Below you can read about your life insurance options if you’re a cancer survivor.
If you’re a cancer survivor and in remission, know that you may have options. You may be able to get a fully underwritten policy now that you’re in remission. A fully underwritten policy offers more coverage and gives choices as to which type of life insurance policy a cancer survivor can choose.
In order to secure a life insurance policy, it’s necessary to prove to the underwriter that you’re a good risk. To prove you are a good risk the life insurance company will require current doctor records, a (free) paramedical exam, and your most recent pathology reports.
In order to be financially viable, life insurance companies that offer coverage to cancer survivors must carefully asses 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.
The key for a cancer survivor to successfully get life insurance is by working with an agent who has experience in getting these types of risks approved. We have the experience you need to get approved.
Underwriters will want to know:
Where was your cancer or what is your tissue of origin?
Grade or stage of cancer was it?
Have you experienced any relapses?
Are you in remission now?
How long have you been in remission?
Last treatment date?
First treatment date?
Term Life Insurance Options
If your current health status allows you to qualify, you’ll be able to get a term life insurance policy where the rates are locked in for a specific period of time, such as 10, 20, or 30 years.
A term life insurance policy for a cancer survivor will be the most affordable option you have, however it will put a time limit on your coverage.
Permanent Life Insurance Options
If your budget allows, we highly suggest cancer survivors buy a permanent life insurance policy.
A permanent life insurance policy will lock in rates and a death benefit for the rest of your life. Permanent life insurance policies build up cash value over time, which can be used in the future to pay for medical bills in the event that cancer returns. It also allows you to use a portion of the death benefit, in the form of an accelerated benefit rider, if you become terminally ill and your family needs cash.
Term policies also allow you access to a portion of the death benefit in the form of an accelerated death benefit rider, though permanent insurance policies last an entire lifetime.
Burial Insurance With Cancer
A burial insurance policy can be an option for cancer survivors who have been out of treatment for at least 2 years. Burial insurance for cancer patients is not available and you can read below to see your options if you currently have cancer.