Do you have a terminal illness such as cancer? Do you know anybody who has cancer? Purchasing burial insurance for cancer patients is likely a concern for you. Having burial insurance at this stage in life is essential if you want to provide for your family when you pass away.
Burial life insurance for terminal cancer patients can provide coverage regardless of the stage of cancer and how the medical condition progressed.
If you are currently diagnosed with cancer, in treatment or in remission, getting good quality life insurance may seem difficult and expensive.
The good news is there is life insurance for terminally ill cancer patients; it’s called guaranteed issue life insurance or burial insurance for cancer patients. If you’ve been declined for basic term life or whole life policies, guaranteed issue life insurance can be the solution to your problem.
If you invest in burial insurance for cancer patients, your guaranteed acceptance policy will provide for your family with the financial assistance that is needed in the event of your death. Burial insurance can cover the cost of burial, funeral, and other final expenses. This coverage is essential since the average burial can cost $8,000 to more than $10,000.
Almost anyone can purchase a burial insurance policy, even when terminally ill. A life insurance terminal illness policy is designed for people in need of life insurance but has been denied coverage in the past. It is the best solution for people who are diagnosed with cancer.
FOR EASIER NAVIGATION:
WHAT IS BURIAL INSURANCE?
Burial insurance for cancer patients is called guaranteed issue life or guaranteed acceptance insurance.
Burial life insurance is a whole life policy with lower death benefits and limited underwriting. These policies are also referred to as funeral insurance, cremation insurance, or final expense insurance. Burial insurance is designed for seniors and people with severe medical conditions like cancer to have the money to cover the cost of a funeral or other final expenses. GI policies are also called terminal illness insurance policy or life insurance for terminal cancer patients.
Guaranteed issue life insurance policy for terminally ill can provide coverage to cancer patients regardless of how far cancer has progressed. It is best suited for cancer patients after diagnosis or during treatment because there is no need for a medical exam or health questionnaires.
Only your age and gender are considered to qualify for guaranteed life insurance. The application is quick and easy.
You can be eligible for burial insurance up to age 85. Most insurance companies will not insure anyone older than 85 because the life expectancy of an American male is 77, and for females, it is 82. Because of this, insurance carriers do not want to take a risk for anyone over 85 years old.
Guaranteed issue life insurance offer face amounts ranging from $1,000 to $25,000 although some companies offer up to $50,000. The primary objective of this coverage is to provide burial insurance.
Burial costs can be expensive. Fortunately, you can purchase burial insurance to cover funeral and burial cost.
Here are some funeral expenses that burial insurance can cover:
- Cost of embalming
- Cost of cremation
- Casket or urn
- Headstone or market
- Hearse and vehicles for the service
- Digging and filling the grave
- Cost of the plot
WHEN DO YOU NEED BURIAL INSURANCE?
You may need burial insurance if:
- You don’t have a life insurance policy
- You want a different policy to cover your end-of-life expenses
- You have no other way to pay for a funeral
- You have limited finances to pay your outstanding debts
- You are not eligible for traditional life insurance policies.
THREE OPTIONS ON HOW TO PAY FOR BURIAL INSURANCE
Lump-sum – one-time payment, unhealthy people or those with health issues are typically required to make a lump-sum premium payment. Also, children who want to buy coverage for their parents may want to make a one-time payment. This option can be helpful if you don’t want to keep track of your payments each month. Since you already paid in full your coverage can’t lapse when your family needs your policy the most.
Periodically – monthly or annual payment for life. Making regular monthly payments for your whole life will make the premium payment lower than those paying for a fixed period. This is how most guaranteed issue policies are designed.
The drawback is you may spend a lot more because you will be paying for a longer period, depending on how long you live. It may cause your policy to lapse if you forget to make your payment on time.
Fixed period – Paying for a fixed period of 10 or 20 years only. This mode of payment is recommended to people who are currently working and concerned about their ability to pay premiums when they retire. Your monthly premiums will be higher compared with those paying periodic payments for life, but you get to stop paying after the fixed period has ended.
PROS OF BURIAL INSURANCE
Guaranteed acceptance – you cannot be turned down. Everyone who applies will qualify for this policy as long as you meet the age requirement and you are mentally capable of entering into a legal contract. You will get accepted regardless of your medical condition.
No medical exam – there is no medical examination required, and there will be no health questions asked. You can easily qualify for policy even if you are undergoing cancer treatment.
Small dollar options – guaranteed issue or burial insurance allow you to purchase as low as $2,000 in coverage. If you want to ensure your final expenses are taken care of you can buy the exact amount that you need.
CONS OF GUARANTEED ISSUE BURIAL INSURANCE
Most expensive option – guaranteed acceptance is the most expensive type of life insurance. Because there is no medical exam, insurance carriers take a great deal of risk with this type of insurance. Therefore, they charge more to cover the increased risk.
