At a younger age, you are more likely to get better life insurance options at more affordable rates. However, if you are looking to buy life insurance after developing a severe medical condition such as cancer, your options may be less. Still, there are life insurance solutions for individuals with pre-existing cancer.
Let's continue reading to discuss the life insurance options available for cancer patients, how the insurance works, its benefits, and whether buying life insurance for cancer patients is worth having.
If you have been diagnosed with cancer, while it may be difficult for you to get life insurance, it is not altogether impossible. However, since you are considered high-risk, your life insurance coverage may be steeper.
Depending on the type of cancer you have and the treatment options and prognosis, you may qualify for different types of life insurance. If you are in remission for a reasonable period, you may be offered term or whole life insurance, but the options are somewhat limited if:
In the above three scenarios, the life insurance that you may look for are:
While it does not require you to take a health check-up to buy insurance, the insurance has higher premium rates and lower death benefits. It includes:
Buying insurance is simplified, where you need to provide basic health-related answers to get insurance.
It is a whole life insurance with no health qualifications.
You don't need to provide your health details to qualify for coverage. However, if you leave your job, you may lose this coverage.
If you qualify for life insurance, adding this rider to your policy ensures help in covering medical bills, hospice care, and other costs if your condition deteriorates.
Life insurance for cancer patients works similarly as it does for all life insurance policyholders. Once you are offered life insurance, you must pay regular premiums so that your beneficiary gets the death benefit on your demise. However, some policies necessitate you stay alive for a minimum of 2 years after you buy life insurance to get the benefits.
The benefits of having life insurance for cancer patients include:
Life insurance for cancer patients can be more expensive than traditional life insurance. Still, it provides the much-needed financial security for your loved ones during your lifetime and even after your passing.
Our team at Spotlight Insurance Agency works towards providing you with life insurance that aligns with your unique requirements. Allow us to help you find the right life insurance policy. Contact us today at 720-923-1500 for more details.
