What Kind of Life Insurance Can You Avail Yourself of as a Cancer Patient?

Even though receiving a cancer diagnosis can be difficult for you and your family, you are still eligible to get life insurance. There may be term and whole life insurance choices available depending on the type of cancer, available treatments, and prognosis.

Does Life Insurance Cover Cancer?

Yes, even after receiving a cancer diagnosis, a person can still get life insurance. Even though you may have fewer options, purchasing insurance can offer your family and your crucial financial security. A cancer diagnosis is fraught with doubt and worries. However, getting insurance should not be one of them.

Types of Life Insurance Available for Cancer Patients

With cancer, you are still eligible for life insurance, but your options are severely constrained. People with Cancer cannot typically get term or whole life insurance plans. The best choice would be to purchase either guaranteed whole life insurance, which has restrictions, or group life insurance.

Guaranteed life insurance: You can obtain this insurance, which is often known as burial insurance, whether or not you have been diagnosed with cancer or are undergoing treatment. Since it is a sort of whole life insurance, your life is covered. Most burial life insurance policies aren’t available to those under the age of 45 and are generally targeted toward seniors. Cancer or any other medical condition won’t bar you from participating.

Group life insurance: If you’re a veteran or a member of a few groups, you might be able to get this kind of insurance, but it’s usually provided through your employment. If your workplace or your spouse’s employer offers group life insurance plans, you might be able to acquire coverage with cancer since these are frequently guaranteed to issue up to a particular amount of coverage. Check the plan’s terms for details on medical underwriting for higher levels of coverage.

Can Life Insurance be Used to Pay for Cancer Treatment?

Cancer patients that already have life insurance may be able to use their coverage while still alive to pay for medical expenses or provide their families with supplemental income.

You can use a policy loan or even surrender to have access to the cash value of your whole life or a universal life insurance policy. You will no longer be covered by your life insurance policy and won’t be required to make premium payments if you surrender it. You will be compensated with the amount of the policy’s cash value, excluding any surrender charges.

In contrast, a life insurance settlement involves the buyer taking over premium payments in exchange for receiving your policy’s death benefit after your passing. The majority of life insurance settlements are for permanent life insurance plans, but if you can show you’re going to die soon, you might be able to sell a term life insurance policy.

In some cases, even if you have a chronic illness, these allow you to claim the death benefit if you are terminally ill. However, the conditions vary depending on the insurer, so be sure to check whether your cancer’s advancement entitles you to use any of your riders. For more information, consult the terms of your policy with your agent.

Family History of Cancer and Life Insurance

When you apply for life insurance, the life insurance provider will examine your family’s medical history, including the number of cancer diagnoses, the ages at which they were discovered, and survival times. However, it won’t stop you from getting coverage if your family has a history of cancer. A history of cancer may affect your rates, but it won’t prevent you from securing financial security.

Cover Your Family in Your Absence with Reardon Agency

You may feel like your entire life has been put on hold following a cancer diagnosis. With life insurance, you can ensure your family will be able to move forward, no matter what happens. At Reardon Agency, we can help you get a life insurance policy that suits your needs. Contact us today to get started!

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