Do you think that it is impossible to get life insurance if you have cancer? You should know that life insurance for cancer patients is possible. Finding the right life insurance quotes after a cancer diagnosis is challenging but not automatically impossible. There are life insurance policies available for people with cancer, although they are not as common as policies for the general population.
Your chances of securing an insurance policy will depend on the type, stage of cancer and your treatment plan.
The best way to know if you are eligible for burial insurance is to learn how life insurance companies will evaluate you as a cancer survivor. There are many instances where cancer patients can buy a life insurance policy at an affordable rate.
Do not stop your search. It’s important to get coverage for your family to protect your financial situation and refrain from being a burden to your family when you pass away. An excellent way to finding cancer life insurance policy is to find an independent agency like Funeral Funds who work with different life insurance companies. Call us at (888) 862-9456 to learn more about life insurance for cancer patients.
In this article, we’re going to examine the underwriting specifics for cancer patients. This information will give you a good idea of what to expect when you start applying for coverage.
FOR EASIER NAVIGATION:
WHAT IS CANCER?
Cancer consists of more than 100 different diseases.
Cells are the basic units that compose the human body. Cells keep growing and dividing to make new cells as the body needs them. When the cells die when they get old or damaged, and new cells take their place.
Cancer begins when the body’s cell divide uncontrollably. These cells may form a mass or a tumor.
A tumor can be benign or cancerous. A benign tumor can grow but will not spread. A cancerous tumor is malignant which can grow and spread to other parts of the body.
Types of Cancer
There are more than 100 types of cancer. Types of cancer are named for the tissues or organs where the tumors form
Carcinomas – are the most common type of cancer. It begins in the skin or the tissue that line or covers the surface of internal organs and glands. Carcinomas form solid tumors. Breast cancer, prostate cancer, colorectal cancer, and lung cancer are examples of carcinomas.
Sarcomas – cancer that begins in the tissues that support and connect the body such as bone, joints, fat, cartilage, muscle, lymph or blood vessels.
Leukemia – cancer of the blood-forming tissue such as bone marrow. It causes abnormal blood cells to be produced and grow uncontrollably. The four main types of leukemia are acute lymphocytic leukemia, acute myeloid leukemia, chronic lymphocytic leukemia, and chronic myeloid leukemia.
Lymphomas – cancer that begins in the lymphatic system. The lymphatic system is a network of glands and vessels that help fight infection. There are two kinds of lymphomas: Hodgkin lymphoma and non-Hodgkin lymphoma
Brain and spinal cord cancers – these are central nervous system cancers. These cancers are named based on where the tumor first formed in the central nervous system.
- Bladder Cancer
- Breast Cancer
- Colorectal Cancer
- Kidney Cancer
- Lung Cancer –Non-small cell
- Lymphoma – Non-Hodgkin
- Oral and Oropharyngeal Cancer
- Pancreatic Cancer
- Prostate Cancer
- Thyroid Cancer
- Uterine Cancer
According to the American Cancer Society in 2018 in the U.S., there will be an estimated:
- Cancer deaths – 609,640
- New cancer cases – 1,735,350
- Breast cancer – 268,670
- Lung cancer – 234,030
- Prostate cancer – 164,690
- Colorectal cancer – 140,250
- Skin Cancer – 91,270
- Urinary bladder – 81,190
- Non-Hodgkin lymphoma – 74,680
- Kidney cancer – 65,340
Almost 14.5 million people diagnosed with cancer survived and lived beyond expectations. It is expected to rise by 19 million by 2024; survival rate is increasing substantially that is why life insurance for cancer patients in remission is getting more affordable.
LIFE INSURANCE AND CANCER
Skin Cancer (Basal Cell Carcinoma and Squamous Cell Carcinoma)
The most common types of skin cancer are basal cell carcinoma and squamous cell carcinoma. 90% of skin cancer patients are diagnosed with it, but they are non-life threatening.
This is the reason why these two types of skin cancer are virtually non-issue with life insurance companies.
Most insurance carriers will specially mention these cancers as an exemption. You could have skin cancer when you apply, and it won’t make any difference with the underwriting. You will more likely be approved for a life insurance policy at the best rates.
Melanoma is a more dangerous type of skin cancer.
