Cancer Health Insurance has become a big selling item in medical health coverage. Does cancer insurance provided needed medical coverage or does it duplicate health insurance?
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Cancer insurance has deeply roots going long back in the medical health coverage industry. Once there were had been 3 or 4 major carriers using it because their leading product. Now around 14 insurance companies promote it heavy, and one more 50 write a fair amount of malignancy health insurance. The controversy lies in that benefits the most, the insurance company or maybe the insurance buyer?
TIMES HAVE TRANSFORMED
In the good old days a group of agencies were recruited under a district manager’s supervision. The entire group would invade a small town. They would start with the neighborhood banks and work their method down to the other businesses. It was ruthless selling group insurance where employees had premiums deducted from their spend. For a few bucks a week, employees could be covered against the big “C”. Yes agents actually took their browse and index finger and formed the big “C” for cancer.
For the agent left, there was always an additional to take the place. The cancer medical health insurance company then really made away. Since this was true cold calling there we no lead acquire costs. Plus on an agent that left, the insurance company no longer needed to pay the agent and just relax and collect the money coming in. The district manager was rewarded fat overrides on the business his number of agents wrote.
Why do so lots of people buy medical health coverage that overlaps? A one word answer: FEAR. Are there any people that do not have relatives, friends, or acquaintances who have experienced some form of cancer? Plus the cost is right, often $25 monthly or so for a truckload of this and that benefit payments. In reality the particular cancer health insurance policy provides the customer with more emotional security than it can financial security.
EXAMINE THE ECONOMIC SECURITY
Would you buy a car to get twice its value? Definitely not. What if you never get cancer? This is in contrast to life insurance where at some point you are going to expire and have the benefit paid. Plus you can pay $25 for 15 years, $4, 500, and develop skin cancer. You file a state and receive $1, 000. In the event that in turn you had put just $25 monthly into an annuity you should have amassed $5, 000 or even probably $10, 000. This surely would have helped more in giving financial security against any healthcare health coverage needs.
ADDITIONAL INSURANCE COMPANY BENEFITS
Above were covered some of the methods the insurance company benefits from sales, right now look at it by claims. Every year you will find health and disability companies filing bankruptcy for paying out more in benefits that they have money in reserve. Do you realize (its public record to verify) that some cancer and dread disease companies are only paying 60% out on promises? Seems like easy math to see who else comes out the winner.