Life Insurance For People With Cancer

Do Cancer Patients Qualify To Get Life Insurance?

If you or someone you know has been diagnosed with cancer, it does not mean that you cannot qualify for life insurance coverage. According to the National Cancer Institute, around 1.5 million suffered from this illness in 2014. However, death from this illness has shown a decreasing number.

Since 1991 deaths from this illness have decreased by 20%, according to the American Cancer Society. Although you cannot apply for life insurance while in treatment, you can do so after. Today, there are increasing numbers of insurers giving people with cancer opportunities to apply and get the coverage they need. Insurers can offer you great coverage after finishing the treatment.

Types Of Life Insurance For People With Cancer

It is good to know that there are two types of insurance coverage available to people with cancer. One is the Term Life, and the other one is the Whole Life Policy. It is the same type of policy being offered for healthy people and with no underlying health condition.

When it comes to term life, you need to remember that it is available only for a specific period of 5 to 20 or more years. Also, the premium is lesser compared to the whole life. The reason for its affordability is that it only offers a death benefit. Unfortunately, one may not be able to get anything if you outlive the term. The insurer will only make a payout if you die within the term.

The whole life policy can cover you for a lifetime plus investment through cash value. This cash value grows in the course of the policy. It is why the whole life policy offers a much higher premium than term life. Both policies are available for cancer patients, but it is easier to apply for whole life coverage.

Steps To Look For The Best Life Insurance Coverage

One f the best option for people who are working is to get life insurance with your employer. However, you will lose the policy when you leave your job. Therefore, it is advisable to get an individual policy. One of the most important factors of applying for life insurance is honesty, even for an average applicant. You must disclose all necessary information, especially about your health condition.

However, it is tough to disclose having cancer. Disclosing that you are a cancer patient indeed makes it harder to acquire a policy. If you want to lighten your burden, you can get the service of an independent expert agent from Coach B. With an experienced agent, they can help you get the best policy choice from different insurers at the lowest possible rates.

Here Are Some Questions That You Will Encounter Along The Way.

1. What is the type of cancer?

The chances of getting the insurance coverage you need depend on the type of cancer you have. Also, other essential factors are the stage of cancer and where it is located inside the body. Insurers want to know the rate of its survival and if it is curable.

2. Can you give me your current medical records?

Insurance providers will surely ask for a copy of your medical records. You must also have contacts of all your doctors as insurers will contact them and ask several questions. 

3. Are you already cancer-free?

One of the most important factors to get the best deal is if you are already cancer-free. 

4. Are you visiting all of your specialists?

Insurers during the underwriting process will make some follow up regarding notes written on your medical records. It is to know if you are continuously visiting al your specialist to monitor your health condition. 

5. When was your last treatment?

Most insurers require a waiting time of 10 years from your last treatment. However, you can still find some providers who are lenient and may offer a shorter waiting time. 

You Need To Know That There Are Four Ratings Used By Life Insurance Providers. However, They May Vary According To Name.

1. Preferred plus
2. Preferred rating
3. Standard rating
4. Substandard rating or table rating

A cancer patient can get a standard rating right after the waiting period if your cancer is a low-risk type like skin, testicular, prostate, and early breast cancer stages. Some insurers may offer a higher monthly premium for other types of cancer, but it may lower over time. 

Patient In Treatment

If you are in the treatment stage and want to apply for life insurance, they can opt for a guaranteed issue. The drawback is the fact that it has the highest premium among all types of coverage. Also, it is graded. The insurer will give the payout if you manage to live within a specific period set by the insurer. Typically, this type of policy offers small coverage of $5000 to $50000. The primary purpose of getting it is to cover all expenses related to your death. It is possible to renew the policy if you want without any medical examination. 

Patients Who Finished The Treatment

People who managed to finish their treatment are considered in the remission stage. However, you will be able to apply after the waiting period required by the insurer. Also, the waiting time depends on the type of cancer. 

Patients Who Past The Waiting Time

People who had cancer and finished the waiting period can apply for either term life or whole life insurance coverage.

What Insurance Policy Applicable For You?

Stage of Cancer

• If you currently have cancer, then you can apply for a guaranteed issue life insurance.
• People in the remission stage and within the waiting period can also apply for a guaranteed issue policy.
• If you are in remission but finish the waiting period, you can now apply for term life insurance or a whole life insurance policy.

The waiting period before you can apply for life insurance that you need varies from one insurer to another. No cancer incident is similar. Therefore, an insurance provider may give a different waiting period. 

Common Waiting Periods for Life Insurance Policy

Patients Who Are In Treatment Stage

It is good to know that there is an option for people with cancer currently in the treatment stage. Also, it is available regardless of the type and stage of cancer.

This policy is the Final Expense policy that is available for everyone. The approval of this policy is not based on health conditions. It is the last resort of people who have experienced a denial before for a life insurance policy. However, it is a graded policy with an exclusion period of around two years. It is a requirement for the insurer to pay out in full.

Cancer survivors and those who are still struggling in their treatment can always prepare for unexpected happenings. Everyone, no matter what health condition you are in, should prepare for unforeseen events in life.