4% of skin cancer diagnoses are melanoma, but it is responsible for the majority of skin cancer deaths.
The main problem with melanoma is that is can metastasize and spread to other parts of the body, including the major organs and the lymphatic system. If the melanoma has been removed early through surgery, and you have been cancer free for a year or two, you may qualify for an insurance policy.
If the melanoma has metastasized and has been treated with radiation or chemotherapy, you will have to be cancer free for a period of ten years before you can be eligible for a traditional life insurance policy. You can get approval for a traditional life insurance policy after five to seven years, but you will more likely be paying a higher premium.
Burial policies have lenient underwriting when it comes to cancer, so we should be able to help you out with a cancer diagnosis.
Life insurance companies will look at your Prostate Specific Antigen (PSA) levels and your Gleason score to determine if cancer spread.
If the level is low, there is less chance of the cancer spreading. The insurance companies will also look at how long you’ve been cancer-free since your surgery or treatment. If your doctor gives you a clean bill of health, you may be eligible for the best burial insurance and final expense life insurance rates.
If you’re a breast cancer survivor, the insurance company would like to know if you are in full remission.
They will ask how long you have been cancer-free and the type of treatment you received. The longer you’ve been cancer-free, the better your chances are for getting approved for cancer life insurance at the best rates.
CAN YOU BUY LIFE INSURANCE IF YOU HAVE CANCER?
Life insurance with pre existing cancer is possible. However, if you are currently diagnosed with cancer, most life insurance companies will decline your application for a traditional life insurance policy.
However, some companies will accept you for a guaranteed issue life insurance policy with no medical exam or no health question asked. Guaranteed issue cancer insurance is your best option if you’re currently diagnosed with cancer.
If you qualify for traditional life insurance, they will impose some limitations given your current cancer diagnosis.
There will be a two-year waiting period or a graded death benefit. Graded life insurance is completely unavoidable. No life insurance company will offer you immediate coverage because of your current cancer health situation.
If you are currently diagnosed with cancer, your best option would be a guaranteed acceptance cancer patient life insurance or burial insurance with no medical exam and no health questions. They just issue the policy to anyone who applies. So, even if you have Myelodysplastic Syndrome or Hodgkins Disease, you will still qualify for coverage.
There is a two-year waiting before guaranteed acceptance policy will pay out any death benefit. This is how life insurance cancer payout works. If you were to die within the first two years, they would refund the premiums you paid plus interest After the two years waiting period you are fully protected for life. They will pay out the full death benefit if you die from an accident during the waiting period.
Currently in Cancer Treatment Life Insurance
If you’re currently in treatment, you’ll only qualify for a guaranteed acceptance or guaranteed issue policy. These policies have a smaller face amount (typically between $5,000 and $50,000). They are designed to offer funeral funds to help cancer patients pay for final expenses.
If you are looking for cancer patient life insurance with medical underwriting, you will be declined for coverage.
Trying to get traditional life insurance as a cancer patient undergoing treatment will not be successful. Most cancers have a waiting period post-treatment. You need to wait until you have completed your treatment and your waiting period to apply for a life insurance policy.
Here are approximate waiting periods for different forms of cancer:
- Bladder cancer life insurance – 1 to 3 Years
- Bone cancer life insurance – 5 Years or more
- Breast cancer life insurance – 1 to 5 Years
- Cervix cancer life insurance – 0 to 1 Year
- Colorectal cancer life insurance – 1 to 6 Years
- Esophagus cancer life insurance – 3 Years
- Kidney cancer life insurance – 1 to 5 Years
- Larynx cancer life insurance – 1 Year
- Leukemia life insurance – 5 to 10 Years
- Lung cancer life insurance – 3 to 5 Years
- Lymphoma life insurance – 3 to 10 Years
- Ovarian cancer life insurance – 1 to 5 Years or more
- Pancreatic life insurance – 2 Years
- Prostate life insurance – 6 months to 2 Years
- Rectum cancer life insurance – 2 Years
- Salivary cancer life insurance – 2 Years
- Skin melanoma life insurance – 1 to 5 Years
- Testicular cancer life insurance – 6 months to 2 Years
- Uterine cancer life insurance – 2 to 5 Years
No matter what your cancer diagnosis, life insurance for ill patients is possible. Just call us and we can help you understand your cancer life insurance availability and options.
