Why Purchase a Cancer Insurance Policy?

Cancer has touched the lives of so many people, either by being diagnosed with the disease, or having a family member who was diagnosed. With Covid-19 dominating the news of late, people have been distracted. But with the recent deaths of prominent celebrities like Eddie Van Halen and Chadwick Boseman, the disease has been come back to the attention of the country. 

The American Cancer Society estimated there would be more than 1.7 million new cancer cases diagnosed in 2019. Approximately 39 out of 100 men and 38 out of 100 women will develop cancer during their lifetime. These numbers should make people take notice that anyone can be at risk.

According to the Agency for Healthcare Research and Quality, the direct medical costs for cancer were an estimated $80.2 billion in 2015. Of those costs, 52% were for hospital outpatient or office-based provider visits, and 38% were for inpatient hospital stays.

These report estimates are based on individual cases, but the reality is cancer affects entire households, not just an individual. Extended time off work, family members becoming caregivers, outside caregiver expenses, medical bills - cancer affects us physically, emotionally, and financially.

I've shared the story in a previous post about the man in my area whose child was receiving cancer treatments two hours away from their home. The family was close to having his power shut off because he wasn't able to work due to the traveling back and forth. Luckily, the man's employer realized at the last minute that the man had purchased an all but forgotten cancer plan a few years earlier and helped restore the man's finances.

Cancer insurance policies can help keep the out-of-pocket costs down so that you can focus on what matters most to you. With this in mind, Surf Financial Brokers has looked for quality cancer insurance plans to offer to our clients in North Carolina, South Carolina, Virginia and Tennessee. One of these plans is offered through Manhattan Life Insurance Company and has some great features. 

What is a Cancer Insurance Policy?

A cancer insurance policy can provide coverage for services major medical plans may not cover.

What Cancer Insurance Policy Solutions does Manhattan Life Offer?

Manhattan Life offers “Cancer First Occurrence” and “Cancer Care Plus” insurance.

Cancer Care Plus and Specified Disease Insurance Benefits

• Guaranteed Renewable for Life
• Cancer screening test
• First Occurrence Benefit Rider
• Daily Hospital Confinement Benefit
• Surgical Benefit
• Radiation and Chemotherapy
• Hospital and Other Care Facility Benefits
• Optional Intensive Care Unit and Critical Care Benefit Riders*

Cancer First Occurrence Insurance Benefits

• Guaranteed Renewable for Life
• Payment is made directly to you upon an initial cancer diagnosis
• Choose a benefit amount up to $50,000
• Family Plan option – pays the same FOB benefit for each covered family member
• Optional Intensive Unit Care and Cancer Screening Benefit Riders*

*Optional benefit riders have state variations and may not be available in all states

This estimate is from the American Cancer Society’s “Cancer Facts & Figures 2019” and includes all cancer types except basal cell and squamous cell skin cancers and in situ carcinomas except urinary bladder.

These estimates are based on a set of large-scale surveys of individuals and their medical providers called the Medical Expenditure Panel Survey, the most complete, nationally representative data on health care and expenditures. Visit Medical Expenditure Panel Survey (MEPS) for more information.

While your medical insurance pays the bulk of the hospital and doctors' bills, a cancer insurance policy can help you with the out-of-pocket costs associated with being diagnosed with cancer. Deductibles and coinsurance just part of the expenses. There may be other expenses like travel and lodging, not to mention lost income from being out of work. It can all be a financial drain on a family's resources. 

A cancer insurance plan can be very affordable. Don't wait until it is too late to apply for a policy. Book an appointment with us to discuss this valuable coverage. And in the meantime, please stay healthy! 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Great Cycle Challenge - Cancer Bike Ride

As September was Life Insurance Awareness Month, we failed to mention one of the other interesting items that took place involving a couple of our associates. 

The Great Cycle Challenge began in 2015 and has quickly become one of the biggest cycling events in the country. People of all ages, abilities and from every state across the country set themselves a personal riding goal and challenge themselves to pedal to fight kids' cancer. For 2020 the challenge took place in September. 

In the previous 5 years, the riders from all 50 states across the country had ridden a total of 18,831,130 miles and raised a total of $24,615,507! That money goes to support research to develop better treatments and find a cure for childhood cancer.

Two of our very good friends participated this year and both did fantastic. Donna Cash, a retired school administrator in North Carolina, set a goal of 300 miles and to raise $500. Donna, who is a colleague of ours and an all-around awesome person, rode 303 miles and shattered her goal with $668. Good job!

Jeanne Doran, one of our Surf Financial partners in crime, also rode in the event. Going above and beyond the call of duty, Jeanne rode a total of 455 miles and raised $2615. Congratulations to both of these amazing people and a hearty thanks for helping a good cause.

I spoke to Jeanne last week and let her know what a great job she did. As cancer has touched all of in some form or fashion, we discussed what a great way the bike ride was for getting the message out about kids' cancer, as well as other cancers too. 

That's when Jeanne and I realized that we offer cancer insurance plans and those plans should be part of our messaging also. 

I've related the story in the past of the gentleman whose son was receiving cancer treatments in a town nearly two hours away. Since the father was having to take time from work to travel with his son, their financial situation was dire. At the last minute the father's employer remembered that there was a cancer plan in place and it literally saved the day. 

Most people purchase their cancer plans through work, which is fine and convenient. However, if you are self-employed, a small business owner or, like us, an independent contract employee, you may not be eligible for a group cancer plan. Not to worry, because we offer an excellent plan that is available on an individual basis, and is still quite affordable. 

