Life Insurance for Cancer Patients – Those who are dealing with the reality of a cancer diagnosis may find it particularly difficult to navigate the complexity of life insurance. But in this difficult period, financial security is more important than ever. Life insurance can be a crucial safety net while cancer patients and their loved ones struggle with the mental, physical, and financial strains of treatment.
In this article, wewould exploreavailable life insurance policies for, and doable tips that cancer patients and survivorscan apply to get the life insurance they require. By understanding the nuances of life insurance for cancer patients, people can make decisions that offer peace of mind and safeguard the long-term financial security of their family.
Can You Get Life Insurance After Diagnosed With Cancer?
Most definitely! It is possible to purchase life insurance if you are a cancer patient or survivor. While the policy can be expensive, there are several life insurance policy options that are availablefor cancer patients. The type of cancer you have determines how much premiums you will be charged by the insurance company. A non-melanoma skin cancer typically does not affect the price of life insurance but on the flip side, if you have a pancreatic cancer, it would be challenging to get life insurance coverage. Also, a malignant cancer will most likely disqualify you from getting a policy.
Nevertheless, there are ways you can work around it with an insurance agent who is adept in providing relevant services to cancer patients who seek life insurance coverage.
Types of Cancer and Their Waiting Period
Before coverage is approved, insurance companies will wait after some years when your treatment has ended. Enumerated below are cancer types and their waiting periods.
| TYPE OF CANCER | WAITING PERIOD |
| Bladder Cancer | 2 years |
| Bone Cancer | 5 years |
| Breast Cancer | 2 years |
| Cervical Cancer | 1 year |
| Colon Cancer | 2 years |
| Kidney Cancer | 3 years |
| Leukemia | 10 years |
| Lung Cancer | 3 years |
| Lymphoma | 2 years |
| Metastatic Cancer | 5 years |
| Ovarian Cancer | 3 years |
| Prostate | 1 year |
| Rectal Cancer | 2 year |
| Skin Melanoma | 1 year |
What Is The Best Life Insurance For Cancer Patients?
There are various life insurance policies you can explore as a cancer patient or survivor. Check out these life insurance policies;
- Term life insurance
- Permanent life insurance
- simplified issue life insurance
- guaranteed issue life insurance
- burial life insurance
These are options available for patients who seek life insurance coverage. Each of these polices has its distinct features and coverage limits. For term life insurance, it is the most affordable policy to buy but a life insurance medical exam is required before the policy is approved. Patients must also be ready to provide answers to questions regarding previous cancer diagnosis and treatment.Permanent life insurance include whole life and universal insurance, thesepolices offer life insurance coverage for as long as the policyholder lives, provided to keep paying your premiums.
However, when it comes to life insurance for cancer patients and survivors, it is advisable to purchase guaranteed issue life insurance or burial life insurance for those who are yet to enter remission. These types of life insurance policies cover your funeral and other final expenses if you pass on during the policy’s term.
Tips On How Increase Your Chances of Getting Life Insurance Coverage after Cancer
There are diverse of ways in which you can potentially increase your chances of getting life insurance even if you have cancer. First and foremost, it is advisable to work with an experienced life insurance agent who has worked with various insurance companies. They are in the best position to guide you on how to go about purchasing your policy and which policy is more suitable for you. Highlighted below are other ways you can get affordable life insurance policy;
- Cultivate a healthy lifestyle by eating well, having enough rest and exercising daily.
- Resist from using tobacco or any other hard drugs.
- Maintain a clean driving and criminal record.
- Don’t engage in risky hobbies and activities such as, skydiving and mountain climbing.
- Don’t engage in strenuous work like construction work, as it may attract higher premiums.
These are strategies you can use in purchasing a life insurance; policy with ease and at a much cheaper rate. If you are found with criminal convictions and high-risk profession, you may be disqualified from getting the coverage, Even if you need up qualifying, expect to pay higher premiums.
FAQs
Does life insurance cover cancer?
Yes, if you already have an active life insurance policy before you were diagnosed with cancer, your insurance provider may offer coverage. If you pass away from cancer during the term of your life insurance policy, your insurer will cover all related expenses.
How much does it cost to get life insurance for cancer patients?
Due to the fact that, the health is one of the major determining factors for premiums, cancer patients are most likely to pay double of what a healthy individual will pay for a term life insurance policy. The risk of insuring cancer patients and survivors is usually on the high side, hence, the reason the premium can be pricey.
Nevertheless, you can work with an experienced life insurance agent who can help in shopping around and identifying certain insurance companies that offers cost-friendlypolicies that aligns with your budget and needs.
When can I buy life insurance after cancer?
The answer to this question depends on several factors, majorly the type of company you want to work with. Most insurance companies offer life insurance coverage to cancer patients after three or five years after the treatments end. Sometimes, it is longer than five years. Working with someone with a good experience on life insurance cannot be overemphasized because they’ll help you get through this stage.