What is the Best Life Insurance Plan for Cancer Patients?
Having the right life insurance policy can offer peace of mind that your family will be cared for financially if you pass. If you’re a cancer patient, you may be wondering if you can still qualify for life insurance. The good news is that there are various options for cancer patients to be insured. Let’s dive deeper into some different types of life insurance plans for cancer patients that may be available.
Author:Daniel JamesReviewer:Karan EmeryJan 24, 20221.7K Shares134.7K Views
Having the right life insurance policy can offer peace of mind that your family will be cared for financially if you pass. If you’re a cancer patient, you may be wondering if you can still qualify for life insurance. The good news is that there are various options for cancer patients to be insured. Let’s dive deeper into some different types of life insurance plans for cancer patientsthat may be available.
Types Of Life Insurance For Cancer Patients
Certain types of life insurance will be restricted for those who have received a cancer diagnosis and treatment. But several kinds of policies may be available, including:
Guaranteed Issue Life Insurance
Guaranteed issue life insurance policies can be a quick and convenient option that may not require a medical exam. Since the policy payout is smaller, guaranteed issue plans are often used to cover funeral expenses or leave a small legacy.
As you shop around for a guaranteed issue life insurance policy, take note that they may be more expensive and could come with a graded death benefit that will pay out lower amounts in the years immediately after purchase.
Group Life Insurance
A group life insurance policy offered through an employer can typically cover cancer patients regardless of health status up to a certain limit, so it’s smart to talk to your employer about any policy restrictions and eligibility if you want to participate in the group plan. You may also want to clarify if the policy can be converted to whole life coverage if you leave the company, as is sometimes the case with term life insurance policies.
Term Or Permanent Life Insurance
More traditional policies, like term or permanent life insurance, may be available to cancer patients who have a good prognosis and are several years out of treatment. And since life expectancy is a significant consideration for insurers, you’ll need to have a closer to average life expectancy to get the most favorable rates.
If you’re currently undergoing treatment, you’ve been in remission a short time, or the cancer has metastasized, these types of policies may be unavailable.
How To Choose The Best Life Insurance Plan
A cancer diagnosis may make it more challenging to find a policy with affordable rates. And that’s why it’s essential to shop around for the right option for your needs. Look for:
- Reputable insurance companies: Idea Only: It’s important to look for caring and reputable insurers with life insurance agents trained in working with cancer patients, as well as a strong financial ratings.
- Online quote tools: Many companies now let you glimpse possible rates by using an online quote tool. And that means you may be able to grasp the cost of a policy before you submit an application. If online quote tools can’t accept inputs about your cancer diagnosis, it may be a good idea to call the insurer directly for assistance.
- Policies that work with your diagnosis: As outlined above, certain policies may be unavailable based on your type of cancer, status, and treatment plan. That’s why you should assess different insurance companies and policies to see what coverage you qualify for.
The Bottom Line
Cancer patients already have enough to worry about. Getting the right life insurance policy shouldn’t be a burden too. By looking for reputable insurance companies and policies, you can figure out the best life insurance plan for your unique medical and financial situation.
Daniel James
Author
Daniel James is a distinguished gerontologist, author, and professional coach known for his expertise in health and aging.
With degrees from Georgia Tech and UCLA, including a diploma in gerontology from the University of Boston, Daniel brings over 15 years of experience to his work.
His credentials also include a Professional Coaching Certification, enhancing his credibility in personal development and well-being.
In his free time, Daniel is an avid runner and tennis player, passionate about fitness, wellness, and staying active.
His commitment to improving lives through health education and coaching reflects his passion and dedication in both professional and personal endeavors.
Karan Emery
Reviewer
Karan Emery, an accomplished researcher and leader in health sciences, biotechnology, and pharmaceuticals, brings over two decades of experience to the table. Holding a Ph.D. in Pharmaceutical Sciences from Stanford University, Karan's credentials underscore her authority in the field.
With a track record of groundbreaking research and numerous peer-reviewed publications in prestigious journals, Karan's expertise is widely recognized in the scientific community.
Her writing style is characterized by its clarity and meticulous attention to detail, making complex scientific concepts accessible to a broad audience. Apart from her professional endeavors, Karan enjoys cooking, learning about different cultures and languages, watching documentaries, and visiting historical landmarks.
Committed to advancing knowledge and improving health outcomes, Karan Emery continues to make significant contributions to the fields of health, biotechnology, and pharmaceuticals.
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