According to the United States Cancer Statistics, there were 1,752,735 cancer cases in 2019. The consequences of this disease are often hefty and tragic, so it is little wonder that families wish to seek financial protection against cancer.
Many wonder whether they can buy life insurance if diagnosed with cancer. It is important to know that while a family history of the illness doesn’t prevent you from qualifying for insurance, being diagnosed with it can make it difficult to buy a policy. Much depends on the type of cancer a person has, what their diagnosis is, and how long they’ve been in remission.
If you’re currently getting cancer treatment, your best option is to get life insurance covering your final expenses. To qualify for the best policy out there, you can talk directly to us at Franklin Life & Annuity.
Does Life Insurance Cover Cancer?
Life insurance guarantees the financial stability of your family when you’re diagnosed with a terminal illness and if you pass away for the duration of your policy. A terminal illness is defined as:
- An illness that has no cure
- Is expected to lead to death within a year
So, if you have cancer, you can buy life insurance.
Can You Get Life Insurance After Surviving Cancer?
Though it depends on the nature of cancer, it is possible to buy life insurance after you’ve survived. However, there may be cushioning times, and you may have to pay higher premiums. Many insurers require you to inform them about your medical history when you apply. They assess whether to give you an offer based on your cancer history, age, the cover you want to take out, and other relevant information.
Types of Insurance to Get After Cancer
If you’ve been in remission for five years, you can still consider traditional life insurance.
Other than that, here are a few more options:
Term Life Insurance
This is the most affordable life insurance you can get. You’ll have to take a medical exam and answer some questions about your cancer diagnosis and treatment. With term life insurance, you go with rates for a particular duration, for example, ten years or so.
Permanent Life Insurance
This life insurance type provides whole life insurance as long as you’re alive, but you may have to pay premiums.
Simplified Issue Life Insurance
The simplified policy doesn’t require a medical exam, but you may have to fill out a health questionnaire. This is a good choice for cancer-free patients.
Guaranteed Life Insurance
There are no requirements for medical history and no health questions with guaranteed life insurance, but you have to pay higher costs.
Burial and Final Life Insurance
Burial insurance pays for all ‘end-of-life’ expenses, including medical and funeral bills. There’s no medical exam required either.
What Insurance Policy Is Best for People with a Family History of Cancer?
Before you get life insurance, your family’s medical history is factored in. If you have a history of cancer in your family but don’t have it, there’s no specific policy you should opt for.
However, remember that in traditional insurance policies that require your family’s medical history, a cancer diagnosis can affect your eligibility and rates.
You need to go with the type of insurance that covers your needs. If you want your family to be protected, choose life insurance with burial and final expense services.
How to Increase Your Chances of Getting Insurance After Cancer
You’ll have to work with a reliable life insurance agency willing to insure cancer survivors. Look for premier insurance agencies that meet all your needs and expectations.
To increase your chances of qualifying for life insurance, you should follow these strategies:
- Improve your lifestyle and health
- Don’t smoke
- Work a low-risk job, so your premium isn’t high
- Don’t indulge in risky hobbies
- Keep a clean criminal record
Work with Us
Are you looking for a premier life insurance agency that prepares you for the events of your life? Get in touch with us at Franklin Life & Annuity today. We provide our clients with the best possible life insurance solutions for their families in case of unique financial needs. Our reliable burial and final expense insurance policies ensure that families are financially stable when dealing with the illness or death of a loved one.