If you have recently had a cancer diagnosis then you may be concerned about how you will ensure that your family is cared for should the worst happen. Finding life insurance that is suitable for someone with cancer can be difficult – but there are some policies out there that will suit a person with a cancer diagnosis, although they may need to pay more.
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The type of policy that you can get will depend on when you were diagnosed with cancer, the kind of cancer that you have, the stage that the cancer is at (and whether it has metastasized), and your survival chances, as well as whether you have relapsed, what medication you are on, and how much you can afford to pay.
You Have Been Diagnosed With Cancer:
If you currently have cancer, then the life insurance policy that you can get will depend on the condition – non-melanoma skin cancer is one example of a very low-risk condition, and one that may allow you to get a standard policy with no impact on your premiums.
What if it is curable?
If you have a treatable form of breast, testicular or prostate cancer then you may be able to get a standard policy if the rest of your health and lifestyle fall into the preferred or ideal categories for a policy.
If you have cancer that is known to be more aggressive, then you will need to look for a broker that specializes in people that the insurance industry calls ‘impaired risks’. You will fall into the substandard bracket, and can expect to pay an extra premium – indeed, many insurance companies will not offer policies to someone that is still receiving treatment, and you will not be able to get a policy at all if your cancer has metastasized.
Your preferred policy:
As long as the cancer has not metastasized, whole life insurance is more likely to be an option compared to term life insurance – although because of the nature of these policies you will need to pay higher rates.
Once the cancer has been treated and you are in remission, you may be able to get better rates, but there are often waiting periods before you are eligible for more attractive policies. These periods vary from a year for something such as prostate cancer, to 10 years for leukemia.
Each insurer sets their own policy for waiting periods and they can vary significantly.
When you are looking for a policy, you should think carefully about how much you can afford to pay and compare several different insurers.
Have all of your medical details to hand so that you don’t have to worry about chasing companies to find the records, and so that you can clearly and confidently answer questions about the date of your diagnosis, any treatment, and how long you have been in remission of that applies to you. This will make the process of finding an insurance provider that little bit less time consuming and reduce your stress.