When it comes to life, accident, and supplemental health insurance, there is no shortage of products on the market. Many types of policies include coverage for a wide variety of circumstances.
Cancer affects one in three people in the United States.1 You might be wondering how you can help protect yourself and your loved ones financially from this disease in the event you are diagnosed with or die from it. And if you were to die from it, would it be considered an accidental death?
To help answer that question, let’s first define a few terms.
What is cancer?
Cancer can take many forms. It is caused by abnormal or old cells in your body not dying as they are supposed to. These cancerous cells eventually grow out of control and can crowd out normal cells, making it hard for your body to function properly.1
Cancer can be caused by lifestyle habits, inherited genes, and/or exposure to cancer-causing environmental agents.1
How do life insurance beneficiary trusts work?
What is considered an accidental death?
Generally, an accidental death is an unnatural death caused solely by accidental means that can’t be controlled or prevented. Exact definitions of an accidental death may vary between different insurance providers and will depend on the language of the policy.
Common examples of accidental deaths that may be covered under an accidental death policy include:
- exposure to elements
- car accidents
Common examples of deaths that may be excluded from payment under an accidental death policy include:
- natural causes, including heart attacks, strokes, and cancer
- hazardous hobbies like race car driving
- drug overdoses
- acts of war
So, no, cancer is usually not considered an accidental death. Cancer is caused by natural factors. As such, cancer would usually not be covered under an accidental death policy.
What is cancer insurance?
If you’re interested in insurance that does offer coverage for cancer, many insurance companies offer cancer insurance, which is a type of supplemental health insurance.
Cancer insurance pays a benefit for a covered cancer diagnosis. Coverage and benefits vary by policy type and by company, so be sure to understand the benefits and limitations of any cancer insurance policy you’re interested in purchasing.
Like accidental death insurance, cancer insurance is not a replacement for major medical coverage.
Cancer insurance may help protect you.
A cancer diagnosis or death from cancer is usually not considered an accidental death, and therefore usually not covered under accidental death insurance. Cancer insurance; however, may be appropriate for you if you’re looking for financial protection in the event of a covered cancer diagnosis.
If you want to know more about accidental death insurance or cancer insurance, contact a licensed insurance agent.
- American Cancer Society, What Is Cancer?, 2020
Categories: Accident Insurance, Insurance