A cancer diagnosis is frightening. It can change your life in an instant. If you or someone you know is living with cancer, then you know that it's important to have a good life insurance policy in place. But what happens if you get a cancer diagnosis and don't have life insurance? Don't worry – there are options available to you.

This blog post will explain some of the available insurance options for cancer patients. So, keep reading for more information.

What is life insurance and what does it cover?

Life insurance is a type of insurance that pays out a sum of money in the event of the policyholder's death. It can provide financial security for your family and loved ones, and can give you peace of mind knowing that they will be taken care of financially if something happens to you.

There are different types of life insurance, but most policies will pay out a lump sum of money to the beneficiaries if the insured person dies. The amount of money that is paid out from the life insurance will depend on the policy limit and the coverage that you have selected.

How does life insurance work with cancer?

Medical life insurance can provide cancer patients with financial security for their family and loved ones in the event of their death. The insurance will pay out a lump sum of money to their beneficiaries, which they can use to cover funeral expenses, outstanding debts and other expenses.

It's important to note that cancer life insurance does not cover the cost of cancer treatment for cancer patients. However, some policies may include additional features such as critical illness cover or income protection, which can provide financial assistance if you are diagnosed with a critical illness or are unable to work due to an accident or illness.

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How does critical illness insurance work with cancer?

Critical illness insurance is an additional feature that can be added to life insurance policies. It means that the policy will pay out a lump sum of money if you are diagnosed with a critical illness, such as cancer. The money can be used to cover the costs of treatment, support your family financially or help you make lifestyle changes.

How does income protection work with cancer?

Income protection is an additional feature that can be added to a medical life insurance policy. It means that the policy will pay out a monthly benefit if you are unable to work due to an accident or illness, such as cancer. The money can be used to cover the living expenses, such as mortgage payments, bills and food of cancer patients.

How to apply for life insurance if you have cancer?

If you have a cancer diagnosis, you can still apply for life insurance. When you apply, the insurance company will assess your application based on a number of factors, including your age, health, lifestyle and occupation. They will also look at your medical exam history, including any previous cancer diagnosis.

Based on this information, the insurance company will give you a quote for your life insurance policy. It's important to compare quotes from different companies to make sure you're getting the best deal possible.

You can apply for cancer life insurance through an insurance broker or directly with an insurance company. It's advisable to speak to a few different brokers or companies to compare policies and find the best one for you.

What are your options?

You have a few options when it comes to getting traditional life insurance. That being said, some policies are better than others, depending on the mortality rate, severity, etc., of the case.

Here are your options:

If you were diagnosed 10+ years ago and have been stable since:

• you have a chance at getting a traditional life insurance policy
• insurance companies will likely give you standard rates
• some insurance companies might require a  medical exam

If you were diagnosed 5-10 years ago and have been stable since:

• you have a chance at getting traditional life insurance
• insurance companies will give you a rated policy (higher rates), but you still get the same benefits as traditional life insurance (no waiting periods)
• some insurance companies might require a medical exam

If you were diagnosed 2-5 years ago and have been stable since:

• you have a chance at getting traditional life insurance
• you have a chance at getting simplified issue life insurance, which does not require a medical exam (only medical questionnaire), has higher rates than traditional life insurance, and less coverage

If you were diagnosed less than 2 years ago:

• you have a chance at getting simplified life insurance
• you have a chance at getting a guaranteed life insurance policy, which does not require any medical exams, no medical questionnaire, highest rates, least coverage of all the options
• guaranteed life insurance also has a 2 year waiting period, so if the insured passes within the first two years of the policy, only the premiums are returned to the beneficiaries and the claim is not paid

What to do if you're declined life insurance because of cancer?

If you're declined life insurance because of cancer, there are a few things you can do. Firstly, you can reapply to the insurance company after your treatment has finished. Secondly, you can look into alternative insurance policies, such as guaranteed issue life insurance or burial insurance.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is a type of guaranteed insurance that is available to people with pre-existing medical conditions. Guaranteed life insurance policies will pay out a lump sum of money to your beneficiaries in the event of your death, regardless of the cause.

