3American males have an almost one in two chance of developing cancer during their lifetimes, while females have more than a one in three chance, according to the latest data from the U.S. National Cancer Institute.

That frightening reality is leading more and more people to consider buying Cancer insurance. This coverage, which provides benefits only if you're diagnosed with cancer, will supplement your Health insurance by paying for out-of-pocket medical expenses, such as deductibles and coinsurance, or for treatments that your health plan doesn't cover. In some cases, you can use the cash for paying ordinary household expenses to ease the financial burden of the illness.

Premiums vary depending on the benefits provided and, for some insurance companies, according to your age and gender. Coverage is relatively inexpensive - with premiums as low as $10 a month or less.

Some Cancer plans, called "expense-incurred policies," pay a percentage of treatment expenses up to a maximum amount. Other plans, called "indemnity policies," provide a fixed amount for each benefit, with the money paid directly to you to use as you wish.

Newer types of Cancer policies pay a single, lump-sum cash benefit upon diagnosis. Critical Illness insurance also provides a lump sum payment after diagnosis, but covers more than one type of disease, such as cancer, heart attack and stroke. You collect the benefit if you're diagnosed with any of the covered illnesses.

A Cancer insurance policy usually has a waiting period between the time you purchase coverage and when benefits can be paid. If you're diagnosed during this period, the policy won't pay. The insurance company might also deny coverage if you are diagnosed after the waiting period, but had cancer symptoms before you purchased the policy.

Although Cancer policies advertise that they will provide benefits regardless of what other policies pay, your Health insurance might include a "coordination of benefits clause," which means the Cancer plan won't pay for duplicate benefits.

Our specialists will be happy to provide a comprehensive review of your Health insurance situation and recommend the coverage best suited to your needs and pocketbook.

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