Is it possible to get life insurance for cancer patients and survivors? If you are in this group – which actually includes millions of people – you may think that you can not get affordable life insurance.
But the life insurance industry has evolved in recent years, especially in response to advances in medical development. technology and the increasingly long lifespans of cancer patients and survivors.
This increases the life insurance opportunities for everyone who is a cancer survivor.
Life insurance for cancer patients and survivors is covered by what is loosely called life risk insurance.
In most cases, life insurance cover will be available, although there may be some restrictions, and higher premiums are very likely.
Can You Get Life Insurance With Cancer?
In the majority of cases, the answer to this question is a resounding yes!
But with that said, the process will certainly not be as easy as buying coverage from a low cost supplier when you are yo young and in excellent health.
Coverage for cancer patients and survivors is more complicated than for young, healthy applicants, so you need the right policy.
In addition, there are different types of policies you can choose from, which will offer a variety of terms, benefits and premiums.
For example, you can choose a term life insurance to get the highest death benefit for the lowest premium.
Alternatively, you can choose an entire life policy if you are interested in permanent coverage.
And even if you currently have cancer, you may be able to qualify for a guaranteed problem policy that will at least reduce your death benefit.
Working with a knowledgeable, experienced life insurance broker is the best option to find the right coverage for your situation and budget.
Life insurance for cancer patients
If you bought life insurance before cancer occurred, it won & # 39; No problem. [1
In fact, they will not even be able to cancel your insurance, except that the premium will not be paid.
The real problem arises when you buy life insurance after that.
If you are a current cancer patient, it is probably the only insurance you will qualify for is guaranteed life insurance.
Guaranteed Question Life Insurance for Cancer Patients
A Guaranteed Question Life Insurance will be issued regardless of your health condition.
However, it has a limited death benefit – usually no more than $ 25,000 or $ 50,000 – and a higher premium per thousand basis.
Equally important, guaranteed life insurance has a waiting period.
Normally, no death benefit will be paid for the first two years after the insurance has been taken out. After the period has expired, your beneficiaries will be entitled to your entire death benefit.
A limitation of life insurance with guaranteed issue is that you will not be approved if your cancer diagnosis has been determined to be terminal.
19659003] However, it is possible to get a policy if you are currently undergoing treatment with a positive prognosis, or if you have recently had an episode and you are in remission.
Life insurance for cancer survivors
The variables for cancer survivors are more comprehensive, but so are the alternatives.
Depending on the type of cancer you had, the success of the treatments and how long ago the episode was, you could generally qualify for traditional life insurance coverage.
Still, you should expect to pay a higher premium for that coverage. This may limit the amount of death benefit you will be able to include in your insurance.
Life insurance companies have as many as 15 different ratings that they use to classify the health of each life insurance applicant.
These ratings look like this, although the details will vary from company to company:
- Preferred Plus: This will be a rating for someone who has excellent health, no family history of major illnesses or health condition before age 60, and correct height / weight ratio. This applicant receives the lowest premiums available.
- Preferred: A person in this grade will have very good health with only minor health conditions.
- Standard Plus: You have good health, no family history of serious illness or health before the age of 60, and while you may be overweight, you are not overweight.
- Standard: Generally requires good health, although there may be family health problems. You can qualify for this grade if you are overweight, but not if you are overweight.
Depending on the severity of your cancer and how long since it occurred, you may qualify for a standard rating.  But if the cancer is more serious and newer, you would probably qualify under what is called a table rating.
Also known as "substandard" grades, they are called table grades. since the premium rates are calculated from a table that usually contains 10 or more levels.
In a typical table rating, you get the standard premium rate plus an additional 25% for each level you reach on the table.  For example, if you have a table rating of 2, you get the standard premium rate, increased by 50% (2 X 25%).
If you receive a table reading of 5, you will be awarded the standard premium rate plus 125% (5 x 25%).
With a table rating of 2, a standard premium rate of $ 1000 wi I will be raised to $ 1,250.
You pay more for the coverage, but at least you will be able to get a traditional life insurance.
