Cancer Cancer treatment accounts for about 10% of US health expenses. In fact, no single disease accounts for more according to the American public's health care bill. Remember, cancer insurance and other specified disease type policies are no substitute for comprehensive health insurance coverage. However, they can provide valuable supplementary benefits when cancer arises to you or a loved one. As its name implies, cancer insurance provides benefits only if you are diagnosed with cancer. Cancer insurance policies may offer a lump sum benefit upon diagnosis. Most cancer policies provide benefits based upon specified health care costs and expenses incurred in conjunction with the treatment of cancer. Premium rates for cancer policies that provide higher benefits and more comprehensive coverage are usually higher than premium rates for lesser benefit policies.

Types of Cancer Policies Expense Incurred Policy- pays a percentage for all expenses listed up to the benefit or policy's maximum dollar limit. Indemnity Policy- is similar to an expense incurred policy. It pays for all benefits listed; however, it places a fixed dollar limit on each individual benefit allowed and the benefit amount is not related to the actual expense incurred. First Diagnosis or First Occurrence Cancer Policy- pays a lump sum upon the first diagnosis of cancer. The benefit under the policy may be any amount, for example $2,000, $5,000, $10,000 or even $100,000. Benefits cannot be denied due to pre-existing conditions if the cancer is diagnosed after the effective date and applicable waiting period.

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