When is cancer insurance needed? I have it, but wonder if having more life insurance would be better.?

I think cancer insurance is a waste of money – it’s kinda like buying car insurance, if you get hit by a blue car.

If you want insurance to pay if you die, buy life insurance – no matter WHAT kind of death you have. If you want insurance to pay your medical bills, buy HEALTH insurance, no matter what makes you sick.

You’ll run out of money, if you try to insure against just cancer, just stroke, just pneumonia, just swine flu, just chicken pox, etc.

Cancer insurance pays you the lump some designated on your policy if you get diagnosed with cancer.

Its different from life insurance, because it will pay you while you’re still alive. Its different from health insurance, because the money can be used towards your living expenses. Not just medical bills.

Not sure if I would buy a cancer insurance policy on my own. However, I do have one as an optional benefit through my employer. The premium cost to me is relatively low.

I have a somewhat strong family history of breast cancer, so it was worth the small premium contribution through my employer to have the policy. If I were diagnosed with cancer, I’d have $10K to put towards expenses. (Not just medical bills – could be used to help pay mortgage/bills if I had to take time off for treatment, etc.)

Would I purchase the policy on my own, if it weren’t offered so cheaply through my employer? Eh…probably not. (Actually, with my family history, I might not even be eligible to purchase a policy on my own. But since mine is a group benefit, they took me.)

If your premium is expensive, you’re probably better off banking the money. You can still use that savings if you happen to get diagnosed. Like I said, the only reason I enrolled is that I have a higher than average risk of cancer, but my group premium is pretty cheap.