Supplemental Cancer Insurance Companies: How to Vet and Compare Them

Key Takeaway

Supplemental cancer insurance companies include Aflac, Colonial Life, Mutual of Omaha, Physicians Mutual, Washington National and ManhattanLife. The best choice depends on whether you buy at work or on your own, how the plan pays, and the company’s financial strength and claims record.

Workplace specialists. Companies such as Aflac and Colonial Life sell many of their plans through employers, often with payroll deduction and simpler enrollment.

Individual-market carriers. Companies such as Mutual of Omaha and Physicians Mutual sell directly to individuals and families, including people on Medicare.

Agent-sold supplemental insurers. Companies such as ManhattanLife and Washington National sell mainly through licensed agents who can explain benefit schedules and riders.

Group benefits carriers. Large benefits companies such as Voya often offer cancer protection inside critical illness plans sold to employers.

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How benefits pay. Lump sum plans pay one check at diagnosis. Benefit-schedule plans pay set amounts for treatment. Some do both.

What counts as cancer. Check how the policy pays for carcinoma in situ and skin cancer. Many pay a reduced amount or exclude them.

Waiting period and pre-existing rules. Many plans use a 30-day waiting period. Aflac’s individual cancer policy and Mutual of Omaha’s lump sum plan both exclude cancer diagnosed in the first 30 days.

Recurrence and renewability. Ask whether the plan pays again if cancer returns and whether it is guaranteed renewable.

Broker tip: Ask each company for the outline of coverage, not just the brochure. The outline lists definitions, limits and exclusions in one place, which makes side-by-side comparison much easier.

Ask about portability: Some workplace cancer plans let you keep coverage if you leave the job, often by paying the company directly. Others end with your employment. Ask before you count on a work plan as your only cancer coverage.

Financial strength rating. AM Best grades insurers on their ability to pay claims. Ratings in the A range are considered Excellent or Superior; B++ is Good.

The exact insurer name. Many brands use more than one insurance company. The rating that matters is for the company named on your policy.

Complaint records. Your state insurance department and the NAIC’s online consumer tool show complaint data for licensed insurers.

State license. Make sure the company and the agent are licensed in your state before you apply.

Start with your gap. Check your health plan’s out-of-pocket maximum and how long you could go without pay.

Pick a payment style. Decide between a lump sum, treatment benefits or both. Our guide to how to compare cancer insurance companies walks through the details.

Shortlist two or three companies. Favor A-range ratings and plans that fit your budget. See our 5 best cancer insurance policies for picks.

Get quotes side by side. A licensed agent who works with several companies can line up benefits and prices for you.

➤ Which companies sell supplemental cancer insurance?

Well-known companies include Aflac, Colonial Life, Mutual of Omaha, Physicians Mutual, Washington National and ManhattanLife. Many large employers also offer cancer coverage through group benefits carriers.

➤ Which supplemental cancer insurance company is best?

No single company is best for everyone. The right one depends on whether you buy at work or on your own, how you want benefits to pay, your budget and the company’s financial strength.

➤ What AM Best rating should I look for?

Ratings in the A range, such as A (Excellent) or A+ (Superior), show strong ability to pay claims. B++ (Good) is solid but lower.

➤ Is Aflac the only supplemental cancer insurance company?

No. Aflac is well known, but many other companies sell cancer coverage, both at work and to individuals.

➤ Can I buy supplemental cancer insurance outside of work?

Yes. Companies such as Mutual of Omaha and Physicians Mutual sell individual cancer plans, and agents can quote several companies at once.

➤ Do supplemental cancer insurance companies cover pre-existing cancer?

Usually not. Most exclude cancer diagnosed before the policy starts or during the waiting period.

➤ Can I have policies from two companies?

Often yes, because many plans pay regardless of other coverage. Some policies limit overlapping coverage, so ask before you buy.

➤ Does supplemental cancer insurance replace health insurance?

No. It is limited-benefit coverage that pays cash to you. You still need health insurance, Medicare or Medicaid.

Cancer Insurance Quotes

Call a Licensed Agent Now

Compare cancer insurance plans and cash benefits from several insurance companies in one call.

☎ 1-888-891-0229

No obligation to buy