Hi, my name is David Alemian, Host of the, "It's About Money Radio Show." You know, I've been an insurance agent for over 18 years. People always ask me advice on different types of insurance. Today, we're going to talk about the definition of cancer insurance. I mean, what is cancer insurance? Cancer insurance provides a benefit for the insured in the event that the insured is diagnosed with cancer. It pays a cash benefit directly to the insured, but it does not cover any other type of illness. It only covers cancer, which means that if the insured is stricken with any other illness or has a heart attack or anything else other than cancer, it does not pay a benefit. Because of this, the premiums are very very low. But, if you were ever diagnosed with cancer, you'll be very glad that you had cancer insurance. Now, if you have major medical coverage, should you get cancer insurance? Yes, cancer insurance is still a good idea because the money from cancer insurance can pay for all of the things that your major medical insurance does not pay. Because if you have cancer, oftentimes, you're very very sick and in many cases, you're unable to work. The money from your cancer insurance policy could be used to pay your rent, pay your mortgage, make your car payments and put food on the table. Now, in my opinion, one of the very best forms of cancer insurance is a type of a new type of rider, that's on a new type of life insurance policy called a critical illness rider. It covers a number of illnesses and cancer is one of them. What I mean by that is that one of these policies, it's a life insurance policy, if you were diagnosed with cancer, you could actually the death benefit from the life insurance policy even though you're fully expected to recover. The reason I like them is because the benefits that they pay are much higher than a lot of stand alone cancer policies. Now, that being said, if you're looking at a stand alone cancer policy, always ask the agent what does it cover, what does it exclude; I know with some policies may exclude a certain type of cancer, let's say skin mela, melanomas; and also, how much of a benefit does it pay. Some policies that I've seen can be very confusing. They pay so much if you have this stage of cancer and so much if you need this treatment and so on, and it can be a little bit confusing. That's really why I like the critical illness rider on a life insurance policy that covers cancer because it just pays you a lump sum if you're diagnosed with cancer. Finally, one last piece of advice, if you're purchasing a cancer insurance policy, purchase it from an agent that you know and trust. The reason, it's because that agent can warn and guide you through the process of picking out the right policy for you, but more importantly, should you become sick, the agent can help guide you through the claims policy so that you can get paid. That way, all you have to do is focus on recovery and getting well. My name is David Alemian, for answers to other questions about insurance, check out my other videos. Thank you for watching this one.
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