Tips for Getting a Life Insurance Policy After Cancer

Client Focused Advisors |

If you’ve ever applied for life insurance, you know that insurers have a tendency to favor applicants who are healthy and active — after all, they’re in the business of betting against having to pay death benefits any time soon. The longer their clients live, the more premiums they gather and the more profits they make. But that doesn't mean that it is impossible for those with a less than perfect medical history to have the benefit of life insurance. Life insurance is available for all types of people, including those who have been diagnosed with cancer.Those who are interested in buying life insurance with cancer in their medical history should be aware that it is not necessarily an easy process. Insurers are likely to request a great deal of documentation about the type of cancer you were diagnosed with, how long your treatment lasted, and how long it has been since your health stabilized. Can you buy life insurance with cancer? Yes, you can. However, the process is going to be more complicated than it would have been prior to your diagnosis.


Here are five tips for buying life insurance after a cancer diagnosis:


Be Patient


Not every insurer will be open to your application, and you need to be realistic and patient. If you are in the middle of your treatment then your application is probably going to be turned down. Companies that offer life insurance to cancer patients generally wait until a specific waiting period has passed, and that period usually depends upon the type of cancer you had. The waiting periods for leukemia, thyroid cancer, prostate cancer, and breast cancer, for example, are all different and are treated differently by insurance companies.


Be Prepared


Applying for life insurance following cancer is going to require that you provide the company with a lot of information. Gather your medical records before you start the process in order to save yourself time and frustration. Start with the very first pathology report and include all of your medical records, including the treatment protocol that you followed and documentation of remission.


Shop Around


Once you find a company willing to provide you with life insurance after cancer, it is tempting to immediately sign on the dotted line, but remember that if one company is willing to insure you, others will be too – and they may offer you better rates and lower premiums for the same coverage. A life insurance agent can help you with this. 


Don’t get Discouraged


There are plenty of companies out there, and if you’ve been turned down by the larger insurance companies, that doesn't mean that you’re out of luck. There are a number of alternatives to the companies that advertise on television. Check to see if your employer offers life insurance, or if it is available through professional or trade organizations that you may have a membership in.

Enlist Help


We are all used to being able to do a quick Google search and then purchase whatever we need on our own, but when you’re looking for life insurance after cancer, you may need to enlist professional help. Independent insurance agents generally work with a variety of different companies, and they are likely to know off the top of their heads which companies will offer policies that work for you. An independent insurance agent can act as your advocate if you’ve been turned down.


The more time has gone by since your diagnosis and treatment, the better your chances of getting a life insurance policy to provide for your family’s future.

 

Download Our Free Retirement Guide for 2019!