Cancer insurance and critical illness coverage are affordable products that almost nobody buys—even though they can prevent financial devastation. Movember is the perfect reminder to protect more than just your health.
Movember
Every November, millions of men grow mustaches to raise awareness about prostate cancer, testicular cancer, and men’s mental health. Events happen, donations pour in, conversations start. Movember has become a cultural moment—a reminder to get screened, take health seriously, and catch problems early.
But there’s a gap in the conversation.
We fundraise for research. We encourage early detection. We talk about survival rates. What we don’t talk about enough is the financial devastation that follows a cancer diagnosis—even when you survive, even when you have health insurance, even when you do everything right.
1 in 8
men will be diagnosed with prostate cancer during their lifetime
While survival rates are excellent when caught early, the financial burden is real. In 2019, national out-of-pocket costs were highest for breast ($3.14 billion), prostate ($2.26 billion), colorectal ($1.46 billion), and lung ($1.35 billion) cancers. That’s billions of dollars coming directly from patients and families, not from insurance companies or government programs.
Cancer insurance and critical illness insurance exist to solve this problem. They’re affordable, straightforward products that pay a lump sum when you’re diagnosed with a covered condition. Yet almost nobody buys them. Movember should change that.
Financial Impact
The Financial Reality of Cancer
Here’s what health insurance doesn’t tell you: it covers treatment, not the life disruption that comes with it.
Among adults aged 65 years and older who had Medicare coverage, average out-of-pocket costs for medical services were highest in the initial phase of care at $2,200, and the end-of-life phase at $3,823—and that’s just the medical bills. It doesn’t include:
Lost wages. In 2015, cancer cost Americans aged 16 to 84 a total of $94 billion in lost earnings. Many patients can’t work during treatment. Some lose their jobs entirely.
Caregiver costs. Someone has to drive you to appointments, help at home, manage medications. If it’s not a family member taking unpaid leave, you’re hiring help.
Travel expenses. Nearly 50% of cancer patients surveyed said travel expenses related to treatment hurt their financial situation. Specialized treatment centers aren’t always local. Gas, parking, hotels—it adds up fast.
Non-covered treatments. Not every effective therapy is covered by insurance. Some patients pay out-of-pocket for clinical trials, experimental drugs, or alternative treatments that could extend or improve their lives.
Household basics. About two-thirds of adults with health care debt who’ve had cancer themselves or in their family have cut spending on food, clothing, or other household basics.
Even with good insurance, nearly 20% of cancer patients and their loved ones estimated that they spent more than $20,000 each year in total out-of-pocket costs. For many families, that’s a year’s worth of savings—gone.
The National Cancer Institute has a term for this: financial toxicity. Some cancer survivors report spending more than 20% of their annual income on medical care. And the toxicity doesn’t end when treatment does. Cancer survivors may have financial problems many years after they are diagnosed because they’re still paying off debt or dealing with the long-term effects of treatment.
Insurance Solutions
What Cancer Insurance and Critical Illness Insurance Actually Do
Cancer insurance and critical illness insurance are supplemental policies—they work alongside your health insurance, not instead of it. When you’re diagnosed with a covered condition (cancer, heart attack, stroke, kidney failure, etc.), the policy pays you a lump sum. No itemized bills. No fighting with adjusters. Just cash.
You can use the money however you want:
Pay your mortgage or rent while you’re out of work
Cover deductibles and co-pays
Hire in-home care or a house cleaner
Pay for childcare
Fund experimental treatments not covered by insurance
Replace lost income
Just breathe easier knowing the bills are handled
The key difference between the two:
Cancer insurance is specific—it only pays out for cancer diagnoses
Critical illness insurance covers a broader range of conditions: cancer, heart attack, stroke, organ failure, and more
For most people, critical illness insurance is the better choice because it covers more scenarios. But cancer-specific policies can be slightly cheaper if you’re trying to minimize premiums.
Behavioral Economics
Why Almost Nobody Buys These Products
If cancer insurance and critical illness insurance are so useful, why don’t more people have them?
1. Nobody thinks they’ll need it
Cancer feels like something that happens to other people—until it doesn’t. The same cognitive bias that keeps people from buying life insurance or writing a will keeps them from buying cancer coverage.
2. Health insurance creates a false sense of security
People assume their health plan covers “everything.” It doesn’t. It covers treatment, not life disruption. The difference between paying for chemo and paying your mortgage while you’re too sick to work is enormous.
3. It feels morbid
Nobody wants to think about getting cancer. Buying cancer insurance forces you to confront mortality in a way that feels uncomfortable, especially when you’re healthy.
4. Agents don’t push it
Cancer and critical illness policies have small premiums, which means small commissions. Agents prioritize selling life insurance, disability insurance, or higher-premium products. Unless you specifically ask, you probably won’t hear about it.
5. People overestimate the cost
Many people assume cancer insurance is expensive. It’s not.
