Life Insurance For Cancer Patients And Survivors
After receiving a cancer diagnosis, is life insurance still an option?
Even though it could be pricey and restricted, you can still get some forms of life insurance if you presently have cancer.
Having a diagnosis of cancer usually makes it impossible to obtain insurance.
Basal cell carcinoma is a condition for which most insurers do not impose restrictions, according to Travis Price, an independent senior market insurance agent in Manton, Michigan (skin cancer).
However, given the nature of small cell lung cancer, there is a good chance that no life insurance would ever be placed with you.
What Kinds of Life Insurance Are Available to Cancer Patients?
Following a cancer diagnosis, you will probably be able to qualify for a guaranteed issue, group life, and final expenditure life insurance policy, which provides coverage for final expenses and burial fees. However, with a cancer diagnosis, you could not be eligible for the two most popular forms of life insurance — term and whole.
These forms of life insurance often don’t allow for application rejection, and the applications don’t typically even include any health-related questions.
The possibility of limited coverage quantities is one compromise. The fact that guaranteed issue and final expense life insurance sometimes have graded death benefits means that your beneficiaries won’t receive the total payout if you die away within two or three years of purchasing the policy. (The timetable will be specified and depend on the policy.) The nature of your disease will also impact what coverage you may qualify for.
How Long Does It Take to Regain Life Insurance Eligibility After Cancer?
Although each insurance provider is unique, you usually need to have been cancer-free for at least five years to be eligible for freshly issued term life insurance, whole life insurance, or other forms of coverage.
Depending on the type of cancer, its invasiveness, and the likelihood that it may return, there may be a waiting time for life insurance after cancer.
Waiting periods for life insurance following cancer. Certain insurers have higher underwriting requirements for specific diseases that need remission for at least a decade.
Life insurance waiting periods after different cancer types
Here are sample waiting periods for various types of cancer from Trusted Choice, a network of independent insurance agents:
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 years
Skin melanoma: 1 year
What Kind of Life Insurance Is Best After Cancer?
Traditional life insurance may be possible if you have had cancer for at least five years. Here are a few potential choices.
Long-term care insurance If you’re eligible, term life insurance is often the least expensive method to get protection. You’ll probably have to undergo a life insurance medical examination, so be ready to discuss your prior cancer diagnosis and treatment when questioned.
You may lock in prices for term life insurance for a predetermined amount of time, such as 10 or 20 years.
Permanent life insurance Whole life insurance and universal life insurance are two options for permanent life insurance. If you pay the premiums, these plans can offer life insurance as long as you live.
streamlined life insurance issues While simple issue life insurance does not need a medical exam, you might be required to complete a brief health questionnaire.
A simplified issue might be an excellent decision if you are cancer-free but not in perfect health.
Life insurance with a guaranteed issue You cannot be refused guaranteed life insurance because of a medical exam, health standards, or medical history requirements. That may seem enticing, but the cost of the coverage you receive will be high, and the policy’s death benefits will be low.
Life insurance for burial Burial insurance, intended for life insurance purchasers over 50, is designed to cover expenditures associated with the end of life, such as funeral fees and unpaid medical bills. Obtaining this coverage doesn’t need a medical checkup.
How Does Cancer Affect the Price of Life Insurance?
For all plans, including those for cancer patients and survivors, most life insurance firms employ a categorization method to calculate the prices for life insurance. Following cancer, some suggestions to improve your chances of finding life insurance.
Work with a knowledgeable independent life insurance agent first and foremost. Independent brokers deal with various insurance providers and will be aware of those more receptive to covering cancer patients. Find an independent agent that specializes in impaired risk underwriting in particular.
With these techniques, you might be able to get affordable life insurance no matter when you become eligible for it after cancer.
By eating well and exercising, you may improve your general health. Avoid using tobacco. Quotes for life insurance are often substantially more expensive for smokers.
Choose a profession with less risk. Police officers, firefighters, pilots, and construction workers are among the occupations that might see increased costs.
Avoid dangerous pastimes, including scuba diving, skydiving, and mountain climbing. Your quotations will take them into account and increase the Price. Maintain a spotless driving and criminal history. DUIs, prior arrests, and other criminal convictions may impact your rate or ban you from coverage.