Through the years we have heard stories from clients who will tell us how much their cancer plan came in handy when they were receiving treatments. Yes, their medical coverage picked up the bulk of the hospital and doctors' bills, but there were still a lot of out-of-pocket costs associated with cancer. Co-pays and coinsurance are just the beginning. Travel and lodging expenses if treatments are out of town can add up, and not everyone is eligible for the Ronald McDonald House. Of course, the loss of income can be detrimental to the financial stability of the patient's family. 

If you would like some information about our cancer plan, check out this video. And if you would just like to contact us for rates or other information, feel free to schedule a phone appointment. In the meantime, stay safe and healthy. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Life Is For Living (Great Video)

As we go through September and wind down another Life Insurance Awareness Month (LIAM), I hope you all are doing well and keeping your spirits high. There is a lot going on in the world that can add stress to all of our lives. The Covid-19 pandemic, racial strife and political tensions are just a few things that are in the news. But there is also all of the daily issues we deal with personally, such as employment and financial burdens. 

The holiday season can be crazy in a normal year. As I watched the news a few nights ago I was struck by a story about how shopping for gifts will be different this year. A lot more online sales, less people in the malls and shopping centers. Of course, we all know that the emphasis should be on our families and loved ones, not spending money we don't have. 

I think back to a sales meeting years ago when I was working with a large insurance company. Most of the agents, myself included, were bemoaning the fact that no one wanted to buy life insurance during the holidays. No one wants to take on another bill when there's a flatscreen TV to be purchased. 

Our manager was leading the meeting and rolled his eyes at our complaining. "You don't get it," he said as if we were a bunch of crybabies. "You say you sell life insurance, but you don't understand who you are selling it for or why you are selling it!"

Then the manager launched into a lengthy diatribe which made sense to me. I will spare you all of the details but the essence was that we, as life insurance agents, were not communicating our message properly, that we were not selling something to be used by the client (assuming that was who we are insuring), but instead it would be used by the client's family. The only thing the client would get out of it was the peace of mind knowing that if something should happen to them, their spouse and children would be able to stay in their home and continue their lifestyle without more financial worries thrown onto them. 

It all made sense to me, but how does one communicate that message during the holidays? As a father and husband I have my policies in place, but I also want my family to enjoy a few gifts that I can offer. The most important present, of course, is not one that can be opened (unless one opens a policy packet). 

So I ask you to do one thing for your family from now. If you do not have life insurance, use our life insurance quoting calculator in the upper right of this blog and get a ballpark estimate* on how much it would cost to ensure your family would be okay if something were to happen to you. There's even a button on there to find out how much you need. 

And if you do have insurance already, check to see if you have enough. Odds are you don't, and that is okay, as long as you do something about it. 

Check out the video and book a phone appointment with us to discuss how we can help you can give your family the best gift this year. 

*All rates are subject to underwriting.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Leave A Gift To Your Favorite Charity With Life Insurance

Every year people all across the country donate millions of dollars to their favorite charities, churches and non-profit organizations. Many of these folks are not too concerned about having their names put on a plaque or other accolades. Their motives may be different from one another, such as a tax write off or just wanting to know that they are making a difference somehow. A few dollars here and there can add up for a charity, but what if you could leave a sizable amount to your favorite non-profit? What if that amount is more than you had ever considered giving away?

You can donate tens of thousands of dollars through the use of a life insurance policy by naming a charity as a beneficiary. It isn't a new concept but it is underutilized. And there are a few ways to do this.

There are some life insurance policies that have a "charitable giving" rider. It allows you to name a non-profit to receive a percentage of your death benefit. The one issue is that there may be limits in place that have to coincide with the IRS's maximum gift giving amounts. The advantage is that these riders eliminate having to create a charitable trust and usually don't cost any extra. The charity does have to be a legitimate 501(c)(3) entity in the eyes of the Internal Revenue Service.

For those who would like to donate higher amounts of money without worrying about IRS limits, the best option is to take out a policy and then donate it to the charity. By transferring ownership of the policy, the charity can control the proceeds. 

For instance, let's assume you donate a policy to your church. Given that the policy will accumulate some cash value (I wouldn't suggest a term policy in this instance) the church can access that money for small emergencies, like a new refrigerator when one dies, rather than wait for someone to donate a fridge.

And since the church is the owner of the policy, they will be receiving the bill for the premium payments. As the donor, you can just write a check for the premium amount to the church and write it off your taxes.

When you do pass on to your great reward, the church, or whatever charity you choose, can receive the death benefit and use it at their discretion. I typically throw out examples like naming a Sunday school classroom after you or a scholarship fund.

Naming the charity of your choice is the simplest way of making sure a non-profit receives the death benefit from your policy. It doesn't offer with the tax advantages that come with donating your policy, but it still reduces the donor's estate by the amount of the death benefit.

If you aren't completely sure how you want to distribute your death proceeds you can name the charity as a revocable beneficiary. This gives you some flexibility in case your financial situation changes, or if you decide to no longer fund that charity. For example, a few years ago, a large non-profit was in the news because their board members were using funds to take expensive vacations. I don't think any of us would want to know that if we died we would be paying for a nice trip to the Bahamas for someone else. If that is the case, you can always change your beneficiary.

If you have a charity or non-profit that is important to you, give us a call and let us help you find a way to endow them through a life insurance policy. In the meantime, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!