There are almost 14 million people in the U.S. today who are either cancer patients or cancer survivors. The fact is that most cancers can be treated but still, cancer is unpredictable.
While even those in remission should consider their family’s future, getting approved for life insurance can be especially challenging after a cancer diagnosis.
Can You Get Life Insurance with Cancer?
It is still possible to get approved for life insurance with cancer. If you’re looking for life insurance as a cancer patient or cancer survivor, then check out these helpful tips.
Compare Life Insurance Rates for Cancer Patients
Whether it’s prostate cancer, melanoma, or breast cancer, a devastating diagnosis doesn’t absolutely mean you won’t be eligible.
There are different rates for every situation, and pricing out multiple policies will help you find the most competitive rates possible.
What’s The Best Type of Life Insurance for Cancer Patients?
The two major types of life insurance are term and permanent (which includes whole, variable, and universal), but depending on your circumstances, options may be limited.
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.
How to Apply for Life Insurance with Cancer
Be prepared for questions.
With a cancer diagnosis, 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 these questions, the faster you can move to the approval process.
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.
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 treatments you took may be the very things that another company values for insurance.
When 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.
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.
Also, setting aside money before and during the approval process is crucial to buying life insurance.
Tips to Start Saving
Many banks and credit card companies now offer new ways to save that you’ll likely barely notice, like rounding 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.
How to Find the Best Life Insurance for Cancer Patients
An independent agent who specialized in life insurance for cancer patients 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.
We’ll provide you with numbers from several carriers so you can see what is best for you.
Call us today for a quote at 1-800-712-8519.
