There are almost 14 million people living in the United States today who have or had cancer. The fact is that most cancers can be treated but, cancer can be unpredictable.
Even those in remission should continuously consider their future and the future of their family.
Getting approved for life insurance can be especially challenging after a cancer diagnosis.
How to Apply for Life Insurance with Cancer
If you’re in the process of purchasing life insurance or even considering it, then check out these helpful tips.
1. Get Your Medical Records in Order
Be prepared for questions. You’ll need medical records or documentation to support all your claims.
Consider a service such as HealthFrame that allows you to easily compile your personal medical records for quick access.
In some cases, HealthFrame may even facilitate the exchange of information to a life insurance provider. The sooner you can answer the questions of a potential provider, the faster you can move to the approval process.
2. Compare Rates for Life Insurance with Cancer
A devastating diagnosis doesn’t absolutely mean you won’t be eligible. Having the right tools on your side when pricing out policies allows you the most competitive rates possible.
3. Consider the Different Types of Life Insurance
According to Consumer Reports,
“Insurance agents push a wide range of products, but the two major types are permanent and term life insurance. Permanent life (which includes whole, variable life and universal policies) is a mix of life insurance and an investment account that pays a benefit when you die or the built-up cash value if you liquidate it before your death. Term life is pure insurance protection that provides a death benefit if you die within a set number of years and typically nothing if you live beyond that term.”
Note that, depending on your circumstances, only one insurance type may be available to you.
Term life insurance typically offers lower rates; however, whole life insurance is more likely to be approved for those with a cancer diagnosis or those in remission.
4. Budget for Life Insurance
Setting aside money before and during the shopping and approval process is crucial to buying life insurance.
You may think that it’s an unnecessary extra cost that you’re tacking on to the mounting money associated with your treatment, but it should be factored into your monthly budget just like any other bill.
Do You Qualify for Lower Rates?
With the recent introduction of the Affordable Care Act, it may be possible to qualify for lower rates through the Health Insurance Marketplace.
Saving even a few dollars a month from one policy may lend to the other.
Many banks and credit card companies now offer new ways to save that you’ll likely barely notice – including automatically adding the change from each purchase to your savings account.
Talk to your financial institution about these programs to get creative with your saving.
After a cancer diagnosis, it may be tempting to create a bucket list and rush to complete it. Doing so could mean high costs at the expense of new experiences.
While you should consider reevaluating your lifestyle, spend the energy you do have spending time with loved ones – it costs nothing and the dividends are tenfold for your health.
5. Life Insurance Approvals Take Time
If you’ve applied for a policy where cancer documents need to be heavily reviewed and verified by the underwriter, patience is necessary; it can take a long time.
In the meantime, focus your energy on staying healthy and beating the disease.
What if your application is denied?
Remember, even if your application isn’t approved that doesn’t mean you won’t get a second chance with another company.
If you aren’t approved, consider this: the appointments you kept and the treatments you took during the approval process weren’t wasted; they may be the very things that another company values for insurance.
6. Understand the Challenges of Life Insurance for Cancer Patients
If you’re armed with the reasons life insurance companies deny individuals, you’re more likely to be able to negotiate with the company or discuss additional options.
It’s also important to understand that these challenges aren’t permanent roadblocks.
Finding The Best Life Insurance for Cancer Patients
Going to ten or twelve different life insurance agents won’t actually do much, at all. Each agent has the same access to the same policies, all with the same rates.
The ones who will truly make a difference for you are those who know cancer the best and can match you to the best insurer for your situation. We are one of those agencies.
Have you recently been diagnosed with cancer and are considering life insurance? We want to hear from you. If you’ve started shopping, what challenges have you encountered? Share your story in the comments below.
Many people may just be looking to see how much final expense insurance can cost. If this is you, contact us and we’ll provide you with numbers from several carriers so you can see what is best for you, your family, and your budget.
Call us today for a quote at 1-888-552-6159.