Life Insurance for Cancer Survivors
Life insurance is extremely necessary.
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. There are a lot of cancer survivors that think they can’t get a life insurance policy because of their previous condition, but this couldn’t be further from the truth. 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. Before you start looking for insurance coverage, there are several things that you need to know first.
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. Once these time periods have passed, the policy is no longer effective. Because of the defined limit on these policies, they tend to be the least expensive life insurance option. 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.
Each policy has different pros and cons that you’ll have to weigh. There is no “one plan fits all” for applicants. Each person is different and has various needs and preferences in their insurance coverage.
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. Trying to hide any information, or lying about any of your health could lead to serious complications later. 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.
The type of cancer that you have, and how long you’ve had it are going to impact your rates and your chances of being approved for the policy, but regardless of the type, there is a life insurance policy out there for you.
The Importance of Life Insurance
It might seem obvious to you, but a lot of Americans miss the real value of a quality life insurance plan. Not having life insurance can be one of the worst mistakes that you make.
If you were to pass away tomorrow, would you leave your family with a mountain of debt? Although you might not realize it, you could leave behind more expenses than you think. Think about your mortgage, car payments, student loans, hospital bills, etc. all of that would be left to your family members. For a family that just lost a loved one, all of these unpaid expenses can be difficult to cover, especially in this difficult time. This is where life insurance comes in. Your family would have the money they need to pay all of those debts without stretching their own budget.
Paying off debt isn’t the only purpose of a policy, they should also be used to replace any salary that your family would lose. If you have loved ones that rely on your income, would they be able to replace that income? Would they suffer because of the loss of salary? Life insurance can not only give them money, but also give them time to find more sources of income. It also allows them time to grieve without having to worry about getting back to work.
Getting the Best Rates
Even as a cancer survivor, a life insurance plan shouldn’t break your bank. You should be able to get affordable coverage that you and your family deserve. There are a couple ways that you can lower your monthly premiums.
One way is to focus on your health. This is could be a variety of different things, but a majority of applicants end up paying more because of being overweight. Carrying extra weight, or being considered obese, will cause your monthly insurance rates to increase. Before you apply for your life insurance policy, start a healthy diet and a regular exercise routine, these are the best ways to shed a couple of pounds and keep more money in your wallet.
Similar to being listed as overweight, being categorized as a smoker on your application is going to cause your rates to go through the roof, regardless of your health. Smoking cigarettes or using tobacco will immediately cause your monthly rates to double or triple. If you want to save money on your insurance policy, it’s time to kick that bad habit and drop the cigarettes. Your lungs and bank account will thank you.
One of the best ways to get life insurance coverage at an affordable price is to compare policies from several different companies before you pick the one that works for you and your loved ones. While life insurance for cancer survivors isn’t the most popular insurance product that companies sell, there are still dozens of companies that you’ll be able to choose from. Deciding between them could mean spending hours on the phone answering the same questions over and over. Instead of wasting your time talking to different agents, let us do all of that work for you. We can bring the lowest quotes to you, instead of you having to find them yourself. If you’re a cancer survivor and need to get life insurance, give our office a call.
Not only will our agents help you find the perfect policy to fit your needs, but we can also answer any questions that you have. Getting the perfect policy for you and your family is one of the most important things that you can do, don’t leave it up to chance. Fill out the quote form and the lowest rates from the best-rated companies will come to you.
Not having life insurance is one of the worst mistakes that you can make for your family. Sure, as a cancer survivor you may pay more every month for your coverage, but you can’t put a price tag on the peace of mind knowing that your loved ones will have the resources they need if something were to happen to you.