Pricing
How Affordable These Policies Actually Are
$4/month
A 45-year-old non-smoker can get $10,000 in cancer coverage for less than a coffee
For critical illness insurance, sample monthly rates from Aflac for a $10,000 critical illness policy run between $10-$30/month depending on age and whether you smoke. A 30-year-old individual who wants coverage can expect to pay $16.40 a month for a policy worth $50,000.
Even at higher coverage levels, the cost is manageable. A $30,000 critical illness policy for someone in their 40s might cost $50-$70/month—less than most people spend on streaming services.
The math is simple: Would you rather pay $50/month now, or scramble to find $20,000+ out-of-pocket if you’re diagnosed with cancer?
Prostate Cancer
Why Prostate Cancer Makes This Especially Relevant
Approximately 12.9 percent of men will be diagnosed with prostate cancer at some point during their lifetime. That’s roughly 1 in 8. About 6 in 10 prostate cancers are diagnosed in men aged 65 years and older, but younger men aren’t immune.
The good news: The prostate cancer death rate declined by about half from 1993 to 2022, most likely due to earlier detection and advances in treatment. Survival rates are excellent, especially for localized disease.
The bad news: Surviving cancer doesn’t mean you’re financially whole. Treatment for prostate cancer can involve surgery, radiation, hormone therapy, and ongoing monitoring. Even with Medicare or private insurance, out-of-pocket costs add up. And if you’re still working when diagnosed, taking time off can mean lost income at the exact moment expenses are spiking.
This is where cancer and critical illness insurance make the most sense. You’re likely to survive. You need to survive financially, too.
Action Steps
When to Buy Coverage (Hint: It’s Now)
The best time to buy cancer or critical illness insurance is when you’re healthy.
Once you’re diagnosed, it’s too late. These policies don’t cover pre-existing conditions, and there’s typically a waiting period (30-90 days) before coverage kicks in. If you wait until you have symptoms or a family scare, you’ve already missed the window.
Here’s who should seriously consider buying:
Men over 40, especially if you have a family history of prostate cancer. Your risk is higher, and coverage is still affordable.
Anyone with high-deductible health insurance. If your plan has a $5,000+ deductible, a $10,000 or $20,000 critical illness policy can plug that gap.
Self-employed people or freelancers. You don’t have employer-provided disability coverage. If you can’t work, your income stops. A critical illness policy can replace that income.
Primary breadwinners. If your family depends on your income, losing it for 6-12 months during treatment could be catastrophic.
People with minimal emergency savings. If you don’t have $10,000+ sitting in savings, you’re one diagnosis away from serious financial stress.
Getting Coverage
How to Buy
Most cancer and critical illness policies are sold through:
1. Employer benefits
Many companies offer these as voluntary benefits during open enrollment. Premiums are deducted from your paycheck. Check your benefits portal.
2. Insurance agents or brokers
Any licensed life or health insurance agent can sell these policies. Ask specifically about cancer insurance or critical illness insurance—don’t wait for them to bring it up.
3. Direct from carriers
Companies like Aflac, Colonial Life, and Mutual of Omaha sell directly to consumers online.
What to look for:
Coverage amount: $10,000 is a good starting point. $20,000-$50,000 is better if you can afford it.
Covered conditions: Make sure cancer is included (it almost always is). Check if early-stage cancer (carcinoma in situ) is covered—some policies pay a reduced benefit for non-invasive cancers.
Waiting period: Most policies have a 30-day waiting period. Some have longer waits for specific conditions.
Portability: Can you take the policy with you if you leave your employer? Portability is valuable.
Recurrence benefit: Does the policy pay again if cancer comes back? This matters for long-term protection.
Take Action
The Movember Connection
Movember exists to save lives. It funds research, promotes early detection, and starts conversations about men’s health. But awareness without financial protection is incomplete.
Get screened. Early detection saves lives.
Get covered. Financial protection saves livelihoods.
Prostate cancer is survivable. Medical debt shouldn’t be the cost of survival.
Innovation
Why InsurTech Matters Here
The insurance industry has historically done a poor job of distributing cancer and critical illness coverage. Policies are affordable and useful, but they’re sold through clunky processes that require agent meetings, paper applications, and medical underwriting delays.
Modern digital distribution can fix this. Newer platforms allow you to:
Get a quote in 60 seconds
Answer a few health questions online
Bind coverage instantly for smaller policies (under $25,000)
Access your policy documents digitally
File claims online
This removes the friction that kept people from buying. You don’t need to schedule a meeting. You don’t need a medical exam. You don’t need to wait weeks for approval. You can buy $10,000 of cancer insurance in the time it takes to order lunch.
That’s the future of supplemental insurance—and it’s already here.
Movember is about taking action. Grow a mustache, donate, get screened. But also: get covered. Cancer insurance and critical illness insurance are affordable, practical tools that protect not just your health, but your family’s financial stability.
Because the best time to think about insurance isn’t when you need it. It’s when you don’t.
Want to explore coverage options?
Talk to your employer’s benefits administrator during open enrollment, or reach out to a licensed insurance agent about cancer or critical illness policies. The cost is lower than you think, and the peace of mind is worth it.
