Life Insurance and Cancer

Being diagnosed with cancer is very stressful and can impact many aspects of a person’s life. Those who are attempting to buy life insurance with cancer may find it difficult to receive the coverage they need. While life insurance for cancer patients can be more difficult to get, there is no reason to avoid getting the necessary coverage.

How Cancer Affects Insurability

Life insurance companies analyze many factors when deciding what policy to issue to a cancer patient or survivor. The type of cancer and its curability are both important aspects of this decision, especially since some of the more common varieties are usually treated successfully. The stage of the cancer is another important factor. Patients who are diagnosed while in the early stages are less likely to be high-risk. These companies also study how well the patient responded to treatment and how much time has passed since the treatment. Many companies are hesitant to issue policies to patients who are currently undergoing treatment.

Cost of Premiums

There are often added costs involved with life insurance for cancer patients. Many aspects of cancer and the treatments for it may cause the person to be labeled as high-risk. This will cause the premiums to be higher than the standard rate. Patients who were diagnosed with certain types of cancer may also have to pay a surcharge, or temporary flat extra, for a certain amount of time.

Avoiding Denial of Coverage

There are a few things that can be done to help lower the costs and increase the chances of a policy being issued to a cancer patient or survivor. It is not a good idea to try to purchase a policy while undergoing treatment as this will often lead to high premiums or a denial of coverage. If possible, waiting for a few years after finishing treatment can greatly increase one’s chances of receiving an affordable policy. It is often recommended that the patient wait five years before purchasing a policy.

Another way to increase the chances of a good policy being issued is to prepare all the relevant paperwork, medical records, and doctor’s notes before seeking a quote. Many companies will not issue a policy until all the documents have been collected, and any missing documentation may cause the company to assume the person is high-risk. Having everything ready will save everyone involved a lot of time and stress.

Compare Quotes and Save

Finally, it is always a good idea to compare quotes to find the best policy. Using our free quote service is a great way to find a policy that suits your needs and your budget. This can also save you the time and effort of meeting with insurance agents and brokers who may be hesitant to provide life insurance for cancer patients and will typically only recommend their own products. Looking at quotes online is easy and allows you to compare an array of companies and quotes without ever leaving home.