Can I deduct voluntary Cancer policy cost?

[AmyT]

Yes, you are able to claim this policy as a medical expense.

Please note that, in order to claim a deduction for medical expenses, you need to itemize deductions on your return. Additionally, the medical expense deduction is limited to expenses that exceed 10% of your adjusted gross income (AGI). The threshold is reduced to 7.5% of AGI if you were born before January 2, 1952.  

[Vanessa A]

Please note, that the deductibility of the cancer policy depends on the type of cancer policy. 

If the policy is an AFLAC type policy that provides for supplemental or guaranteed income, this is NOT deductible.

If the policy is an additional medical insurance policy or a rider to a policy that covers the cost of medical treatment then this IS deductible.