Life Insurance Coverage Options for Cancer Patients

If you buy life insurance before being diagnosed with cancer, your beneficiary will receive the death benefit after passing away. However, buying life insurance may be challenging but not impossible for patients diagnosed with cancer. Your options may be limited, but getting life insurance financially secures you and your loved ones’ future.

This blog will discuss the life insurance coverages available for cancer patients, survivors, and those with a family history of cancer.

Types of Life Insurance Policies Available for People Diagnosed with Cancer

You may qualify for specific policies if you have been in remission for five years or more. Your cancer type may affect the remission period criterion and the cost of the policy offered to you. For example, suppose you have skin cancer. In that case, you may qualify before five years and with minimal changes in the premium, whereas, for pancreatic or lung cancer, the chances of getting coverage are limited.

The policies you can purchase are as follows:

  • Term life insurance policy To buy this policy, you must take a medical test. Your premium will be fixed for the term based on your health condition.
  • Whole life insurance policy Based on your medical exam, your insurer will calculate the premium cost. It includes a death benefit and cash value that grows over time.
  • No Medical Exam Life Insurance Based on your medical test, if your insurance provider denies you a policy, you may consider buying policies that do not require any test to qualify, such as:
  • Simplified issue life insurance If you are cancer-free but have specific health issues, this may be your best option.
  • Guaranteed issue life insurance You may buy this policy if you are older and have health complications. These policies have high premiums and usually, come with a waiting period of 2-3 years. If you pass away before that, your beneficiary will receive only the total premium amount you have paid and interest.

Life Insurance Rider for Cancer Patients

One helpful rider offered to cancer patients is the terminal illness or accelerated death benefit rider, which allows you to borrow a specific amount from your death benefit while still alive to cover treatment costs.

Can Cancer Patients and Survivors Buy Life Insurance Policies?

Buying a life insurance policy may be difficult for people diagnosed with cancer. The policies offered to you are limited, and premium rates are high, given the high risk associated with the disease. The type of policy you may be eligible to buy and the premium costs may depend on several factors, such as:

  • Date of diagnosis
  • Type of cancer
  • Stage of cancer
  • Treatment plan
  • Are you in remission?
  • Did you suffer a relapse?
  • Cancer patients in your family

Life Insurance for People with a Family History of Cancer

Obtaining life insurance for people with a family history of cancer can be an innovative and proactive decision for protecting their loved one’s financial future. While finding the right coverage may require some extra effort, options are available, such as guaranteed issue or simplified issue policies. By disclosing all relevant medical information and shopping around for the best policy, individuals with a family history of cancer can secure valuable life insurance protection.

Get the Best Life Insurance Coverage with Pierce Insurance!

For more details on life and health insurance plans, contact us today. At Pierce Insurance Group, we can help you get the right life insurance and health coverage based on your specific health condition.

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