As a cancer survivor, you may be wondering about your life insurance options, or if you have any at all. The good news is that it’s completely possible to obtain life insurance as a cancer survivor, depending on the nature and history of your illness. You’ll simply need to learn some ins and outs of various life insurance plans and how they can meet your insurance needs. Let’s dive deeper into how to get life insurance for cancer survivors so you can choose the best plan for you and your loved ones.
Know your health history
When applying for life insurance as a cancer survivor, you’ll need to provide accurate and thorough information on your diagnosis and treatment. Keep in mind that some insurers will have a cutoff date for your diagnosis. For example, some insurers may deny you if you’ve been diagnosed with cancer in the last five years.
Insurers will also be more likely to approve you for your policy if you were diagnosed with a cancer that typically has a higher survival rate, such as skin cancer. So, it’s important to understand the severity of your past illness. This way, you can provide the right information to your provider so that you don’t get denied coverage later.
Choose the right life insurance plan
There are several different life insurance plans that can accommodate patients with cancer in their health history, such as:
- Guaranteed issue life insurance: Guaranteed issue life insurance policies can be purchased by just about anyone regardless of age, gender, or health history. While the premiums are usually higher, these policies can be an excellent choice for patients who were recently diagnosed with cancer or still have an active cancer diagnosis.
- Term life insurance: Patients whose cancer has been in remission for some time should take a look at conventional term life insurance. Their health history and successful treatment will mean they are more likely to get approved for coverage.
- Final expense insurance: Final expense policies are designed for older individuals who are concerned with covering the costs for their end-of-life expenses, such as burials or funerals. As no medical exam is required, these policies can be a great choice for recent cancer survivors or active cancer patients.
Is insurance for cancer survivors more expensive?
Life insurance for cancer survivors can be more expensive, given your health history. Policies such as guaranteed issue life insurance coverage will typically have higher premium prices than traditional term life policies since you don’t need to take a medical exam. And even if you go with a term life insurance policy, there is also a chance your insurance company will charge higher premiums.
But these expenses will go a long way towards providing your family with financial security. You’ll have to assess how these premium payments fit into your budget to decide which life insurance plan can work for you in the long run. And if you’re worried about expensive guaranteed issue or term policies, you can always consider final expense insurance, which offers relatively inexpensive premium payments in exchange for a smaller payout.
The bottom line
Finding life insurance as a cancer survivor can be an intimidating and overwhelming process, and you may wonder if you can take out a life insurance policy at all. But remember that there are many insurance options available to you as a cancer survivor. And once you start the process in finding the right plan, you’re well on your way to providing security and peace of mind to your family and loved ones.
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