Cancer In Remission Life Insurance
If you’ve finished treatment and are in remission, but you’re still within the waiting period post-treatment for your cancer, you will still not qualify for a traditional life insurance policy.
You will still be able to purchase a guaranteed acceptance policy. Guaranteed issue is burial insurance for cancer does not require a medical exam or health questions. It is also the best life insurance for terminally ill people and best life insurance for cancer patients.
Anyone can purchase guaranteed issue policy regardless of health because the approval process does not depend on the health of the insured.
This policy is designed for people in need of life insurance who have been denied insurance coverage in the past. You can receive your cancer insurance policy the same day because there is no medical exam at all. This is the perfect solution for people who have cancer and are in remission.
If you invest in guaranteed acceptance or burial insurance for seniors with cancer, this policy will provide your family the financial assistance in the event of your death. This insurance can help with funeral expenses for cancer patients and other final expenses.
Cancer In Remission Life Insurance and Past Cancer Life Insurance With A Waiting Period
Once you’ve finished your cancer treatment, and past the waiting period, you’ll be able to purchase a non-medical immediate coverage permanent life insurance policy. This will offer more life insurance cover for cancer patients and give you a better choice for which type of life insurance policy you can choose.
In order to secure life insurance after cancer, it’s essential that the underwriter considers you a good risk.
To determine if you’re a good risk, the life insurance underwriters will review your doctor records, medical exams, and your most recent pathology reports. You will be considered a better risk by the insurance company the longer you have been cancer-free.
After your 2 or 3 years waiting period for immediate coverage, the life insurance companies don’t even care that you ever had cancer for a burial policy or final expense policy.
UNDERWRITING LIFE INSURANCE FOR CANCER PATIENTS
In order to stay in business, life insurance companies’ asses risk levels before approving new policyholders, especially if they’ve had a history of cancer. Some insurance companies may simply decline life insurance coverage for cancer survivors, but other companies may offer you a policy.
You can probably get life insurance after a cancer diagnosis, but it will depend on several factors. Underwriters will want to know:
- What type of cancer did you have?
- What year was your diagnosis?
- What is the grade or stage of your cancer?
- Have you received any cancer treatments like chemo or radiation therapy in the past 5 years?
- How long did your cancer treatment last?
- Have you experienced any relapses?
- Are you in remission now?
- How long have you been in remission?
- Do you have a family history of cancer and have any close family members died of cancer?
Make sure your application answers everything regarding your medical history. The underwriters will be worried when they see you skip some information, especially since you have cancer formerly. By submitting a complete application, you give yourself the best chance of approval and excellent rating.
Requirements of Medical Records:
Your medical records will be checked thoroughly by insurance providers.
You will need complete medical records covering your cancer history to get insured. Life insurance for terminal cancer patients also requires complete medical records. This includes both current and past medical history of cancer-related issues together with your family history.
You don’t have to furnish these records, the life insurance underwriters will simply look at your current medical records to determine your eligibility for the best burial or final expense policy.
The insurance company will look at the following information regarding your cancer:
- Type of cancer
- Date of the first diagnosis
- Type of cancer treatment
- Years of being cancer-free
- Stage and grade of cancer
- Report of tumors
- History of relapses
All the information and medications taken will be part of qualifying for life insurance. This will help the insurance company to provide the right coverage for your needs.
GETTING LIFE INSURANCE QUOTES
Getting life insurance before cancer diagnosis is most ideal. However, burial life insurance for cancer patients is easily done in most cases. You just need to be smart about which company you apply with.
It is always better to work with qualified life insurance agency life Funeral Funds.
We specialize in helping cancer patients qualify for the lowest priced cancer insurance policy available. We can help you by pairing you with the life insurance companies that offer the best rates for cancer survivors.
If you’re a cancer survivor and you’ve been in remission for a significant amount of time, there is a good chance that you can find an affordable life insurance policy.
Contact us at (888) 862-9456. We can get your life insurance quotes for cancer patients from multiple insurance companies to help you compare options and benefits.
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 life insurance with pre existing conditions 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 life 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.