Dealing with the Big C can bring all sorts of burdens. Apart from deteriorating physical health, it also carries mental, emotional, and financial difficulties.
Cancer can hit people from different walks of life. It can affect the young and the old and can come as a surprise even to the healthiest person you know.
As it can happen to anyone, you can secure life insurance that can take care of your loved ones if worse comes to worst.
Specifically for some patients and survivors, the need to have life insurance plays a significant part in maintaining one’s peace of mind, whatever happens in the future.
The question is, do cancer patients and survivors qualify for life insurance? This article tackles how you can get a life insurance if you have cancer.
What Is Cancer?
Cancer is a severe medical condition encompassing over 100 diseases linked to abnormal cell growth that develops into malignant tumors. These can destroy parts of the body and weakens your physical health.
The condition is not a rare disease. According to the American Cancer Society, there were 1.9 million estimated new cancer cases in 2022, with over 60 360 deaths. Breast cancer tops the deadliest types, followed by prostate and lung cancer.
There is no specific cure for cancer. While there are treatments that slow down the progression of cancer and may help eliminate it, cancer patients and their families brace for the worst while hoping for the best.
Does life insurance cover cancer?
The simple answer is yes. Life insurance with all-cause death benefits provides coverage for the beneficiaries of a cancer patient who passed away. The policy grants coverage is granted if it was purchased before the cancer diagnosis.
Life insurance after a cancer diagnosis may have other guidelines, depending on the type of cancer and other factors.
Call us at TexPro Insurance and talk with one of our Houston insurance agents to learn about life insurance coverage for cancer patients and survivors. Book a consultation with us today.
Can cancer patients get life insurance after diagnosis?
Yes, insurers can approve life insurance if you have cancer.
Certain factors for consideration allow insurance companies to determine if you qualify for their policies.
Date of diagnosis
Typically, insurers allow insurance policies for people who have been cancer-free for five years and more.
Additionally, some types of cancer, such as skin and prostate cancer, may have earlier approval cut-offs.
Type of cancer
Insurance companies may consider former cancer patients with high survival rates, such as skin cancer.
Health status and treatment plan
During the assessment, insurers will ask about your treatment plan and if it has positively affected your current status.
Lifestyle habits
Your lifestyle is also a significant factor for insurance providers. Being involved in risky activities affects your qualification.
You may fall under higher premium rates if you are into extreme sports or work in hazardous environments.
Family history
Your family’s medical history is significant in determining your qualification. Higher premiums may be imposed if you have family members who have cancer.
Age
Young people with no ongoing serious medical condition may get lower rates. You can get reduced insurance rates if you do not have any unhealthy lifestyle habits such as excessive alcohol drinking and smoking.
What Are the Types of Life Insurance For Cancer Patients?
The type of life insurance for cancer patients depends on your diagnosis and current status. Insurers shall look into your treatment plan, cancer stage, and if you are in remission.
The life insurance you can qualify for if you have cancer can be any of the following types.
Term Life and Whole Life
This policy accepts people in good health conditions. You need to be in remission for a long time, preferably after the waiting period, before you can qualify.
No medical exam life insurance
The insurance allows cancer patients on treatment without requiring a medical exam or family history assessment.
While it can be the most accessible type of insurance, it can cost higher than term life and whole life insurance. It may also have lower death benefits.
What Is the Best Life Insurance After Cancer?
Life insurance for cancer patients is not limited. Depending on your needs, you can still look for different types of cancer life insurance policies.
Term life insurance
The most affordable term life insurance coverage requires a medical examination and interviews about your previous cancer. It has lock-in rates for some time, typically 10 or 20 years.
Permanent life insurance
Permanent life insurance is a policy that stays active as long as you are consistent with paying your premiums.
Simplified issue life insurance
Simplified issue life insurance provides coverage without medical examination, which suits cancer-free patients who still deal with other medical conditions. It only requires a health survey and submission of medical history.
This insurance is more affordable than other life insurance options for cancer survivors. Its costs only range a little higher than traditional plans.
Guaranteed issue life insurance
It is possible to get life insurance with pre-existing cancer with guaranteed issue life insurance. It does not require a medical exam, survey, and medical history requirement.
While it has a graded period, once you start with your policy, you enter eligibility for the total amount after.
Although this type of insurance tends to cost higher, it can still be a good option if you are currently dealing with an ailment.
Burial life insurance
Buyers over 50 can purchase burial life insurance to ensure end-of-life expenses, including unpaid hospital fees and funeral costs.
How Long Does it Take to Qualify for Life Insurance After Cancer?
The waiting period for cancer survivors varies among insurance companies. Typically, insurers impose a minimum of five years of cancer remission to accept applications for a term and whole life insurance.
While some are strict with their guidelines, some insurers can grant life insurance for cancer survivors after two years post-cancer.
The period is determined depending on the type of cancer you had, your treatment plan, and your remission period.
Life insurance waiting periods after different cancer types
Insurance companies look into the waiting periods for different types of cancer before approving an application.
According to Trusted Choice, these are the waiting periods for the various types of cancer.
