For those who have cancer or who are currently in remission, getting good quality life insurance can be difficult and expensive. The good news is that there is life insurance for terminal cancer patients, those undergoing treatment, and those in remission. It’s called graded benefit life insurance, and it may be the answer that you have been looking for since you were diagnosed.
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What is Graded Benefit Life Insurance?
This is a form of guaranteed life insurance that cannot be turned down to anyone that applies. This means that even for those in the terminal stages of cancer, they can still qualify for this form of life insurance. The graded benefit means that the full value of the money received by the beneficiary does not kick in until a pre-determined amount of time has passed.
The insurance itself is designed to meet the needs of those who cannot qualify for any other type of life insurance policy. It is a popular one for a variety of reasons which is why many insurance companies offer it.
Pros and Cons
For cancer patients, there are exceptional advantages to owning this type of policy. This is especially true for those who are in remission or are being treated for cancer with a good rate of survival.
- Everyone is Accepted
- High-Interest Rate on Premiums for First Two Years
- No Medical Exam
- No Health Questions
Everyone being accepted for this form of life insurance is a big plus, especially when you do not have to undergo a medical exam or answer any health questions. While for the first two years the benefits will be based on the premiums paid in the policy, many have high-interest levels that range from 7 to 10 percent that is added to the overall amount.
While there are considerable benefits to owning graded benefit whole life insurance, there are also some disadvantages that come with the policy that you need to be aware of before making your decision.
- High Premiums
- No Benefits, save for Premiums, for First Two Years
- Limited Benefit Level
The biggest drawback is the high premiums compared to most other life insurance policies. You are going to pay considerably more, from 20% to 50% or greater depending on the benefit amount and the company where you purchased the policy. A typically graded benefit policy offers from $50,000 up to $100,000, but the expense is such that many people often take an even lower benefit level that covers funeral expenses.
Is Graded Benefit Life Insurance Worth It?
The answer will depend on your current condition. For those who stand a good chance of living past two years, but suffer from a severe form of cancer the answer that would make purchasing conventional life insurance impossible, then this is for you.
However, you still will want to check out other forms of life insurance, including burial insurance for seniors that might offer what you need at a much lower cost.
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