It allows people to provide a certain amount of money after death to a beneficiary, an individual that is chosen in advance.
It is not necessary but recommended that life insurance for cancer survivors be obtained.
The life insurance policy pays differently depending on the type of life insurance purchased.
There are more than 300 insurance companies on the market today. Not all of them provide life insurance for cancer survivors. In addition, those that do serve cancer survivors require a higher cost to be paid.There are several types of insurance an individual can purchase. The one chosen will depend on the need of the individual.
Common Types of Insurance Coverage
- Universal life Permanent insurance. The price remains fixed for the lifetime of the holder. In addition, as long as payments are made at proper intervals, the customer will still be covered under the policy. At certain time intervals, the individual can pay less or more to change the coverage provided.
- Term Life. Covers only a certain period of someone’s life. For example, it can cover a 10,20 or 30 year time interval. Payment is required at either a monthly, quarterly, or annual basis. At the end of each coverage time period, the policy can be renewed. During the renewal, it is necessary to provide update health information with which the insurance providers may or may not decide to renew coverage.
- Whole Life. Whole Life insurance is similar to universal life insurance. However, the individual cannot change the amount paid for premiums to change the amount of coverage provided. There is also a cash value attached to Whole Life insurance. During the course of coverage, money can be borrowed. However, by borrowing the money, the amount obtained after the policyholder’s death decreases.
- Guaranteed Issue Whole life. Typically, only individuals that are at least 40 years old can purchase this type of life insurance. It is for individuals with preexisting health concerns. Typically only $25,000 for death benefit is available but it can also be partially withheld if the policyholder dies within three to four years of purchasing the insurance. This is the type of life insurance for cancer survivors.
Life Insurance Approval With Cancer
In order to obtain life insurance as a cancer survivor, it is important to be honest. You should reveal all medical records to the life insurance company. By withholding or forging information, there is a risk of denial by the insurance company. An existing policy can also be canceled. As a cancer survivor, some additional qualifications need to be met among insurance companies.
Usually, being in remission or cured is necessary. A person must also be between 3 months or 5 years since last treatment, depending on the type of insurance company. The individual must be in good health and between 21-90 years old. It is important for survivors of cancer to get insurance especially if there are others that depend on them.
Common Cancer Insurance Cases
We’ve been able to get affordable life insurance coverage for a variety of cancer survivors. Some of the more common cases we’ve helped with are breast cancer, prostrate cancer, uterine cancer, skin cancer, thyroid cancer, testicular cancer and many more.
If you’re a cancer survivor and need to get life insurance, give our office a call.