Cancer and Critical Illness Insurance for Diabetics

Cancer insurance and critical illness plans can be a back-door method of obtaining some level of disability coverage for diabetics. They can provide significant financial assistance in the event of a serious illness such as cancer, heart attack, stroke, etc. Many of the medical problems that diabetics are prone to.

Cancer plans are single coverage plans. That is, they provide cash benefits in the event of a diagnosis of certain types of cancer.

There are two types of cancer plans.

The first is the lump sum payout. With this type of plan you are paid a fixed, predetermined amount upon diagnosis. Some plans can pay out $100,000 or more.

The second type of plan pays out monthly benefits. It will continue to pay these benefits for a specified period of time.

Which type of plan you purchase is up to you. If you have adequate health insurance then the monthly plan might work well for you. Otherwise, you will want the lump sum to help cover medical costs.

The underwriting for cancer insurance is usually very simple. Most plans just ask if you have or have had cancer in the past. They are not interested in your diabetes at all.

The cost of these plans is relatively low. If you can arrange for your employer to offer them as a voluntary benefit, it is even more cost effective.

Keep in mind that even though you might have health insurance, there are frequently many other expenses that occur as a result of a serious illness.

If you cannot work and do not have disability coverage, these plans will help pay expenses. Even if you do have disability insurance, it still might not provide enough to make up for lost income.

There are deductibles that must be met, co-pays to doctors and medical supplies that are not covered by health insurance.

Then there is the cost for someone to help care for you.

You might be offered a treatment that is relatively new and not yet approved by your health insurance plan. Plus, there might be travel expenses to get to whatever treatment facility you require. These are expenses that also must be paid by you.

Critical illness insurance covers cancer and a number of other illnesses such as heart disease, kidney failure, stroke and others.

Critical illness coverage is more difficult to obtain if you have a preexisting condition such as diabetes. However, there are some plans available that are offered on a guaranteed issue basis and have no medical questions.

It is possible to have both plans as long as they are not from the same insurance carrier.

Caner insurance and critical illness insurance are both important to a diabetic. I cannot stress that enough. You are in a situation where many types of health insurance plans will not cover you. There is a good reason for that and the insurance companies have the statistics to back it up. Take a hint from them and get the most coverage you can afford when you can.