Life Insurance for Cancer Patients
You might not think life insurance for cancer patients is possible, but it is.
Several top-rated carriers offer life insurance policies for people diagnosed with cancer. And our independent agency is here to help you shop your best price.
As long as you’re, between ages 50 and 85, your acceptance is guaranteed.
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Cancer and the Need For Life Insurance
Cancer is a ruthless disease that takes a significant toll on your health, relationships, and finances.
A recent article in the American Journal of Medicine found that 42.4% of cancer patients over age 50 depleted their life assets within two years following diagnosis.
Fred Hutchinson’s Cancer Center in Seattle determined that cancer patients are 2½ times as likely to declare bankruptcy as healthy people. And that patients who do go bankrupt are 80 percent more likely to die from the disease than other cancer patients.
“For many patients, when they get the bills, it can be as bad as some of the side effects of the disease or the treatment,” says Gary Lyman, M.D.
It is a sad but true reality that suffocating medical debt can be as deadly as the disease itself.
No one plans on getting cancer. Therefore those who do almost always face significant financial challenges.
How Life Insurance Can Help
A life insurance policy provides guaranteed funds that help to reduce or eliminate end-of-life expenses. Funds help pay for funeral expenses, unpaid medical bills, and personal debts. Your beneficiary receives a tax-free lump sum immediately upon notification of death.
Life insurance provides a financial safety net around those you love most. Securing a policy will bring peace of mind that the money will be there when needed the most.
Life Insurance Options for Cancer Patients
Yes, it’s true. Cancer patients still have life insurance options.
However, as with all people seeking life insurance with pre-existing medical conditions, your options are limited.
Guaranteed Acceptance Life Insurance Policies are a last resort coverage option for cancer patients. There are no medical exams or any health questions whatsoever.
Guaranteed acceptance policies provide permanent coverage that lasts the remainder of your life.
Once enrolled, you lock in your plan and premium rates for life. Your rates never increase. And your coverage can never be canceled.
Policies provide up to $30,000 in coverage. And many plans include living benefits that allow you to potentially access a portion of your death benefit funds while living.
Guaranteed acceptance policies do have several drawbacks.
Because there are no health requirements to enroll, insurance carries enforce a two-year waiting period before the full death benefit is eligible.
If you were to die within the first two years of owning your policy, your beneficiary would receive back all your paid premiums plus an additional small percentage, not the full death benefit.
Why a Two Year Waiting Period?
This rule prevents individuals on the brink of death from signing up for coverage. It’s easy to see that the insurance industry would soon collapse without this rule.
Most insurance carriers include free accidental death insurance as a way to offset this two-year waiting period. Therefore, if you were to die from an accident within the first two years of your policy, your beneficiary would receive the full death benefit.
Finding Your Best Policy
Shopping for life insurance with a cancer diagnosis is challenging if going about it alone. However, you don’t have to. Our independent agency helps you shop and compare life insurance companies nationwide so you can quickly find your best policy and price.
Our knowledgable agents are the senior life insurance experts. We’re here to help you save both time and money on your coverage.
We’ve helped thousands of individuals in poor health find affordable coverage. We’d love to help you too. Explore your options today.
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