Cancer is a long battle in life that changes life and provides instability in all aspects, like financially, mentally, etc. In this unwanted situation, a common question arises: that purchase term life insurance for cancer patients in possible?
This is not just a question, but it is a serious aspect that needs to be understood in depth. Making this complex concern easy, we are going to break down the complications related to this query in this article clearly and accurately. Let’s start
Cancer Patients Can Get Life Insurance
Cancer is a serious health issue that disrupts mental, financial, and emotional factors. So such critical situations, the answer depends on the level and health condition of the patient.
The answer to the question is Yes, a cancer patient can get a term life insurance based on several aspects like the type of cancer, stage, current condition, risk factor, and the period you’re dealing with cancer.
For active cancer patients, the options of getting term life insurance become extremely limited. Most insurers postponed the coverage time till the condition got better. Making it difficult to even apply for such an insurance policy.
Life Insurance Companies Generally Evaluate :-
- The type of cancer
- Stage of the cancer
- Current treatment details
- From when you are taking the treatment
- What are the further treatment plans
- Your overall health and lifestyle
Term Life Insurance For Cancer Patients
There are multiple traditional coverage plans available that provide term life insurance for cancer patients, which are : –
Life Insurance for Cancer Survivors
At the time of remission, you can get term life insurance based on how long you’ve been free from cancer. Remission is the time of recovery and vanishing of symptoms of cancer. This factors matter most in term of getting a life insurance policy. The long your are on remission the high coverage amount will you get.
Guaranteed Life Insurance For Cancer Patients
This insurance plan doesn’t require any medical or health examinations, making it the most ideal policy. But it has higher premiums and provides low coverage. This is an ideal option for the peoples who a re suffering with some serious medical issues or have high risk life style.
Group Life Insurance Through Employers
If you’re a current employee, then you can easily get the life insurance plan offered by the employer-sponsored life insurance plan.
If you’ve overcome breast cancer, don’t miss our dedicated guide on term life insurance for breast cancer survivors to secure the right protection for your future.
Cheapest Term Life Insurance For Cancer Patients
Cancer itself makes it complicated to take life insurance, so finding the cheapest life insurance for cancer patients can be a big task. Here are some tips to find the cheapest term life insurance policy :-
- Comparing plans of multiple insurers to choose the most relatable policy.
- Connect with independent insurance agents to understand the underwriting process.
- As cancer patients tend to get insurance with higher premiums, take a low term period and coverage amount to deal with this.
- Maintain a healthy lifestyle to overcome your current situation.
Some of the best term life insurance for cancer patients comes from the big players like Fidelity Life, AIG, etc.
Does Term Life Insurance Cover Death Due to Cancer?
Absolutely. Term life insurance considered death due to cancer and provides coverage to the beneficiary. Death due to cancer is considered as same as the other causes of death.
However, it is recommended to read the policy terms and conditions documents thoroughly. Some insurers define a term that if the cancer patient dies in a defined period after taking the policy, only a portion of the benefits will be given.
Cancer Diagnosis And Life Insurance
What happens to life insurance if you are diagnosed with cancer? This is a good concern, and the answers are also satisfying. If you are diagnosed with cancer after taking a term life insurance policy, the insurer cannot do anything like raising rates or cancelling the policy, which is a great merit of a term life insurance for cancer patients.
But if you have the diagnosis done before taking a term life insurance policy, then the insurer can do anything based on the terms and conditions. Based on your current situation, health condition, stage, and other factors, the insurer may change some benefits and premiums.
Best Term Life Insurance For Cancer Patients
There is no best fit for answers, but based on data and research, there are some most reliable and affordable companies listed that provide insurance policies to cancer patients :-
- Prudential : Known for the lenient underwriting process for cancer patients.
- Mutual of Omaha : Offers moderate and competitive rates for average or low-risk patients.
- Fidelity Life : Offers guaranteed issue products best for cancer applicants.
- AIG : Offers guaranteed issue life insurance with no medical exam for higher-risk individuals.
Term Life Insurance For Cancer Survivors
A few years of a remission period can make the way to getting insurance clearer. Cancer survivors can get coverage after a 2 to 5 years of waiting period.
Here are some factors that work in favor of survivors :-
- Early-stage diagnosis
- Successful treatment with no recurrence (Alabama Department of Cancer)
- More than 5 years cancer-free
- No other significant medical issues
Conclusion :-
Cancer is a life-threatening situation to deal with. It is a tough time for both the patient and the family. Preventing the financial burden on your loved ones after your passing will have to top priority. Planning term life insurance for cancer patients is the most reliable and effective way to secure future living. Diagnosing with cancer doesn’t take away your right to get an insurance policy, however, it may affect premiums and coverage benefits, but it is possible to get a term life insurance even after diagnosis.
You can consider guaranteed issue life insurance, which provides a no-medical-exam insurance policy but offers high premiums and low coverage.
Helping people with related issues or nearby someone they know who is suffering is our main objective. If you find this article helpful and informative, please provide us with your feedback. Your thoughts on this article will help to improve our content and provide high-quality information that can assist needy people. Also, share this article with your friends and on social media.
Frequently Asked Questions
Can you get term life insurance if you have cancer?
Yes, you can get term life insurance if you have cancer, although some policies and costs may differ.
Does term life insurance cover cancer?
Yes, if the reason for your death is cancer, which is diagnosed before purchasing a term life insurance policy, then your beneficiary will get the coverage amount.
Is there life insurance for cancer patients?
Yes, there are many insurance providers available in the market that offer life insurance policies with different conditions and higher premiums.
Can stage 4 cancer go into remission?
Yes, a stage 4 cancer can go into remission, which means the signs and disease are vanishing.
What is the best term life insurance company?
There are many top companies available, like Prudential, Mutual of Omaha, Fidelity Life, etc.
