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letsroll
S
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Sahara | What do you guys think about accident and cancer insurance? |
At $1104 a year, do you think it's worth to have accident and cancer insurance?
Insurance saying: Don't risk a lot for a little.
Additional Details
My husband and I have health insurance. This is supplemental. Normally I would not consider it but since we have a lot of debt, I thought it might be good to have until we can get the debt paid down. We are working very hard to do that. We are going to be doing a lot of skiing and active stuff this winter. I'm not accident prone. My husband is. Cancer does run in my husband's father's side. I don't think it runs in my family. I don't know of anyone that died of cancer in my family. |
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PFS rep
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Insurance of these types are for peace of mind. Cancer policies cover you for cancer only. Is cancer prevalent in your family, what type, what age, etc. If it makes you FEEL better having it then ok.
Accident policies are similar. Are you accident prone? Family covered? Are they accident prone?
What is the likelihood that you would collect on such a policy?
Make sure you have health coverage and life insurance first. You will surely have overall health needs in the future. You will surely die also.
Health insurance controls the cost to treat injury or illness. Life insurance protects the survivors in case of death. More specifically, Life insurance covers the income earning potential of an individual over a lifespan.
And yes, $1104 for the year does sound like a lot to pay for what you have. |
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mbrcatz
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I think it's silly. If you want health coverage, buy REAL health coverage. It's a waste of money to buy insurance to cover just one or two conditions. If you picked the top ten conditions to cover (ones that you're most likely to get), it's WAY more than the cost of health insurance. Then, if you get something less common, it's NOT COVERED!! But it would be, with health insurance.
Think of it like buying car insurance, that only covers you if you're in an accident with BLUE cars. |
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Stephen K
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Check to see what the restrictions are first. You want full coverage |
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kirun
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No... there are better forms of insurance, such as income protection and critical illness cover. It's not worth buying policies that cover small, specific risks. |
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stephenweinstein
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No, because you will still need regular health insurance to cover the other things that could happen to you (heart attack, etc.) and regular health insurance will cover cancer and accidents, except for whatever related to car accidents is covered by automobile insurance. |
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aaron p
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Why not spend that money on more comprehensive health insurance and disability coverage? That way, you will receive benefits for cancer, or any other disease that's covered.
Based on your new information, I'd still tell you that the only way you would receive this money is by making a claim. That won't really help you with the debt problem you have. Since you just identified an extra $1100 a year that you don't need, I would weigh putting that towards the debt vs. buying a specified indemnity product. You may want to seek the help of someone who could make specific, personalized recommendations like a fee-only financial planner. |
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Kel
 |
Sounds like that AFLAC stuff...separate insurance policies for cancer, accidents, heart problems...which is fine, as long as you know what's going to go wrong with you for the next year, but we don't.....that's why I stick with basic, Blue Cross type of insurance. I'm covered for all doctor and hospital visits.....I won't get extra money for missing work, but I'd rather take that gamble than pay what I can't afford for something I'm not sure I'll ever have. |
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Jessica
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Well, if you have caner, it can be very costly and insurance may not pay for all. |
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Fuzzybutt
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Cancer insurance?
I dont believe i have ever heard of this.
Do you mean health Insurance?
If so this is a good price. |
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Mr. Vincent Van Jessup
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I need more details. Do you mean cancer and accident insurance in addition to regular hospitalization plan you already have? I am not sure I'd do that. I have heard of so called catastrophic disease policies that help supplement hospitalization policies. I have heard they help from a relative who had one. Be very very careful in picking an insurance. They can opt out of paying you on so many technicalities. The policies are densely written quasi-legalese meant to put you outside the process, so you don't really know what you have in hand, in terms of what the policy will and will not cover.
Good luck. |
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Hot Betty J
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It stinks to pay for something that might never happen, but.....if something DOES happen, you are covered and don't have to go into debt or financial ruin. I know of two people who had no coverage and both ended up filing for bankruptcy, pretty much lost everything but the most important thing, their lives. |
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justaboutpeace
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They are more prone to both either an accident or getting cancer. That is a bit steep - check around for other policies that can include this as a rider. |
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Zarnev
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Accident and cancer insurance riders are very profitable for the insurance companies. Most people find that they're a waste of money. However, insurance is about peace of mind so it may be worth it to you. They do come in very handy if you need them. |
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Joe
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It does sound like Aflac. I normally would say it is a bad buy, but... I was talked into trying the accident plan since I have 2 very active young boys and accidents happen. I have a good but not great Blue Cross plan so for the $43.30 a month for the Aflac policy, which covers the whole family, I just counted it like it was a part of my medical premium.
Since I signed up (6 months ago) I have made 2 claims with the last one being a broken collar bone. Now technically I can not claim disability since I am not hospitalized or missing work. Also the doctor bill was not too bad, but Aflac came through like a charm. I received close to $400 in cash for the broken bone and to cover doctor's visits.
The other claim was for a pulled muscle in my back as I put in my dock on the lake. That paid over $200. So in the end it has paid for itself and I am comfortable with the idea that I have it.
Others may not like it until they see the need and the benefits on paper. I think the cancer insurance is a bit much and maybe the closer you get to retirement you should consider looking at it again, especially if cancer runs in your family.
I am not claiming Aflac is for everyone, it is supplemental insurance that could fit into an individuals plan.
Good Luck |
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maxmom
 |
It really depends on what kind of coverage you have. This sounds like catastrophic insurance.
If you have a less than stellar plan with your health insurance, it might be good to have. |
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