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Started By
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Thoughts on supplemental insurance?
Posted on 12/11/23 at 9:38 pm
Posted on 12/11/23 at 9:38 pm
I've been looking at Aflac's menu and curious about adding these.
7
Posted on 12/11/23 at 10:53 pm to Billy Blanks
If you have means, I generally don't suggest it.
Insurance is for things you can't afford.
There are plenty of ways to pay for things.
If money is tight, then it would be a lot tighter with cancer or an expensive health issue.
Still... it is a question about assuming risk.
Are you the type of person to pay money to limit risk?
Insurance is for things you can't afford.
There are plenty of ways to pay for things.
If money is tight, then it would be a lot tighter with cancer or an expensive health issue.
Still... it is a question about assuming risk.
Are you the type of person to pay money to limit risk?
Posted on 12/12/23 at 7:35 am to Billy Blanks
I got some ER insurance a year ago to cover my family. I have two daredevil kids that I figured would be in the ER sooner than later. $12/month. Turns out I was the first one to use it. I got bit by a bat and had to go through a series of rabies shots that could only be given at the ER. Total out of pocket was about $2000. I got $1000 back on the insurance. Would I have been fine without the thousand? Sure, but it helped lessen the sting.
Posted on 12/12/23 at 8:08 am to Billy Blanks
Is Aflac being offered through work and what are the plans that are being offered? I would definitely take a look at the disability if it is.
One way to look at these types plans are as income and asset protection plans to help protect against dual loss of income, depleting savings and having to borrow from qualified plans. Accident plans for families come in handy especially if your kids are active in sports.
One way to look at these types plans are as income and asset protection plans to help protect against dual loss of income, depleting savings and having to borrow from qualified plans. Accident plans for families come in handy especially if your kids are active in sports.
Posted on 12/12/23 at 8:32 am to Billy Blanks
It's simply additional.
Posted on 12/12/23 at 8:43 am to La Place Mike
quote:
Is Aflac being offered through work and what are the plans that are being offered? I would definitely take a look at the disability if it is.
One way to look at these types plans are as income and asset protection plans to help protect against dual loss of income, depleting savings and having to borrow from qualified plans. Accident plans for families come in handy especially if your kids are active in sports.
No, I'm self employed.
Posted on 12/12/23 at 9:00 am to Billy Blanks
Okay. Disability would not be available.
What is your line if work? If your job is physical or you work with your hands an Accident policy could be of help. Also look at the Cancer plan and the Critical Illness plans. What other plans are available?
What is your line if work? If your job is physical or you work with your hands an Accident policy could be of help. Also look at the Cancer plan and the Critical Illness plans. What other plans are available?
Posted on 12/12/23 at 9:15 am to La Place Mike
quote:
What is your line if work? If your job is physical or you work with your hands an Accident policy could be of help. Also look at the Cancer plan and the Critical Illness plans. What other plans are available?
I'm in sales.
ER/hospital, cancer and many others.
Aflac
Posted on 12/12/23 at 9:37 am to Billy Blanks
I am not a big fan of Lump Sum Critical Illness plans. They are very specific. The Cancer plan looks like an indemnity plan and would have the potential to pay a significant amount if diagnosed with cancer. I don't think the Hospital plan would be available to you since you are self employed.
Posted on 12/12/23 at 3:11 pm to Billy Blanks
They had a salesman come to my wife's office 10 years ago or so. We discussed it and didn't think the cancer policy was worth the $30 per month or whatever it was. She was 38. About a year later she was diagnosed with cancer and had 2 surgeries at MD Anderson and had to return for 2 months of radiation. Sure wish we had bought that policy.
But I think generally you end up paying more than you get back or they wouldn't be able to afford Nick Saban and Deion Sanders on their commercials.
But I think generally you end up paying more than you get back or they wouldn't be able to afford Nick Saban and Deion Sanders on their commercials.
Posted on 12/12/23 at 3:23 pm to REB BEER
Anyone who uses the cancer policy loves it.
But it is a business.
If aflac is paying out more in claims than they take in with premiums, they will go out of business.
1) can you afford the loss if you have to?
2) are you the type of person who would rather not pay an insurance premium and take the risk?
Answer no to either of the above and you are their target market.
If so, I would consider it if it is within your budget.
But it is a business.
If aflac is paying out more in claims than they take in with premiums, they will go out of business.
1) can you afford the loss if you have to?
2) are you the type of person who would rather not pay an insurance premium and take the risk?
Answer no to either of the above and you are their target market.
If so, I would consider it if it is within your budget.
This post was edited on 12/12/23 at 3:41 pm
Posted on 12/12/23 at 3:35 pm to Billy Blanks
If you are the sole provider for your fam, the cancer policy is $360/yr and would lessen the burden on your fam.
Posted on 12/14/23 at 11:56 am to Billy Blanks
I bought a cancer policy 28 years ago that covered my family. My wife had 2 rounds of cancer about 20 years ago. I am now in my 3rd year of cancer treat. Paid about $4500 in premiums over the years. Policy has paid supplemental benefits of over $50,000. All paid to me directly with no coordination of benefits with my health insurance. I would say it has paid off.
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