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Life Insurance for Cancer Patients & Survivors
If you have found yourself in remission or having a family history of cancer, you can still get affordable life coverage. Still, if you’re in treatment, you’ll likely be denied a traditional policy.
- updated last on April 22, 2023
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Should cancer patients get insurance after diagnosis
Having cancer is not a hopeless situation as there is still hope, especially when it comes to getting a life insurance policy. Hence, it is not impossible to get the coverage that you need while having cancer. In 2014, almost 1.5 million people were diagnosed with cancer, but the fatality rate decreased over time, from the National Cancer Institute.
Moreover, there is a massive 20% decrease in death since 1991. Although it is hard to get insured while on treatment, it is possible to get one after. There are more and more insurers who are willing to accept applicants with a history of cancer. Also, working with Coach B. Life Insurance, they can work with you to get the coverage that you need if it’s possible.
Best life insurance policy for cancer patients
When it comes to the life insurance policy, one can choose between term life and permanent or also known as whole life. A cancer patient can opt for term life with fix term from 5 years up to 30 years, depending on your age. The beauty of getting term life is the fact that it cost less than permanent coverage. However, an insured will not get anything at the end of the term. The insurance company will only pay for a death benefit if you die within the policy term.
With a permanent life policy, type insured is covered for his or her lifetime and a cash value that grows over time. It is the reason why it is costlier than term life.
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Can you get life insurance if you have cancer
One option is to get life insurance coverage with your current employer. If your company is offering such a privilege, it is good to take one. However, you will lose coverage once you leave your job. Therefore, it is still better to get personal coverage on your own. Coach B can help you with the process.
Typically, an insurer wants to know more about your health condition, and full disclosure is vital. Although coverage might be expensive, it is not possible to get the best deal. An expert agent from Coach B. with long years of experience in the industry can get the lowest option for you.
The following are typical questions you might encounter.
- What is the type of cancer?
The chance of getting a life coverage largely depends on the type of cancer you had, the stage, location, and the percentage of survival.
- Are you in the remission stage?
Remission means that you are already cancer-free. It may have a positive impact on your application. Many insurers will gladly give cancer survivors the policy that they need once they are in remission.
- When was your last treatment?
An insurer may require several months, a year, or up to 10 years after your last treatment before they can accept your application for a policy.
- Is your health in good condition?
It is a question to find out other health conditions other than cancer. The insurance provider is thinking of other illnesses like high blood, diabetes, obesity, and more.
- Can you give a copy of your medical records?
Moreover, an insurer may ask for a copy of your medical records. It is to confirm your current health status. Also, they want to know if you have the contact information of your doctor.
- Are you getting follow-ups and seeing your doctor?
During the underwriting process, they want to know if you are continuously getting follow up with your doctors to monitor health. It will also tell the underwriter if there are recommendations done by specialists regarding your health condition. Most insurers appreciate if you are updating health conditions through checkups.
Ratings
There are four types of ratings regarding life insurance coverage, such as preferred plus, preferred, standard, and substandard. In case you have a low-risk cancer type like skin, early stages of breast and prostate cancer, you may get the standard rating. Hence, it is possible right after you surpass the waiting period for your cancer. Insurers may give a high premium for other types of cancer, but you may lower it down after several years of being cancer-free.
Stages of cancer treatment
One of the most critical factors that can affect the type of policy is your current treatment stage.
Life insurance with pre existing cancer
If you want to get a policy while undergoing treatment, you are only entitled to a guaranteed issue policy. It is the most costly life coverage plan. Also, the policy will only give full benefit if you outlive the insurer’s set period. This policy can benefit your family by the time of your passing. It can cover all death expenses. In case you outlive the policy, you can choose to renew it without the need for a medical examination.
After cancer treatment ends
People who are already done with their treatment and in the remission period are better than the situation above. However, the insurance provider will likely ask for the type of cancer. Also, you will probably get a guaranteed issue policy for this stage. It is a guaranteed policy without the need for a medical exam.
Waiting Period for life insurance after cancer
Insurers will set a waiting period before applying for a policy to get a more affordable option. If you surpass the waiting period, then you can now purchase a life plan. You may choose between term life and permanent life coverage. Underwriters will think of you as a low risk since you are already cancer-free.
Best life insurance companies for cancer patients
According to experts, some of the best life companies for cancer patients include Mutual of Omaha, AIG, and Prudential. These companies have more lenient underwriting guidelines and may offer coverage to those with a history of cancer. However, shopping around and comparing quotes from multiple companies is important to find the best policy for your specific needs.
Life insurance for cancer patients
Currently Have Cancer: Guaranteed Issue
In Remission – Within Waiting Period: Guaranteed Issue
In Remission – Out of Waiting Period: Permanent or Term Policy
The waiting period depends on the insurer. Cancer is different from each case, depending on the stage, grade, spread, and the last treatment. The following are the usual waiting period for many insurance providers.
Life insurance for patients with cancer
Breast Cancer– an applicant usually wait for 1 to 5 years; however, it is still based on the stage
Lung cancer– stage 1 waits for three years while stage 2 can go up to 5 years
Colorectal– from stage 1 to 3, different waiting periods are depending on the insurer.
Uterine– from 0 to 1 is after two years, but for higher rates, while 4 t 5 years waiting is better. Many insurers will most likely deny stage 2 and above.
Hodgkin and Lymphoma– high rates are given to those who are in stage 1 to 2 but beyond will get a denial of policy.
Prostate– The waiting period is six months for stages 1 to 2 with A and B classification.
Leukemia– the waiting period is at least 5 to 10 years, but depending on the type. Some types are not insurable.
Kidney– There is a waiting time of 5 to 10 years.
Cervix– It is only for stage 1 with a waiting time of 0 to 1 year.
Stages of cancer treatment
There is a final expense policy that you can apply for regardless of your health status. Hence, the approval is not based on the health condition of the insured. It is a policy for those who have been denied but still want to try another option.
With Coach B Life Insurance, they can offer you several options regarding a final expense policy. It is a guaranteed issue policy that you can buy directly from the insurer and same-day approval.
Also, it is a guarantee that you will not undergo a medical exam. Therefore, it is the best choice for those who have cancer and survived. Most of the policies under this category are graded. It means there is a two year period before they give out the benefit in full. Additionally, the amount is just limited from $5,000 to $50,000.
Today, cancer is a type of disease with a higher chance of survival, unlike before. However, many insurers are still preparing for the unexpected happening in life. Once you receive the news of cancer in the family, it is already a sign that you really need to prepare for the future.
Frequently Asked Questions
How can Coach B. Help You?
Experience and licensed agents from Coach B. can help you with your journey in finding the best life cover for you. They have a long list of partner insurance providers with high ratings to help you find the policy that suits you. You may contact us at 800-342-1537.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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