1 year
Cancer patients for specific type of cancers may only need to wait for 12 months before applying for an insurance.
Cervical cancer
Skin melanoma
Prostate
2 years
Most breast cancer survivors and other certain type of cancers need to wait for two years before qualifying for insurance.
Bladder cancer
Breast cancer
Rectal cancer
Colon cancer
Lymphoma
3 years
Insurers require a three-year duration before accepting applications from survivors of the following types of cancer.
Kidney cancer
Lung cancer
Ovarian cancer
5 years
The following types of cancer need at least five years to prove one’s health stability.
Metastatic cancer
Bone cancer
10 years
Some insurance companies require over a decade of waiting period for more serious types of cancer.
Leukemia
Talk to us at TexPro Insurance to learn more about the waiting time and other qualification requirements for life insurance after cancer.
How Does Cancer Affect Life Insurance Cost?
Life insurance companies follow a classification system when giving rates. The cost depends on your age and health status.
Life insurance applicants who fall under standard and substandard categories, which include cancer patients and survivors, have higher premium rates.
Can Cancer Patients Use Life Insurance To Pay For Treatment?
Cancer patients can use their life insurance for treatment if they purchase a policy before diagnosis.
Here are two ways to do so:
Use cash value. If you have whole life insurance or a universal life insurance policy with build-up cash value, you can use it to cover the expenses incurred for medical treatment and loss of income.
You can either surrender your policy in exchange o a cash value or borrow your cash value through an insurance loan.
Activate your rider. Check on the riders you added to your policy which can give you extra protection if you get diagnosed with cancer.
When you activate your rider, your insurer can give you a small amount out of your death benefit that you can use.
Will Life Insurance Payout If You Die Of Cancer?
Life insurance companies pay out for death due to cancer, given that the policy is active and with consistent premium payments.
The money your family receives is tax-free and can use for expenses for income replacement, mortgage payments, college savings, credit card bills, existing debts, funeral costs, medical bills, and day-to-day expenses.
Before buying a policy, consider these expenses as burdens to your family when you pass away. The role of life insurance is to take over the financial obligation that comes with your death.
What Is The Cost Of Life Insurance For Cancer?
The life insurance for cancer patients coverage depends on the type of insurance you get.
Cancer survivors may qualify for traditional life insurance after a waiting period with low premium rates.
On the other hand, cancer patients in ongoing treatment can have guaranteed issues but at a higher cost.
Talk to an insurance consultant at TexPro Insurance to learn about the life insurance cost for cancer patients in Houston, Texas.
Should I Add A Rider To My Life Insurance Policy?
Life insurance riders are additional features you can include in your policy, allowing flexibility during life situations. This option can be helpful if you are diagnosed with cancer with additional protection and support.
Terminal illness riders
Terminal illness riders permit you to access a portion of the total policy cash payout earlier if you diagnose an ailment where recovery is impossible. This feature offers cancer patients financial stability as they deal with the condition.
Living benefit riders
Living benefit riders allow access to your payout upon diagnosis of an illness that disables you from functioning and working normally. It gives financial support that covers your living and medical expenses.
TexPro Insurance consultants can help you understand what rider feature you can get. Book a consultation with us today.
What Should I Do If I Get Turned Down For Life Insurance?
Being turned down for life insurance with cancer does not mean you should lose hope. You can still get life insurance through these helpful ways:
Get quotes from other companies. Inquire about what other insurance companies can offer for cancer patients and survivors.
Look for other types of insurance. You can consider different forms of insurance, including group life insurance from your employer or an organization.
Wait for some time. One of the reasons why insurance companies decline your application is due to the waiting period. Wait until the specific waiting period for your type of cancer is over before re-applying.
Consult with an insurance agent. A reliable insurance solutions partner can assist you in applying to the most suitable insurance provider.
Get a free quote from TexPro Insurance today. Talk to us to learn more about our services.
How Does A Family History Of Cancer Affect My Eligibility For Life Insurance?
You are still eligible for life insurance if you have a family history of cancer. However, cancer diagnoses among a family member can mean higher premium rates the insurer offers.
Talk to an independent insurance agent about your family history of cancer and how this can affect your policy purchase. TexPro Insurance provides consultation about your situation and gives you the best insurance solution.
Secure Your Family’s Future
Fighting cancer goes beyond treatment and management. It requires awareness and crucial preparation.
World Cancer Day on February 4 is an awareness celebration about the severe condition and how it can impact the lives of millions of Americans.
Apart from early diagnosis, one way to reduce the disease’s burden is to prepare your loved ones for the worst-case scenario.
Life insurance ensures that your family will not have to deal with financial challenges and are left with enough support to keep them going despite losing a loved one.
TexPro Insurance is a leading life insurance solutions provider in Houston, Texas. It has been a trusted partner for insurance needs since 2018, providing free quotes and analysis to a wide range of clientele, including cancer patients and survivors.
If you are in the same situation, TexPro Insurance can help you secure your family’s future. Talk to us to learn more about the life insurance services we offer.