Can I buy Life Insurance after Cancer
Cancer can be one of the most devastating diagnoses to ever face in your life. As if going through exhausting treatments are not overwhelming enough, now you worry you might not qualify for life insurance after cancer. With the multitudes of life insurance companies available today, however, you will find that qualifying for life insurance is not impossible. In fact, many companies offer specialized high risk life insurance plans that can provide you with suitable life insurance coverage.
Life Insurance for Cancer Survivors
Just because you have been diagnosed with cancer does not mean that you cannot get life insurance. What it typically means, though, is properly researching many insurance companies to find the right life insurance policy. It also means having the right life insurance agent and having together all of the facts of your diagnosis readily available to share with life insurance carriers. For example, some considerations life insurance companies will use to determine insurability include:
- The type of cancer you had
- What stage the cancer was when found
- What types of treatments you received
- The length of time that has passed since you have been “cancer-free”
Typically, if your prognosis is promising, you can receive life insurance coverage in a relatively short period of time. This means that the cancer is not likely to recur, was in its earliest stage when detected and has a high recovery rate.
Premiums and Ratings for Life Insurance after Cancer
The amount you pay in premiums and the rating you receive for life insurance after a cancer diagnosis depends much on the type of cancer you had and your prognosis. Lower-risk types of cancer such as early detection of skin cancer often do not affect your life insurance premiums. In fact, you can often receive standard or higher ratings. On the other hand, more aggressive or progressed cancers could result in substandard ratings and higher premiums.
Generally speaking, your chances of obtaining favorable premiums and ratings for life insurance after cancer improve tremendously as time goes on and you remain cancer-free. In time, you could even qualify for the same life insurance plans as those of cancer-free individuals.
Buying Life Insurance after Cancer
Obtaining life insurance after cancer can be optimized if you do the proper research before signing your name to an application. In particular, you can:
- Discuss life insurance after cancer with a qualified cancer risk life insurance agent. He or she can help find and research companies offering the best life insurance coverage for the best rate.
- Consider signing up for life insurance with a group. Most likely, you can sign up under a group life insurance plan through your employer or an organization without any hassle of medical examinations or lengthy questionnaires. Group plans assess risk as a whole, not individually, making your insurability more promising.
- Follow and disclose all treatment plans. Advancements in cancer treatments make recovery so much more promising today than even just five or ten years ago. Showing proof that you are following or have followed proper treatment plans is essential to obtaining life insurance after cancer.
- Consider Final Expense or Life Insurance with No Medical Exam. Most likely, if you cannot qualify for other types of life insurance plans, these two types could serve as viable options.
Insurance Companies Offering Life Insurance after Cancer
Some companies offering life insurance after cancer include The Hartford, American General Life, MetLife, American National, Transamerica, Lincoln Benefit, West Coast Life, Aviva Life, Banner Life, Lincoln Financial Life, Genworth Life, John Hancock, Mutual of Omaha and Prudential.