Being diagnosed with a disease like cancer can be emotionally devastating and costly. To defray the costs, some insurance companies offer specified-disease health insurance that promises to pay out if you are diagnosed with the specific disease named in the policy.
Such supplemental insurance promises lower the cost of treatment but does not replace existing health insurance. And it's probably not necessary if you have health insurance and life insurance policies.
"These types of policies have been around for decades and appeal to particular fears," says Ric Edelman, president and co-chief executive of Edelman Financial Group. "They are overpriced polices."
Cancer insurance is often expensive and simply not necessary, Giorgianni says.
"With any specific-disease coverage, we say skip it," says Giorgianni. "Buying specific-disease insurance, you may be duplicating coverage you already have in your general health care plan."
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