Ask Terry Questions cancer policy

cancer policy

By Terry Savage on April 25, 2023 | Insurance & Annuities

I have had a cancer policy with work for a long time. I signed a rider for the cancer policy to help when I turned 65 which I did last year. I have been working with my local Insurance agent and they tell me now after I signed the rider it didn’t go into effect in 2016. Without notification to me that happened. And my coverage is lower. I don’t know if I should seek legal help or just drop the policy since I am planning to retire January 2024

Terry Says

Those policies are tricky. I know. I wrote a column about them. And I bought one — against my common sense!

They are expensive. A regular life insurance policy has more value for the money spent – -but these are for you, not your beneficiary (as is the case with traditional life insurance).

And once you have the policy, it’s tricky. Letting it go makes me superstitious!! So I keep paying the fairly small annual premium.

In your situation, do you have a copy of the signed rider? Any correspondence from the agent? Sure, ask the company about this. And let them know you have contacted the media! Please let me know what happens.



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