A lump sum of cash when a diagnosis changes everything

Cancer, heart attack and stroke insurance is supplemental protection. If you're diagnosed with a covered condition, the policy pays a lump-sum benefit straight to you — not to a hospital. You choose the benefit amount when you apply, commonly anywhere from $10,000 to $75,000.

The money is yours to spend however you need. Clients use it for deductibles and coinsurance, travel to a specialty treatment center, lodging and meals during treatment, help around the house, lost income for a spouse who takes time off, or simply the ordinary bills that keep arriving during recovery.

Benefits are paid in addition to whatever your Medicare plan or health insurance covers, and they don't reduce those benefits. Policies typically ask health questions at application and include a short waiting period before coverage begins, so applying while you're healthy matters.