Small death benefit – most insurance companies offer a maximum of $25,000 terminal cancer life insurance payout for their guaranteed issue policy.
Graded death benefit – all guaranteed issue life insurance policies come with a graded death benefit. A graded life insurance policy means that the insurance companies will not pay out a death benefit to your beneficiary should you die from natural causes within the first two years of the policy. If you pass away within the first two years, life insurance cancer payout to your beneficiary is equivalent to all the premiums you’ve paid into the policy plus interest.
Life insurance companies need to impose a graded death benefit because they do not have medical underwriting. They take higher risk of insuring people with severe health conditions such as cancer. Having a graded death benefit helps protect the life insurance company from people who are on their death bed taking a life insurance policy.
TYPES OF BURIAL POLICIES FOR EACH STAGE IN CANCER TREATMENT
Your stage in cancer treatment will decide which type of insurance policy you will be eligible.
CURRENTLY IN TREATMENT
Can you get a life insurance with pre existing cancer and currently getting cancer treatment?
It might be difficult for you to get any insurance coverage if you’re currently undergoing treatment. Most life insurance company will not accept persons who are getting cancer treatment such as:
- Hormone therapy
You will not qualify for term life or whole life insurance with medical underwriting if you are currently undergoing treatment.
Here are the most common ways cancer will be asked in the underwriting questionnaire:
- In the last two years, have you been diagnosed with cancer, or received chemotherapy or radiation treatment?
- In the last two years, have you been treated for any internal cancer?
- In the last three years, have you been diagnosed with cancer, or advised to receive chemotherapy or radiation treatment?
- In the last three years, have you been treated for any internal cancer?
If you say yes to any cancer questions in the health questionnaire, your application will be declined for traditional life insurance policies.
Your best alternative is to apply for a guaranteed issue life insurance where you will be eligible. It has no medical exam or health questions. Guaranteed life insurance for cancer patients or life insurance for the sick and elderly is designed to help relieve family members with the financial burden that comes with a funeral.
IN REMISSION (WITHIN THE WAITING PERIOD)
If you’re in remission after finishing your treatment, you will still not qualify for traditional life insurance if you are still within the waiting period. But, you will be able to be eligible for a burial insurance policy.
A guaranteed issue life insurance policy has no medical exam required, meaning even if you have cancer you can still qualify for coverage. Burial insurance will always be your best option to pay for your final expenses.
Typical Waiting Periods before you can purchase a traditional insurance policy:
- Bladder cancer – 1 to 3 Years
- Brain cancer – 10 years
- Bone cancer – 5 Years or more
- Breast cancer – 1 to 5 Years
- Cervix cancer – 0 to 1 Year
- Colorectal cancer – 1 to 6 Years
- Esophagus cancer – 3 Years
- Kidney cancer – 1 to 5 Years
- Larynx cancer – 1 Year
- Leukemia – 5 to 10 Years
- Lung cancer – 3 to 5 Years
- Lymphoma – 3 to 10 Years
- Ovarian cancer – 1 to 5 Years or more
- Pancreatic – 2 Years
- Prostate – 6 months to 2 Years
- Rectum cancer – 2 Years
- Salivary – 2 Years
- Skin melanoma – 1 to 5 Years
- Testicular cancer – 6 months to 2 Years
- Uterine cancer – 2 to 5 Years
Attempting to apply for life insurance while undergoing treatment will generally be unsuccessful.
All you need to do is wait until you have completed your treatment and the waiting period assigned for the type of cancer you have. If you can remain cancer-free after the waiting period, you will be able to apply for traditional life insurance policies with immediate coverage and lower premiums.
IN REMISSION (AFTER THE WAITING PERIOD)
If your cancer treatment has been successful and you’re in remission after the waiting period, you now have better options. Congratulations! Burial insurance with no waiting period is now available for you.
You may soon be able to get a fully underwritten policy after the waiting period. A fully underwritten policy offers more coverage and less expensive choices to cancer survivors. In order to get a life insurance policy, it’s necessary to prove to the insurance company that you’re a good risk.
To prove you are a good risk, you will need to submit current doctor records, a medical exam, and your most recent pathology reports. Complete medical records need to include both your current and past medical history of cancer-related issues.
The following information must be in your medical records:
- Type of cancer you have
- Stage and grade of cancer
- Date of the first diagnosis
- Different types of cancer treatment
- Number of years cancer-free
- Report of tumors
- History of relapses
All this information and your prescription history will be a part of the qualifying process for life insurance. Your complete medical records will help the insurance company determine the right coverage for your needs.
