The good news about cancer these days is, thanks to earlier detection and medical advances, you're more likely to survive.

That's also the bad news.

If you've known anyone who has dealt with cancer, you've probably seen the financial devastation it can cause — even for those with good medical coverage. In addition to the direct costs of medical tests, doctor visits and treatment, cancer patients and their families face long lists of indirect expenses: transportation, child care, hotel stays, meals away from home and time missed from work for one or both of a family's wage earners.

Recommended For You

That adds up to a significant or catastrophic financial burden for more than 40 percent of cancer patients, according to a 2013 study from the Economics of Oncology Practice. In fact, cancer patients are more than two and a half times more likely to go bankrupt than people without cancer. With 76 percent of America's workers living paycheck to paycheck at least sometimes — and half of all households unable to raise $2,000 within a month if needed — few people are prepared for the costs associated with cancer or a serious illness.

"Cancer insurance doesn't make the diagnosis or the plan of treatment easier, but it softens the financial burdens that accompany the journey to remission," says Tina Craft, director of the employee benefits department at Insurance Office of America.

Strong need, strong sales potential

It's safe to assume neither you, as a broker, nor your clients need education on the prevalence of cancer: nearly everyone knows someone who's been affected by it. Beyond pointing out the financial realities mentioned above, there are several other strategies some of our business partners have used to help their clients understand how cancer insurance can fit in their benefits package.

Extension of major medical insurance 

"Cancer insurance provides our clients with a benefit option for their employees that offers tangible benefits where the medical plan ends," says Dave Matthews, an employee benefits advisor with Landry Harris & Co. "The benefits also provide financial support at a time when significant decisions need to be made, all with a life-saving price tag attached to them. 

Part of wellness strategy

"We position cancer policies as an extension of our overall preventive wellness strategy with our clients," Matthews says. "By highlighting the wellness benefit under the cancer policy, we're placing an emphasis on early detection, which in the long run is a key factor in successful cancer treatment."

Match product and demographic

The key for successful cancer coverage sale is positioning the correct product for the demographic, says Daniel LaBroad, president of Ovation Health & Life Services.

"Twenty-somethings want to be protected, but may not want to spend $20 to $30 per month on a loaded cancer plan. Instead, they may prefer a less expensive critical illness product that covers cancer as well as other serious illnesses," he says. "As people get older, have cancer experiences, or grow a family, we see them prefer the protection of a more complete policy offering better protection from diagnosis to treatment to, hopefully, recovery."

Expand your portfolio

Adding voluntary cancer insurance to your portfolio can help your clients better manage their benefits budget while providing employees with much-needed protection against a disease they're all too familiar with. And the sale may be simpler than you expect.

"The truly interesting part for me to see is the shift in acceptance and enrollment in a cancer product," LaBroad says. "Ten years ago, I would have to twist an arm to get someone to consider a cancer policy, let alone sign up. Today, with cancer being caught so much earlier and more common experience with it, cancer products have become one of the most asked-for policies."

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.