You may still need to compensate for the higher premium level with a lower death benefit.
The type of cancer and how recently it occurred are factors
This is where the variables associated with life insurance for cancer patients and survivors come into play.
In some extreme situations, such as a combination of lung cancers that occurred just a year ago, it is likely that you will be rejected for traditional life insurance. This is where life insurance with a guaranteed issue comes into the picture.
However, for other cancers, and especially those that have been in remission for several years, it is generally possible to get traditional life insurance coverage, albeit at a higher premium. levels.
Life insurance companies will be interested in the following information:
- How long ago did you get the first diagnosis of cancer.
- Type of cancer, stage level and whether it metastasized or not.
- 19659055] Any treatments you have experienced to cure cancer and how long they lasted.
- If there have been any recurring episodes since your last treatment.
- Any current therapies, including medications, you should check or prevent
Again, the longer your cancer episode was, the greater the likelihood of getting coverage and getting it at a more affordable premium.
In addition to the actual cancer diagnosis, Life Insura nce companies will look at your overall health.
If you are otherwise healthy – you have no heart disease, high blood pressure, diabetes, are overweight or smoke – you have a better chance of getting more affordable coverage.
It is a strong argument for managing your overall health to optimize it in any way you can.
Cancer in Your Family History
This is the cancer-related factor that is completely beyond your control. Life insurance companies do not just look at your personal health; they also take into account the health history of your immediate family. This includes your parents and siblings.
In most cases, life insurance companies will only be concerned if your family members developed cancer before the age of 60.
They will also take a closer look at the types of cancer, how common it is in your family, and if someone died of the disease.
Unfortunately, your family history of cancer will be a consideration in evaluating your application even if you do not have cancer and have never had it yourself.
And it will play an even bigger role if you have had cancer before.
Life insurance benefits for cancer patients
One of the benefits of having life insurance is that many insurances provide living benefits.
This can be especially important in the case of cancer patients, who often face long periods of high-level treatments and treatments.
Cash value policy Life benefit
The first living benefit is if you have a cash value li
You can borrow against the insurance's cash value to help with current living costs.
If you die with an outstanding loan balance, your beneficiaries will receive a full death benefit minus deductions for outstanding loans.
But loans can provide a valuable source of cash to help pay for expensive treatments and even living expenses. live driver. This can include an accelerated death benefit that allows you to access a percentage of your death benefit, up to a certain dollar amount.
For example, if you have an accelerated death benefit – which usually costs no extra in premium dollars – that allows you to access 50% of the death benefit under a $ 200,000 policy, you will be able to access $ 100,000 while you still alive.
When you die, your benefits receive a reduced death benefit. But in that way, the policy will give you when you live and undergo treatment and for your beneficiaries when you die.
Depending on the type of accelerated death benefit you have in your policy, there may be certain restrictions
For example, the life insurance driver may require that your diagnosis be terminal in order for you to have access to part of the death benefit early.
Nevertheless, it can provide a valuable living benefit to help you manage both medical costs and living costs.
Buying life insurance for cancer patients and survivors
Life insurance for cancer patients and survivors is admittedly one of the more complicated types of coverage.
This is because there are so many variables, including the type of cancer, the success of the treatments, how long since the disease occurred and many other factors.
This is why you need the help of a specialist in high-risk life insurance to get the best insurance if you are a survivor.  As a life insurance broker, it is our specialty to provide life insurance for cancer patients and survivors – as well as many others with serious health conditions.
Because we work with dozens of life insurance companies, we can place your insurance with the company that will take the most favorable view of your health condition and offer the lowest premium.
And because of the many variables associated with life insurance for cancer patients and survivors, we will handle all the paperwork for you. You can be sure that you do not pay anything extra for our services. We are compensated by life insurance companies specifically for placing applicants with these companies, so you pay no extra.
If you have a particular insurance profile, whether it has to do with your health, your profession or even any high-risk hobbies you have, put our experience to work for you.
Life insurance by type of cancer:
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