Can A Cancer Patient Qualify for Life Insurance? (Burial or Term)

Do you or a family member have a terminal illness, such as cancer? If so, you might want to get burial insurance. The importance of having a burial cover at this stage of life is so important especially for the seniors. Keep reading if you want to know about funeral or burial insurance for cancer patients.

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Cancer Statistics (Important):

Avoid Smoking to Remain Cancer Free

Per the National Cancer Institute, it is estimated for the year 2016 that there will be nearly 1.7 million new cases of cancer that will be diagnosed. Of those who are diagnosed, nearly 600,000 will succumb to the disease which is just under 1 in 3.

Men vs Women:

Men tend to die from cancer at a higher rate than women, particularly in the African-American population. The cancer rate is lowest for women of Asian/Pacific Islander backgrounds.

It should be noted that nearly 14.5 million people diagnosed with cancer lived beyond expectations set by doctors, a number that is expected to rise to nearly 19 million by 2024. Therefore, life insurance for cancer patients in remission is growing more affordable.

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Types of Cancer:

There are numerous types of cancers that are identified for their location in the body. It is their location that determines in large part how dangerous they can be.

The most common types of cancer are the following;

  • Breast, Lung, and Bronchus
  • Prostate, Colon, and Rectum
  • Bladder, Melanoma, and Thyroid
  • Kidney, Renal Pelvis, and Pancreatic
  • Non-Hodgkin Lymphoma and Leukemia

Pancreatic is considered one of the most dangerous because it is located near many organs. The danger each cancer presents also depends on how early it is detected and treated. In the later stages, most forms of cancer become far harder to treat because they have spread throughout the body.

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Types of Life Insurance Policies:

There is life insurance for prostate and breast cancer sufferers. Its availability will depend on several factors which include whether you are currently suffering from the disease or are in remission, the number of cancer diagnoses you have received, family history, and other medical issues. For those who do qualify, there are different types from which you can choose.

Term Life Insurance:

This is the least expensive form of insurance that provides low rates with ample coverage. However, the term policy is defined by having a time limit. Most term policies range from ten to thirty years with rates that vary depending on numerous factors. Term life insurance for cancer patients is common.

Permanent Life Insurance:

This type of life insurance has no time limit but is considerably more expensive than term. It may also come with additional benefits that make it attractive for a long-term purchase.

Graded Death Benefit:

This type of life insurance does not pay out the full death benefit for a few years. Because of this gradual raising of the benefit, it makes it easier for cancer patients to receive. This type of insurance can be a term or permanent depending on the purchase.

Can You Get Burial Insurance After Cancer Diagnosis?

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It might be very difficult for you to get any kind of insurance coverage if you are diagnosed with cancer and is currently undergoing treatment. Every insurance company has set regulations and rules, but most will not accept persons who are getting cancer treatments.

There are only a few companies that will give life insurance for cancer patients, so this can make the search even more difficult and the premium costs a lot higher. In any case, it would be good to get burial insurance as it’s designed to help relieve family members of the financial burden that comes with a funeral.

*** By shopping around you can save up to 70%. Get multiple quotes here.

Burial Insurance for Cancer Patients:

If you invest in funeral insurance for cancer patients, this policy will provide your family or beneficiaries with the financial assistance that is needed in the event of death. This insurance can cover the costs for a number of things, including a casket, cremation, flowers, embalming, headstone and so on.

How much burial insurance do you need? Here is the answer.

In general, a funeral cover will give out payment based on the policy holder’s age and gender. This coverage amount could be a lump sum of up to $50,000 and it would go to the beneficiaries to be used as they want.

It is common for unhealthy persons to lean towards the burial insurance policies, which tends to make them more expensive than others. Aside from the fact that you are diagnosed with cancer, your need for funeral insurance will depend on your individual situation such as your financial status and general family budget.

When it comes to getting one of the burial insurance coverage for cancer survivors, you might want to give it some serious consideration if you:

  • Don’t have an existing life insurance policy
  • Want to get coverage for the entire family
  • Have absolutely no other way to pay for a funeral
  • Have limited finances and cannot pay for final expenses and your outstanding debts
  • Want a different policy to cover just your final expenses

Requirements of Medical Records:

Medical Background and Records are Needed for Cancer Patients
You Medical Documents will be Checked Thoroughly by Insurance Providers!

To get insured, even life insurance for terminal cancer patients requires complete medical records covering the events involved. This means both current and past medical history of all cancer-related issues plus the family history. The records need to include the following information;

  • Type and Date of First Diagnosis
  • Type of Treatment
  • Length of Being Cancer-Free
  • Stage Cancer Reached
  • Report of Tumors, Lymph Nodes, & Relapses

Adding up all the information combined with any medications that were taken will be part of qualifying for life insurance.

You need coverage, because…

Overall, after getting a diagnosis for cancer the last thing that you want to worry about would be how you are going to cover the costs for a funeral or final expense. This is why burial insurance will come in handy. The best way to determine if you can qualify would be to find out how an insurer evaluates you as a cancer patient.

Free Quotes and Comparison:

One thing is for sure it would be a good idea to shop around when buying burial insurance for cancer patients as the rates vary significantly. The good news is that there are options available for you to buy this insurance at an affordable rate.

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