I have been a Licensed Life and Health Agent for 20 years and consider myself to be well-versed in all the products available on the market. I must confess that for most of my career I focused on the main products of Life Insurance. As I became a more seasoned agent, I learned that some of the ancillary products can be the most impactful.
What is a Stand-Alone Cancer Policy?
These plans jump into action when you are diagnosed with cancer and provide a lump-sum payment. You pick the Benefit amount when you sign up and it can vary from $10,000 to $100,000. A doctor will verify the diagnosis, and these payments go to you to use anyway you choose. It could be to replace income, cover healthcare costs, or other expenses that are disrupted by the diagnosis.
As with any policy type, there are many “options” to choose from.
Why don’t I use my Life Policy?
A normal, everyday, Life Insurance policy can have cash accumulation, that can be borrowed against, or even have Living Benefits, designed to assist with critical or chronic illnesses. These are important to have access to in your time of need. They also impact the future death benefit. Most people did not intend to deplete these resources to fight for their life.
The amount available in regular policies can vary based on the severity of your illness.
I know this from personal experience.
When I was diagnosed with Leukemia in October 2021, my family had to first focus on me and my health. Then they had to find all our policies and start looking through them to see what benefits were available to us. I was fortunate. My husband, Mike, had the policies together and knew what he was looking for.
The quickest money we received was from our stand-alone policies.
No one ever said they got too much money from Insurance Policies.
It is a catchy phrase we use in our industry. It is usually meaning the death benefit. Today there is so much more available to you as an insured individual. Become more well-rounded in your coverage.
Review your needs yearly and make sure you are staying informed on what is available.
To find out more about my cancer journey, jump over to my personal cancer blog.
If I can help you review your own coverage you can schedule a time at www.schedule-review.com
P.S.
Don’t forget that Medicare AEP is October 15- December 7.
Ask me about Medicare! Schedule time with me on the above link.