Life insurance is extremely necessary.
It allows people to provide a certain amount of money after death to a beneficiary, an individual that is chosen in advance.
It is not necessary but recommended that life insurance for cancer survivors be obtained. The life insurance policy pays differently depending on the type of life insurance purchased.
There are more than 300 insurance companies on the market today. Not all of them provide life insurance for cancer survivors. In addition, those that do serve cancer survivors require a higher cost to be paid. There are several types of insurance an individual can purchase. The one chosen will depend on the needs of the individual. Before you start looking for insurance coverage, there are several things that you need to know first.
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Common Types of Insurance Coverage
- Universal life Permanent insurance. The price remains fixed for the lifetime of the holder. In addition, as long as payments are made at proper intervals, the customer will still be covered under the policy. At certain time intervals, the individual can pay less or more to change the coverage provided.
- Term Life. Covers only a certain period of someone’s life. For example, it can cover a 10,20, or 30-year time interval. Once these time periods have passed, the policy is no longer effective. Because of the defined limit on these policies, they tend to be the least expensive life insurance option. Payment is required on either a monthly, quarterly, or annual basis. At the end of each coverage time period, the policy can be renewed. During the renewal, it is necessary to provide updated health information with which the insurance providers may or may not decide to renew coverage.
- Whole Life. Whole Life insurance is similar to universal life insurance. However, the individual cannot change the amount paid for premiums to change the amount of coverage provided. There is also a cash value attached to Whole Life insurance. During the course of coverage, money can be borrowed. However, by borrowing the money, the amount obtained after the policyholder’s death decreases.
- Guaranteed Issue Whole life. Typically, only individuals that are at least 40 years old can purchase this type of life insurance. It is for individuals with preexisting health concerns. Typically only $25,000 for death benefit is available but it can also be partially withheld if the policyholder dies within three to four years of purchasing the insurance. This is the type of life insurance for cancer survivors.
Each policy has different pros and cons that you’ll have to weigh. There is no “one plan fits all” for applicants. Each person is different and has various needs and preferences in their insurance coverage.
Life Insurance Approval With Cancer
In order to obtain life insurance as a cancer survivor, it is important to be honest. You should reveal all medical records to the life insurance company. By withholding or forging information, there is a risk of denial by the insurance company. An existing policy can also be canceled.
Trying to hide any information, or lying about any of your health could lead to serious complications later. As a cancer survivor, some additional qualifications need to be met among insurance companies.
Usually, being in remission or cure is necessary. A person must also be between 3 months or 5 years since the last treatment, depending on the type of insurance company. The individual must be in good health and between 21-90 years old. It is important for survivors of cancer to get insurance especially if there are others that depend on them.
Common Cancer Insurance Cases
We’ve been able to get cheap coverage for a variety of cancer survivors. Some of the more common cases we’ve helped with are breast cancer, prostate cancer, uterine cancer, skin cancer, thyroid cancer, testicular cancer, and many more.
The type of cancer that you have, and how long you’ve had it are going to impact your rates and being approved for the policy, but regardless of the type, there is a life insurance policy out there for you.
The Importance of Life Insurance
It might seem obvious to you, but a lot of Americans miss the real value of a quality life insurance plan. A lot of people assume it’s not worth the premiums.
Although you might not realize it, you could leave behind more expenses than you think. Think about your mortgage, car payments, student loans, hospital bills, etc. all of that would be left to your family members. For a family that just lost a loved one, all of these unpaid expenses can be difficult to cover, especially in this difficult time. This is where life insurance comes in. Your family would have the money they need.
Paying off debt isn’t the only purpose of a policy, it should also be used to replace any salary that your family would lose. If you have loved ones who rely on your income, would they be able to replace that income? Would they suffer because of the loss of salary? Life insurance can not only give them money but also give them time to find more sources of income. It also allows them time to grieve without having to worry about getting back to work.
Getting the Best Rates
Even as a cancer survivor, a life insurance plan shouldn’t break your bank. You should be able to get affordable coverage that you and your family deserve.
One way is to focus on your health. This could be a variety of different things, but a majority of applicants end up paying more because of being overweight. Carrying extra weight, or being considered obese, will cause your monthly insurance rates to increase.
Start a healthy diet and a regular exercise routine, these are the best ways to shed a couple of pounds and keep more money in your wallet.
Similar to being listed as overweight, being categorized as a smoker on your application is going to cause your rates to go through the roof, regardless of your health. Smoking cigarettes or using tobacco will immediately cause your monthly rates to double or triple.
To save money, you need to compare policies from several different companies before you pick the one that works. While life insurance for cancer survivors isn’t the most popular insurance product that companies sell, there are still dozens of companies that you’ll be able to choose from.
Role of Medical Records and History in Approval Process
When applying for life insurance, particularly for cancer survivors, the importance of accurate medical records and history cannot be overstated. These records serve as a window into the applicant’s health, providing insurers with vital information to gauge the level of risk associated with the potential policyholder.
Firstly, medical records ensure transparency. By presenting a clear picture of one’s health status, it allows insurance companies to make informed decisions. Any gaps or inconsistencies could raise red flags, potentially leading to higher premiums or even outright rejection.
Moreover, the detailed history, including treatments, surgeries, and medications taken, allows underwriters to assess how well a condition has been managed. For cancer survivors, details such as the type of cancer, stage at diagnosis, and duration of remission play a crucial role in the decision-making process.
Furthermore, a consistent record of regular check-ups and follow-ups demonstrates a proactive approach to health, which can be viewed favorably by insurance providers.
Medical records and history are the bedrock of the insurance approval process. They offer a comprehensive view of one’s health journey, enabling insurers to set terms that are commensurate with the associated risk. Therefore, maintaining accurate and up-to-date health records is both a responsibility and a strategy for securing favorable insurance terms.
Bottom Line: Cancer Survivors’ Life Insurance
Securing life insurance as a cancer survivor necessitates transparent medical histories and a focus on health. Various insurance types cater to diverse needs, with certain policies specifically designed for survivors. Approval requires consideration of remission status, cancer type, and treatment history.
To obtain favorable rates, applicants should compare different companies, maintain a healthy lifestyle, and provide comprehensive, accurate medical records, ensuring a plan that balances affordability and comprehensive coverage for peace of mind and financial security.
