kind of insurance prior to a diagnosis, so you want to think about buying a cancer policy before you could potentially need it.

What Does Cancer Insurance Cover?

A cancer policy is designed to fill the financial gaps when benefits stop being paid or expenses are not covered under a basic health insurance policy. Cancer insurance can help pay for 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 policies vary on eligibility requirements and on the specifics of what is covered and how payments are made. Some pay a lump sum when you receive a cancer diagnosis, while others pay for specific treatment and care expenses, either directly to the provider or to you.

Cancer insurance is not to be confused with critical illness insurance. A critical illness policy normally pays out a lump-sum for diagnosis of specific illnesses such as heart attack, kidney failure, or organ transplants. (These policies may also cover both medical and non-medical costs.) While critical illness and cancer insurance are different things, some companies offer a combined critical illness/cancer policy.

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Financial hardship does not have to follow a cancer diagnosis

Cancer insurance helps you live well while getting well

Most of us don't expect to face a serious illness like cancer. However, statistics show 1 in 2 men and 1 in 3 women develop cancer in their lifetime. Some look to family history to determine risk, but that often doesn't tell the whole story. While heredity and environmental factors can play a role, inherited genetic factors impact only about 5-10% of all cancers.

Fortunately, more people are surviving cancer thanks to early detection and more aggressive treatments. If you're diagnosed with cancer, you may find that your medical insurance doesn't cover everything. In addition to your day-to-day bills, you could incur costs for treatment and recovery, such as:

  • Deductibles and co-pays
  • Out-of-network treatment
  • Travel, lodging and meals during treatment
  • Child care
  • Home health services

The need to scale back on work or take a leave of absence during treatment and recovery only adds to the stress. That's where supplemental cancer insurance helps. It assists with protecting you from financial hardship in the face of mounting cancer expenses.

How Family Legacy Insurance Life cancer insurance works

If cancer affects your life, you should be able to focus on finding the best treatment and getting better – not on how you'll pay your bills.

Family Legacy Insurance provides cancer insurance benefits to assist with out-of-pocket costs that may not be covered by your medical insurance, including expenses related to inpatient or outpatient treatment, surgery, travel and recovery care.

Equally important, some plans also cover an annual cancer screening test to promote prevention and early diagnosis. Optional riders may be available to provide even more financial protection during the initial diagnosis period and hospital stays.

With Family Legacy Insurance cancer insurance policies:

  • Coverage options are available for you, your spouse and your eligible dependents.
  • Benefits are payable directly to you, unless you specify otherwise.
  • Benefits are payable regardless of any insurance you have with other companies.
  • Some policies can be taken with you even if you change jobs.

Plans vary, so talk with your Family Legacy Insurance benefits counselor to learn more about how cancer insurance can help provide financial protection for you and your family.

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An example of how cancer insurance can help

John and Jane were preparing for their second child when they learned Paul had cancer. Here’s how cancer insurance helped cover their out-of-pocket expenses without sacrificing the nest egg they had saved up for their family.

Doctor's screening

Paul's medical insurance wouldn't cover everything, but his cancer insurance helped. His wellness benefit assisted with paying for the screening that discovered his cancer.

Travel costs for second opinion

John and Jane used their cancer insurance to help cover lodging and transportation when they traveled to a top cancer hospital for a second opinion.

Surgery

The couple's benefits also helped offset out-of-pocket deductibles and co-pays related to John's surgery, hospital stay and recovery.

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