HOW TO FIND BURIAL INSURANCE FOR CANCER PATIENTS
Here are some steps you can take to help you buy life insurance and get the best plan and premium:
- Visit your doctor before applying for a life insurance policy, to get your updated health status. Make sure you have complied with all your doctor’s treatment plans for your cancer treatment before trying to apply. Sometimes it is best to wait to complete your treatments before applying for life insurance coverage.
- Make sure your complete medical records are available when applying for life insurance. Include your first pathology report, treatment, and prescription record. Supplying your complete medical records may help you get coverage with better premium rates.
- If you have employer-provided insurance, make sure to continue it as you keep your job. If you leave because of your illness, try to convert your group life insurance to an individual life insurance policy.
- If you cannot qualify for a traditional life insurance policy, find out if you can be eligible to get life insurance through organizations or groups like a credit union, fraternity or professional membership.
- If you have a term life insurance that may be coming to an end, try to convert the policy to permanent insurance. Some term policies can be continued after the term at a higher premium. Contact your agent or call customer service and they can help you understand your options.
- If you are declined for life insurance, consider buying guaranteed issue life insurance. It may be the one option for cancer patients like you. You are not required to take a medical exam or answer health questions with this type of burial insurance. Anyone who applies is guaranteed approval regardless of health conditions. So, even if you have Myelodysplastic Syndrome or Hodgkins Disease you will still be approved for coverage.
- Compare plans and premium from different insurance companies before purchasing your life insurance policy. Consult an independent agency like Funeral Funds to shop different insurance carriers for you.
Life insurance before a cancer diagnosis is the best but, to find the best burial insurance for cancer patients, you must have the patience to compare policies from different insurance carriers. To make it easy, you need to work with a qualified independent insurance agency like Funeral Funds to do the work for you. Funeral Funds represent lots of insurance companies and will be able to compare prices to get the best deal for you.
WHAT KIND OF BURIAL POLICIES AND FINAL EXPENSE POLICIES SHOULD I AVOID?
TV AND MAGAZINE ADVERTISEMENTS – Most burial policies or final expense policies you see advertised on television or in magazines are sold as “the no-brainer way” to shop for this protection.
In reality, most of these policies rely on you having NO BRAIN to purchase them.
Just about everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that cost an arm and leg.
To make a long story short, it is better to shop for burial policies with a specialist in burial insurance, like FuneralFunds.com, than to sign up with a company that spends ba-zillions of dollars each month advertising on television and in magazines.
Increasing Price Policies
Those TV and magazine final expense policies may increase in price every five years or have a two-year waiting period before your benefits kick in! What in tarnation!?!
These policies aren’t all they’re cracked up to be, and you often end up at the short end of the stick by purchasing burial insurance this way.
These tricky television magazine snake oil salesmen lure you in with an attractive rate, only to have the cost of your insurance increase every five years until you cannot afford the premiums, then you must cancel your policy.
What happens after you cancel the policy?
You’ll die and will have wasted all that money because you bought a policy that increases in price as you get older. These policies just don’t cut the mustard for most folks!
Avoid policies that increase in price every year or end at a certain age. You don’t want your family to get hung out to dry when they need this coverage the most.
Why choose Funeral Funds for my burial policy?
Most life insurance agents are fine, respectable people.
There are, however, the classic “snake oil” life insurance agents, who will sell you the easiest and most expensive policy possible.
The guaranteed issue folks claim you don’t even need to talk to an agent (but you will need to wait 2 years for your coverage to begin…even if you’re healthy). Answering a few health questions will often get you immediate coverage and MUCH better rates.
Avoid these people at all costs!
For the rest of the life insurance agents, who are fine respectable people, they are most often generalists.
They deal with all kinds of life insurance policies.
They are Jack of all trades and Masters of none.
They are nice people, but they are not the logical choice if you want the best pricing and a burial insurance policy with no waiting period.
We work with 20+ final expense companies, so we can get you qualified for the best price plan with the intent of getting folks like you immediate coverage when possible.
We have to admit that, for the average burial insurance final expense insurance shopper, all the companies and options will often leave you more confused than a woodpecker in a concrete forest.
HOW CAN FUNERAL FUNDS HELP ME?
The reality is that inexperienced and less knowledgeable insurance agents will cost you loads of money by selling you overpriced burial and final expense policies.
Getting on affordable burial or final expense policy doesn’t have to cost an arm and a leg.
Our job at Funeral Funds is to be the most knowledgeable burial insurance experts available. By doing so, we can knock it out of the park and get you the most accurate quote and affordable rates.
Once we know more about your age and health history, we can accurately give you burial insurance quotes from the final expense companies that are the best fit for you.
It is always in your best interest to work with an independent brokerage, such as Funeral Funds.
With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.