Breast Cancer Awareness Month: How Insurance Can Help Women Diagnosed with Breast Cancer

PLUS Financial Network |

Breast Cancer Awareness Month brings attention to the challenges faced by women diagnosed with breast cancer. It's important to understand how different insurance products can provide financial support, stability, and peace of mind during these difficult times. Whether addressing income protection, long-term care needs, or life insurance, these options can make a significant difference for women facing a life-changing diagnosis.

 

Disability Insurance

 

A breast cancer diagnosis often requires taking time off work for treatments and recovery which can lead to lost income and Disability Insurance offers crucial financial support during these periods. Short-Term Disability Insurance covers income during the early phases of treatment, while Long-Term Disability Insurance continues to provide protection if recovery takes longer than expected or complications arise. A well-structured Disability Insurance policy ensures that women facing a breast cancer diagnosis can focus on their health without the additional burden of financial stress due to lost wages.​

 

Long-Term Care Insurance

 

Long-Term Care Insurance (LTCI) is an important consideration for breast cancer survivors who may face future health challenges or need assistance with daily living activities. LTCI covers costs associated with home healthcare, assisted living, or nursing home care. This is especially relevant for women whose treatments might have lasting effects on their physical well-being. For those looking to maintain flexibility, hybrid policies that combine life insurance and LTC benefits allow clients to use their death benefit for care if needed, while still preserving the life insurance protection. These options ensure that future care needs are met without sacrificing other financial goals.​

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Living Benefits and Accelerated Death Benefits

 

Life insurance policies with living benefit riders provide financial flexibility by allowing the insured to access a portion of the death benefit if diagnosed with a terminal illness, such as late-stage breast cancer. This benefit can be used to cover medical costs, household expenses, or any other unexpected bills during treatment. The ability to draw on these funds (early - if needed) offers the client peace of mind, ensuring that their financial situation remains stable while they focus on their health. Life insurance with living benefits can also be tailored with various riders to meet individual needs, making it a valuable resource for those facing serious illnesses.​

 

Life Insurance for Breast Cancer Survivors

 

Historically, obtaining life insurance after a breast cancer diagnosis was difficult but many insurers now offer coverage options for survivors. Thanks to advances in treatment and more flexible underwriting guidelines, life insurance policies are accessible for those who have successfully undergone treatment. Factors such as the type of cancer, its stage, and treatment history are considered when determining eligibility and premiums. While premiums may be higher, coverage is available, allowing survivors to protect their families and secure a legacy. By understanding which insurance companies are best suited to offer coverage for cancer survivors, it's possible to provide a path to financial security - even after a diagnosis.​

 

Cancer Care Compass Rider

 

Symetra offers a Cancer Care Compass Rider which is a specialized feature available on life insurance policies, designed to provide supplemental benefits to those diagnosed with cancer, including breast cancer. This rider offers an annual cash benefit for up to five years following a cancer diagnosis, while also providing flexibility for how the funds can be used—whether for treatment, living expenses, or other needs. What sets this rider apart is its continued support over time, rather than a one-time payout! This provides clients ongoing financial help throughout their cancer journey. It's a unique option that provides added security during a challenging period.​

 

 

During Breast Cancer Awareness Month, ask our team about the various insurance solutions that can help women diagnosed with breast cancer. All of these options offer peace of mind and critical financial protection! Most importantly, we want the opportunity for women to focus on their health and recovery during a very challenging time in their lives. For more information give us a call at 248-356-7587 or email at PlusMarketing@pfnins.com