For those who have had cancer, you can obtain life insurance. Virtually all insurance companies that offer life insurance plans will have policies designed for those who have suffered from cancer. You can expect to pay more for your life insurance compared to healthy individuals who have not had cancer, but some policies are affordable if you choose the right type for your needs.
Waiting for Life Insurance
It is important to note that you must be past the treatment stage and in remission before you will be granted a life insurance policy for most types of cancers. This means that life insurance for terminal cancer patients is usually not possible to save for guaranteed life policies which will have a built-in waiting period of two to four years before the full benefits are paid.
Otherwise, you will need to be in remission for a pre-set period before you can qualify for benefits. The time allotted will depend on the type of cancer you have experienced. There are some types that have a much higher survival rate than others which will dictate how long you must wait.
Different Life Insurance Plans
There are a few types of life insurance that you can choose from which offer different life insurance quotes for cancer patients.
- Whole: It is also called permanent life insurance
- Term: Life insurance for a pre-set period
- Burial: Or funeral insurance, designed to pay for burial expenses, also known as final expense insurance.
- Guaranteed: You cannot be turned down, but you will pay higher rates. It comes with a graded level benefit.
There may be various sub-categories for each type of life insurance, but these are the basic ones that will apply to your situation.
How to Choose the Right Type?
The right life insurance for your needs will depend on a few factors, most importantly your gender, age, and how long you have been in remission.
Whole: This is best suited for younger adults who can pay the lower premiums while saving up for the long term. This is especially true if cancer has a high survivability rate, you are female, and have been in remission for years.
Term: This is less expensive than the whole, but does have a pre-set limit that ranges from five to twenty years on average. The term policy is better suited for older adults who need less expensive coverage. Term life insurance for cancer patients is quite popular.
Burial: The least expensive type of insurance, the benefits are restricted to paying for funeral expenses with perhaps a little left over depending on the benefit level that you choose. There are a few health questions involved, so you will need to answer truthfully about your medical condition.
Guaranteed: The only type of life insurance policy available to all cancer patients, even the terminally ill. However, it is also the most expensive and has a minimum waiting period before the full benefits kick in.
In the end, choosing the right type of life insurance will depend on your cancer status, age, gender, and other factors that will set the premiums. Getting free quotes from us will help you find the right one for your needs.