Three Reasons to Buy a Cancer Insurance Policy

The purchase of a cancer insurance policy has become popular because of the damaging nature of the disease on the health, family, and finances of someone diagnosed with cancer. There has been an increase in the number of people diagnosed with the disease, as well as an increase in survival rates. There are three major reasons to consider purchasing a cancer insurance policy.

1. Lack of an Emergency Fund

Many people have trouble saving money and having some funds to fall back on, if an emergency should fall upon their family. A cancer policy will help ensure that there is money available to help with the cost of treatment or even pay non medical bills. While the different coverages vary, there is generally a lump sum or a pay out over the course of treatment. This money can be spent in a variety of ways, depending on the needs of the cancer policy holder.

2. The Rising Cost of Health Care

The cost of insurance, as well as the cost of health care increase every year. But the benefits of having comprehensive health insurance are decreasing. This causes a gap that is the responsibility of the policy holder. There is a large national debt from this type of health care crises. A cancer insurance policy can give individuals the cash they need to pay the differences in the cost of the health care and the amount that the comprehensive health insurance covers.

3. Financial Protection

A cancer policy also gives individuals financial protection from loss of wages due to an illness. When a disease strikes a family, there are stresses related to the loss of a regular routine and the health of a family member. But there is also the stress of financial worries due to a lack of income. Many families lose their homes and other assets because of their inability to pay their bills while getting treatment. A cancer policy can allow an individual to get the care they need without the added stress of financial worry.

A cancer insurance policy is beneficial to families who do not have money put into saving for a health related emergency. It will also ensure that a family is able to pay their medical bills as a result of the high cost of medical care. Additionally, it offers financial protection to families during a time of crises.

There are several insurance companies that offer cancer related insurance policies for individuals, groups and families, however there is always a variation in terms of the benefits offered, premium amount, lump sum amount, limitations and exclusions. A detailed research on this would certainly help you to choose the best policy that would suit your needs.

A Life Insurance Policy and the Principle Reasons it is Required

A life insurance policy should be seen as a fundamental part of an overall investment portfolio. The principle reason for a life insurance policies existence is to provide for the future financial security of your loved ones in the advent of your early death. Many financial burdens will arise through ought your life time such as having a family, buying a car, paying off a mortgage, providing for your children s education, looking after your parents or even starting out in your own business.

With all these financial burdens in your life wouldn’t it be nice to know your family would have absolute financial security due to your life insurance policy? If you have a family who are basically reliant on you as the bread winner then it should be obvious that it is essential to have a life insurance policy in place.

Your immediate considerations before buying a life insurance policy should be what is currently happening financially and what is likely to occur in the not so distant future. You need to look if you have people who are financially reliant on you and consider how they would stand in the event of your death. You do not need your family struggling to pay off any debts you might have accrued as well as battling to create an income of their own. Although all this is not so pleasant to think about the typical funeral would cost 8 thousand dollars and upwards.

Another thing to consider is the immediate financial needs of your family just having enough to simply get by can be daunting without the principle bread winner. There is also the hidden cost of taxes the insured might owe after death. Anyone who is set up in a business must make sure there is enough capital to continue running the business. Considering all the above the case for a life insurance policy is very well justified.

Beneficiaries Of Lost Life Insurance Policies Can Really Use The Money

It is just a shame that money owed to some beneficiaries of lost insurance policies never get to them during their lifetimes. I spoke with some representatives of insurance companies, to see how many, on a daily basis, get phone calls from the public, asking them to search their database for insurance policies. I had one company say 100’s a day. I had another company tell me 1000’s a day and they even elaborated that it was a total waste of the consumer’s time as well as resources and man power of his company. He said that they will never find it if they do not know which company their loved one bought it from. Well, I took this opportunity to explain the need of a central life insurance database to him; telling him that it is a safe and a much needed service. He listened to me for around 10 minutes while I explained the many benefits a central database could have to his insurance customers. Even with him telling me that it was a waste of time for anyone calling his company, he did not want anything to do with the thought of a database. He flatly told me that he did not feel a database was a benefit to his customers, I was surprised.

Now as a insurance agent myself, I took offense to this comment. Isn’t it the responsibility of the agent (regardless of the company they work for) to do what is best for the customer? Don’t you think that registering anyone with life insurance on a central database so their beneficiaries can locate the company name is the best thing for the customer? Well I do. Not only does a database allow an individual to register the company name they have insurance with, it allows the beneficiary with certainty to find the policy you have in place. All an individual would need, to find a life insurance policy, is the company name. Since there are over 2000 life insurance companies in the United States alone, having the company name on a central database will solve a major problem that gets recognized only when it is too late; lost life insurance policies. Hopefully consumers of life insurance will also recognize the need and buy it from agents and agencies that offer to register on a free central database. It is definitely something to think about.