Funeral Insurance

Funeral insurance is a type of insurance that is specifically designed to cover funeral costs. The insurance will pay out a lump sum of money to your beneficiaries when you die, which they can use to cover the cost of your funeral.

You can also consider setting up a life insurance trust. This is a legal arrangement that allows you to designate how your insurance policy should be used in the event of your death. The money can be used to pay for your funeral, support your family or make charitable donations.

A life insurance trust can be a good option if you're declined life insurance by insurance companies because of cancer, as it gives you more control over how the money from your policy is used.

What are the costs of life insurance for those with cancer?

The cost of life insurance for cancer patients and cancer survivors will depend on a number of factors, including your age, health, lifestyle and occupation. They will also look at your medical exam history, including any previous cancer diagnosis.

Based on this information, the life insurance company will give you a quote for your insurance policy.

How to find the best life insurance policy for those with cancer

When you're looking for life insurance, it's important to compare quotes from different insurers to make sure you're getting the best deal possible. You can apply for life insurance through an insurance broker or directly with an insurer. It's advisable to speak to a few different brokers or insurers to compare policies and find the best life policy for you.

You should also consider your needs when choosing a life policy. For example, if you have dependents, you may want to choose life insurance that will pay out a lump sum of money to help support them financially if you die. If you have a mortgage, you may want to choose insurance that will pay off the remaining debt if you die.

It's important to read the fine print of any life insurance policy before you sign up. This will help you understand exactly what is covered under the life insurance and what isn't. For example, some insurance policies may not cover death due to suicide or a pre-existing medical condition.

You should also make sure you're comfortable with the premium payments of the life insurance and that you can afford them on an ongoing basis. Insurance coverage is a long-term commitment, so it's important to choose the insurance policy that you're happy with.

Tips for Getting Life Insurance with Cancer

There are a few things you can do to increase your chances of getting insurance with lower rates. These tips can be applied to anyone, but are especially important if you're looking for life insurance with cancer:

- Quit smoking: This is one of the most important things you can do to get lower life insurance rates. Cigarette smokers typically pay significantly higher insurance premiums than non-smokers. If you've been smoking, quitting for at least 12 months will help you get better life insurance rates.

- Get healthy: Maintaining a healthy lifestyle will help you get lower insurance rates. Insurance companies consider factors such as your BMI, cholesterol levels and blood pressure when determining your life insurance rates.

- Take on a low risk job: Both cancer survivors and patients alike, can lower life insurance rates is by taking on a low risk job. This will show insurance companies that you're less of a risk and may help you get better insurance rates.

- Don't have high risk hobbies: If you have cancer, the Canadian Cancer Society states that it's important to avoid high risk hobbies such as skydiving or rock climbing. These activities can increase your insurance rates.

- Make sure both your driving and criminal records are clean:  Insurance companies will check your driving and criminal records when determining life insurance rates. Having a clean record will help you get lower insurance rates.

Conclusion

Cancer can be a frightening diagnosis, but it doesn’t have to mean the end of your financial security. There are many different types of life insurance policies available and each one is designed to meet a specific need.

We hope this article has helped you understand how life insurance works with cancer and given you some ideas about what type of policy might be right for you. If you have any questions or would like more information, please don’t hesitate to contact us.

Frequently Asked Questions

How Long Does it Take to Qualify for Life Insurance After Cancer?

The length of time it takes to qualify for life insurance after cancer patients are diagnosed depends on several factors, including the type of cancer, the stage of the cancer, and the treatment plan. In general, insurance companies will require a waiting period of at least five years after completion of treatment before they will consider issuing a policy.

What impact does having a family history of cancer have on my life insurance eligibility?

If you have a family history of cancer, you may still be eligible for life insurance, but your rates may be higher than average. Insurance companies will take your family medical history into account when determining your insurance rates.