Life Insurance for Cancer Survivors
Looking for an Affordable Policy?
While many people believe that having cancer in their recent past disqualifies them from being insured, the truth is that there is affordable life insurance for cancer survivors. Depending on your current health, good life insurance policies can be obtained even if you have overcome cancer in the past.
Cost and Expectation
It is true that all, but the most minor of cancer diagnosis will mean that you pay more for your life insurance. However, it is also true that factors such as the severity, longevity, and history of when you had cancer will be considered by the insurance company when they set their premiums. The good news is that you can get quotes from different insurance companies to find the best rate and choose from different types of policies to find the one that best fits your needs.
- Universal Life Permanent Insurance: Fixed rates, but higher premiums
- Whole Life: Fixed rates, cash value, and you can borrow against the policy
- Guaranteed Whole Life: Cannot be rejected, but rates are very high
- Term Life: Lower rates, but policies only last from 5 to 30 years
You can choose the one that is best suited for your needs and budget. For those who are on a tight budget, term life insurance may work the best. Guaranteed life insurance is only for those who cannot otherwise get approved. The rates are the highest because of the risk and in most cases, the full benefits will not be available until after a predetermined time has passed, such as two to four years.
How to Be Approved
The first step is being honest with the insurance company that you are a cancer survivor and reveal all your medical records. Trying to hide something that eventually gets discovered will probably mean the cancellation of your policy. So, be honest and answer every question open so that all the information is presented. The type of cancer you have experienced is also important information as their differences help affect your survival rate.
You must be in remission or cured of cancer before being approved for all, save guaranteed policies. A pre-set period must pass from your last treatment before you can be approved. You must also be in good health and between the ages of 21 – 90 years old. If you meet all these conditions, you should be approved for universal, whole, and term insurance policies.
Why Choose Life Insurance for Cancer Survivors?
If you contribute financially to your family or favorite charity, then having a life insurance policy is highly recommended. Life insurance is there to cover your loved ones financially during this time of grief so that their thoughts are with you and not in the financial situation they may find themselves experiencing.
For those who have suffered from cancer and are on the mend or fully recovered, getting a life insurance policy that provides financial support so that mortgages, loans, and the daily needs of the family can be covered until they can get back on their feet is so important which is why you should consider getting a policy today.