CriticalillnessPolicies.com Introduces Humana’s new cancer insurance appropriately titled: “Humana Cash Cancer” Insurance or Emphases Cash Cancer.

The huge demand in the market for cancer insurance policies gave rise to Humana to beckon a solution to that quest and supply the market with its’ own brand version. Enter, The Humana Cash Cancer policy. The new cancer insurance is now available in most states but certainly not all, however, going head to head with probably the heavyweight in the market Aflac.

Here’s the difference: Humana Cancer vs. Aflac

Aflac has the “mighty duck” we all know of…great marketing job! They do very well in the commercial market and do offer in the individual markets as well and you’d be hard pressed to find a better fit in certain states such as Florida for ‘cancer only’ policy.

And…

In the other corner we have a new challenger Humana Cash Cancer Insurance which has an “A” rating and dominates more on the health insurance side with millions policies submitted. Probably the biggest difference between the two is Aflac has a cancer insurance that pays on a Per Diem or per covered condition itemization. Example? ok, well they would pay for chemotherapy perhaps $250 a day or so with a limit monthly, perhaps $50 towards transportation, bone marrow another amount and so forth… itemized.While the needs from the cancer society are a little more bold to state that the majority of expenses related to cancer are not just the treatments but rather non medical. Again, not a quote word for word of course ,but ,this is where Humana could come ahead.

For this reason “Humana cash cancer” policy would serve better since their plan is a cash amount paid to you the insured up front. It does not pay for skin cancer, though perhaps a a malignant melanoma the worst of skin cancer could apply.  Skin cancer forms are generally not an issue since you can still get accepted in underwriting health insurance from a basal cell removed for example. Truly its the big cancers to worry about.

There is one more option with Humana which is the ROP or “return of premium” rider. Here are Humana’s 4 plans.

Premium Payment Options

If you select the 20-Pay Plan option, after 20 years your policy will be paid up for life.

Optional Return of Premium (ROP) Rider

But what if cancer does not strike you during the term of the policy? You can have your premiums refunded to you by purchasing an optional Return of Premium (ROP) Rider.

If you purchase this rider, your premiums will be refunded to you if your policy remains continuously in force and no claim has been paid. Return of Premium availability and amounts may vary by state. Where available, premiums will be refunded according to the following schedule:

If you select the Return of Premium Rider with the 20-Pay Plan option, after twenty years all premiums paid will be returned to you, and your policy will be paid up for the rest of your life, or until a claim is made.

1. Base for life=pay premiums as normal
2. Base+ROP= pay in for 20yrs get back premiums at 20yrs still pay premiums thereafter
3. 20 Pay=Pay for 20 years,no premium payments thereafter
4. 20 Pay + ROP=pay for 20yrs get premiums back & never pay any further premiums

So which is better? Well as you know there is no right or wrong there is only opinion. In my opinion I would take the upfront money from Humana if was not wanting a critical illness insurance for some reason rather only cancer insurance. If you want coverage for more than just cancer you really should consider getting a critical illness insurance policy instead depending on your age, (under 50 aprox.)it might not be that much more in price. Even if you are over 50 you should if you can get critical illness it covers heart attack, stroke, cancer and more in one lump sum payout upon diagnosis. Either way make sure you don’t get a critical illness policy within your existing health insurance as a rider. For too many reasons it isn’t wise. Which plan? typically the real question comes down to your habits. If your one that keeps a plan for 20 years DEFINITELY get your premiums back. If less likely to keep a policy no matter how inexpensive it is for that long historically then don’t pay the extra premiums just to lose them.

In either case, If like to leave a comment please do so. If like to get a quote from Humana, Aflac, or other, click “Get a Quote” at top of page.

Stay healthy!