Over 900,000 men and 800,000 women are affected by cancer yearly. Exacerbating that issue is that 46% of all Americans will suffer from cancer in their lifetime.
The good news is, even with such a high incident rate cancer sufferers can still be insured.
Nearly 14.7 million people diagnosed with cancer lived beyond doctors’ expectations, and by 2024 that number will grow to 19 million.
With numbers like that life insurance companies are practically lining up to insure cancer patients in or near remission.
There are many policy options for life insurance for cancer patients.
In This Article:
Life Insurance For Cancer Patients
Insurance coverage for cancer patients come with their own brand of requirements because the outcome of many cancers can be premature death.
It is important to know what the insurance companies will look for when they are offering coverage.
Some of the typical questions you might be asked are:
- When was your first diagnosis?
- What type of treatment are you receiving?
- Did you have tumors?
- What stage of cancer do you have?
- What type of cancer were you diagnosed with?
- Are you finished with treatments?
- Have you relapsed at all?
Types of Life Insurance for Cancer Patients
Where you are in treatment and what type of cancer you have, will be the determining factors as to what type of life insurance you are eligible for.
No medical exam burial insurance is for people in late-stage, high stage, or who have terminal cancer.
Burial Insurance for Terminal Cancer Patients
Burial Insurance, also referred to as final expense insurance is a whole life policy (permanent insurance) ranging from $5,000 to $25,000 death benefit, in which the payout is mainly to cover the costs of a funeral and related services or items.
There are only a handful of companies willing to insure someone’s life when they are undergoing treatments for cancer. That makes the search more complex and the premiums much higher, maybe too high. Burial insurance was created for just this type of situation.
Burial insurance is the option that can offer the most insurance with the least health requirements, sometimes no medical requirement at all.
Burial Insurance can cover costs for:
- Paying off small debts
- Funding a small wake
There are different types of life insurance that cancer patients with a good prognosis can look at.
Prostate and breast cancer, two of the most prevalent forms of cancer can qualify for life insurance as follows:
Term Life Insurance
Term life insurance is the least expensive type of life insurance, which can cover the insured for a certain number of years (a term). Usually, cancer patients can attain this type of insurance.
Permanent Life Insurance
There are several types of permanent life insurance, most with very similar attributes. Permanent insurance last for as long as the premium is paid is quite a bit more expensive than term life insurance and may have additional benefits like a cash build up within the policy.
Graded Death Benefit
Graded Death Benefit is a type of permanent insurance that builds a benefit over time, anywhere from one to three years.
If the insured dies in the first two or three years the payout is substantially lower. This type of insurance works very well for cancer patients because the insurer does not worry over a premature payout.
Life Insurance for Cancer Patients FAQ
Can I Get Life Insurance After Being Diagnosed With Cancer?
Although it is possible to get life insurance after being diagnosed with cancer, the reality is, it is usually a substantially reduced face value, and very high premium.
Can You Buy Life Insurance If You Are Terminally Ill?
There are policies that have no questions about health at all. And technically it is available to terminally ill people. The premiums are very high and the payout is minimal.
Do Most Life Insurance Policies Cover Cancer?
If you have a life insurance policy before you are diagnosed with cancer, then yes, you are covered even if you have a premature death from the cancer. But there are only a few insurers who will risk issuing a life insurance policy for someone who is presently diagnosed with cancer and in treatment.
Shopping for Life Insurance For Cancer Patients
When it comes to purchasing life insurance for cancer patients, or anyone for that matter, it is very important to work with an insurance agent.
Why? Well, to put it simply, insurance agents understand the intricacies of each policy and provider. They can help you find the best rates on the market, and also help you understand the full breadth of your coverage.
The best part of speaking with an insurance agent is that it is free! This means there is pretty much no good reason to not work with an insurance agent to find the best burial insurance for cancer patients.