Cancer Insurance vs. Critical Illness Insurance

Critical illness policies and cancer policies work in the same manner. Both provide you with a lump sum of cash upon diagnosis, and both require ongoing premiums to provide you with the coverage you need. In either case, the money you receive is tax free, and you’ll be able to apply it to your needs. Whether you simply need to make the mortgage payment from month to month or you need help paying deductibles and copays, either policy is available to help.

The biggest difference between the two types of policies is the coverage areas. Critical illness policies tend to focus on a much different set of illnesses, and while almost all of them include cancer, the type of cancer can vary from company to company. Cancer policies don’t include all cancers either, but they do tend to include many of the more serious ones. What’s more, though, is that some cancer policies have the added benefit of covering yearly screening costs to help policy members catch cancer at the earliest possible stage, before it becomes too serious.

It is important to note that coverage, in either case, varies from company to company, so take a careful look at the policies you’re considering before you make a final decision on which one best fits your needs.