“The five-year relative survival rate for all cancers diagnosed during 2009 through 2015 was 67 percent according to the latest report from the American Cancer Society.”Jesse Slome, director of the American Association for Critical Illness Insurance
“Cancer is no longer a death sentence for the majority of individuals and that’s great news,” Slome declares. “The ACS report predicts that some 1.8 million Americans will be diagnosed with cancer in 2020 and while most will survive, they and their families will be significantly impacted in both emotional and financial terms‘.”
“A cancer diagnosis can push and individual or a family into bankruptcy,” Slome notes. “The vast majority of bankruptcies in America are the direct result of costs related to a health condition like cancer. And, most of those impacted have health insurance but today that is clearly not enough.”
Slome explains that what makes cancer survivable is exactly the reasons people are financially wiped out. “Think about it. First of all not all costs are covered by even the best health insurance plan. Plus, you’re going to need to take time off from work while you undergo treatment and at the same time your rent or mortgage is due, your cable bill is due and even your health insurance must continue to be paid,” the critical illness insurance expert adds.
An increasing number of Americans are purchasing a relatively new form of insurance coverage that pays a lump-sum cash benefit upon the diagnosis of cancer or other critical illnesses like a heart attack or stroke.
“A cancer insurance policy that pays $10,000 or $20,000 will likely be all you need to pay those expenses while you undergo treatment,” Slome explains. “For someone in their 50s it’s far more important than life insurance I believe because the chances of a critical illness are far greater than the risk of dying.”
Survive Cancer? YES. Will your finances survive? MAYBE.
To learn more about critical illness insurance costs for coverage including policies that pay just upon a cancer diagnosis, visit the American Association for Critical Illness Insurance. The Association provides a critical illness insurance cost calculator that will show the cost of $10,000 of cancer insurance coverage.
It is free to use and completely private. Use it to quickly get insight into the affordability of critical illness insurance coverage.