According to Cancer.org, both men and women have more than a 35% chance of developing cancer at some point in their lives. As a result, more people are looking into life and cancer insurance policies, which help pay for medical costs upon receiving a diagnosis and offer compensation in the event you succumb to the illness. The insurance team at Tower Community Insurance of Scottsboro, AL, shares the following information to help you determine whether life and cancer insurance coverage are right for you.
What Consumers Need to Know About Life & Cancer Coverage
These policies offer a wide range of protection, especially if you have dependents who rely on you for care. They can also help pay for expenses related to end-of-life medical coverage and costs related to funeral and cremations services.
When choosing life insurance, it’s important to know the difference between term and permanent policies. Term life provides funding in the event you die within the agreed upon term and is usually the most affordable. With permanent life insurance, you receive funding to assist with expenses related to death. Your policy can also gain cash value over time. That makes it a valuable investment tool.
With a higher chance of people getting cancer combined with the expensive treatments—your health insurance may not cover them—many people are now purchasing coverage. There are three different types available:
- Indemnity policy: This covers your treatments, but only up to a certain dollar value.
- Lump-sum policy: This pays out a pre-established amount when you’re diagnosed.
- Expense-incurred policy: This covers a percentage of total expenses for treatments.
Most policies cover numerous types of cancers—although skin cancer is not usually covered—at virtually every stage of the illness. In terms of cost, between $20 to $40 a month is the standard.
If you’re ready to purchase life and cancer insurance, contact the team at Tower Community Insurance in Scottsboro. They have over 48 years of experience helping local clients find the right policies, from health to auto coverage. Call (256) 259-1116 today for a quote. Visit the website to see the full range of insurance products they offer.