Can You Buy Life Insurance After Being Diagnosed With Cancer?

Can Someone Who Has Been Diagnosed with Cancer Purchase Life Insurance?

Statistics on Cancer in the U.S. 

According to the National Cancer Institute, it is estimated for the year 2016 that there will be nearly 1.7 million new cases of cancer that will be diagnosed. Of those diagnosed, almost 600,000 will pass away as a result of the disease, which is just under 1 in 3.

 

Men vs. Women

Actually, men tend to die from cancer at a higher rate than women, particularly in the African-American population. The cancer rate is lowest for women of Asian/Pacific Islander backgrounds. 

Almost 14.5 million people who were diagnosed with cancer lived beyond life expectancy set by doctors. This number is expected to rise to nearly 19 million by 2024. That is a main reason life insurance for cancer patients in remission is growing more affordable.  

 

Types of Cancer

There are several different types of cancer which are identified by their location in the human body. Their location determines in large part how dangerous the cancer may be. 

 

The most common types of cancer are the following:

• Breast, Lung, and Bronchus
• Prostate, Colon, and Rectum
• Bladder, Melanoma, and Thyroid
• Kidney, Renal Pelvis, and Pancreatic
• Non-Hodgkin Lymphoma and Leukemia

 

Pancreatic cancer is considered one of the most dangerous types of cancer because it is located near many organs.

The danger presented by each type of cancer will depend on how early the cancer is detected and treated.

If discovered in later stages, most forms of cancer become far harder to treat because they have spread throughout the body. 

 

Types of Life Insurance Policies for Cancer Patients

There are life insurance and burial policies available for prostate and breast cancer patients.

Availability of life insurance for people with cancer will depend on several key factors which include whether you are currently suffering from the disease or are in remission, your prognosis, family history, and other medical issues.

For those living with cancer who qualify for coverage, there are different types of life insurance plans available.

 

Term Life Insurance

Term life is the least expensive type of life insurance that provides low rates and larger amounts of coverage.  

However, a term life policy is defined by having a time limit on the duration of insurance coverage.

Most term insurance policies provide coverage in durations ranging from 10 to 30 years, with rates that vary depending on numerous risk factors.

Term life insurance for people with cancer is common.

 

Permanent Life Insurance

This type of life insurance has no time limit, but is considerably more expensive than term insurance. 

Permanent coverage may also come with additional benefits that make it attractive for long-term purchase. These plans may build up some cash value inside the policy from which you may take a loan in the future.

 

Graded Benefits Life Insurance

This type of life insurance does not pay out the full death benefit the first two years you are insured. Because of this gradual raising of the death benefit, it makes it easier for cancer patients to get covered.

These plans require no medical examination and may not ask any questions about your health.

 

Can You Get Life Insurance after a Cancer Diagnosis?

It might be very difficult for you to get any kind of life insurance coverage if you are diagnosed with cancer and currently undergoing treatment.

Every insurance company has a set of rules and regulations, but most will not accept persons who are getting cancer treatments. 

There are only a few companies that will give life insurance for cancer patients, so this can make your search even more difficult and the premium cost a lot higher.

In any case, it would be good to get burial insurance as it’s designed to help relieve family members of the financial burden that comes with a funeral and burial.

 

Life Insurance for People with Cancer 

If you invest in burial and funeral life insurance for cancer patients, this policy will provide your family or beneficiaries with the financial assistance that is needed in the event of your death. 

This type of life insurance plan can cover the cost for a number of final expenses including a casket, cremation, flowers, headstone, embalming, casket, memorial service, etc. 

 

How Much Life Insurance Coverage Do You Need?

A burial life insurance plan may provide up to $25,000 or more in coverage, and would go direct to the beneficiaries of your policy to be used as they want.

Aside from the fact that you are diagnosed with cancer, your need for funeral and burial insurance will depend on your individual situation; such as, your financial status, debts and family budget.

 

When it comes to purchasing burial coverage for cancer survivors, you might want to give it some serious consideration if you:

• Don’t have an existing life insurance policy
• Want to get coverage for your entire family
• Have absolutely no other way to pay for funeral and burial costs
• Have limited finances and cannot pay for final expenses and your outstanding debts
• Want a different insurance policy to cover just your final expenses including burial and funeral 

 

Requirement of Medical Records 

To get insured, even life insurance for terminal cancer patients requires complete medical records covering the events involved. This means both current and past medical history of all cancer-related issues plus the family history. 

 

The records need to include the following information: 

• Type and Date of First Diagnosis of Cancer
• Type of Treatment for cancer
• Stage Cancer Has Reached
• Length of Time Being Cancer-Free
• Report of any Tumors, Lymph Nodes, and Relapses

Adding up all the information combined with any medications that were taken will be part of the qualifying process for life insurance.

 

You Need Life Insurance Coverage Because:

After getting a diagnosis for cancer the last thing you want to worry about would be how you are going to cover the costs for a funeral and all related final expenses.

This is why life insurance will come in handy for your survivors. The best way to determine if you can qualify would be to find out how an insurer evaluates you as a cancer patient.

 

According to the American Cancer Society, in the U.S. nearly 400 people are saved from cancer every single day.

• 460 of every 100,000 people is diagnosed with cancer annually. 
• Of those 460 people, about 174 people die from it. 
• In our lifetimes, 40.6 percent of all men and women will receive a cancer diagnosis.
• Approximately 13,400,000 Americans are living with cancer right now.
• 66.1 percent of those diagnosed with cancer will survive.
• The good news is cancer survivors can get insured for life insurance. 

 

What is Cancer?

Cancer is a term used to encompass all types of malignant tumors, called neoplasms.

Tumors can grow on any living organ or tissue within the human body. Cancer is essentially abnormal growth of cells.

Cancer cells contain mutated DNA and divide unusually quickly. Cancerous tumors grow from sells that double themselves without dying off. 

How quickly tumors grow is classified by Stage or Grade. A Grade I tumor is most favorable, while a Grade IV tumor carries the worst prognosis.

Cancer treatment depends on the type and stage of your cancer. Common cancer treatments include surgery to remove tumors, immunotherapy, radiation, chemotherapy, and hormone therapy.

 

Underwriting of Life Insurance

In order to be financially viable, life insurance companies that offer coverage to cancer survivors must carefully assess risk levels before approving new policyholders, especially if they’ve had a cancer diagnosis in the past. While some life insurance companies may simply deny life insurance coverage for cancer survivors, other companies may offer you a policy. 

 

Are You Ready to Get Covered?

If you’re ready to get started, you can request a free quote for coverage by selecting an option from the offers listed below. Just click on the link, fill out a short quote request form and you will instantly receive your free insurance quotes.

 

Life Insurance Quotes

 

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