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What to Do If You Need Life Insurance for Someone with Cancer

What to Do If You Need Life Insurance for Someone with Cancer

Cancer cases seem to increase every year. In the US, roughly 1.8 million people are diagnosed with cancer. Not only does this disease take a toll on your physical health, but on your mental health as well. When people hear the term “cancer”, it can be extremely stressful. Most people worry about leaving their families in debt. However, they can opt for guaranteed acceptance life insurance with no waiting period.

Can You Get Life Insurance for a Cancer Patient?

If you are in remission or have a family history of cancer, it may be challenging for you to find affordable insurance options, but not impossible. For those who are actively struggling with cancer, getting an insurance policy is complicated. Consult an independent agent to know your options.

What Are the Types of Life Insurance Policies That People With Cancer Can Opt For?

Whether you have a past diagnosis, are in remission, or dealing with cancer, you can still try to find a life insurance plan for yourself.

  • Guaranteed Life Insurance: This type of policy refers to those who do not require a medical history or a health check-up. Hence, guaranteed acceptance life insurance with no waiting periodoptions may be the best fit for cancer patients. You can choose the term and the policy’s length to select one that fits your budget and works for you. While the interest rates are slightly lower than traditional life insurance, this is an excellent option for cancer patients.
  • Final Expense Insurance: These insurance policies have low premiums but have lower coverages. These policies are generally designed for people over 50 and can cover medical bills, funeral expenses, and other smaller expenses. It requires no medical check-up and hence may be a good option for cancer patients or cancer survivors.
  • Simplified Issue: If you are cancer-free but not in perfect health, a simplified issue may work for you. It requires a medical check-up to ascertain your health and is relatively affordable. Additionally, you receive immediate coverage, which can be beneficial.
  • Traditional Life Insurance: Cancer patients who have been in recovery for five or more years are eligible for conventional life insurance policies. For certain types of cancer, you may be eligible for life insurance before the five-year mark as well.
  • Critical Illness Cover: If you have any existing life insurance policy, then you may be eligible for a critical illness cover, as long as you are within the term of your policy. Ensure that you check with your insurance provider whether you qualify for a critical illness cover, as this may be more beneficial than trying to find another insurance policy.

What Should You Know About Getting Insurance When You Have Cancer?

Whether you have an active diagnosis or are recovering from cancer, it is equally challenging to find a life insurance policy. However, it is not impossible. Cancer survivors may find it easier to qualify for life insurance policies. When applying for an insurance policy, the term, premium amount, and the pay-out may depend on:

  • What stage of cancer you’ve been diagnosed with
  • Your medical history
  • Whether you are in remission
  • Your age and overall health
  • The recovery or survival rate for the type of cancer you have been diagnosed with

Though life insurance for cancer patients may be expensive and challenging to find, it is not impossible. Ensure that you are upfront with your insurance provider regarding your health. If they can prove that you have been fraudulent regarding your medical history and health, they can deny your beneficiary’s claims.

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