Cancer can be a limiting factor when applying for life insurance, as it may be a barrier between you and the ability to leave a financial cushion for your loved ones. While life insurance is harder to get for those with cancer, there are options to make it attainable.
How Do Insurance Companies Decide Who To Insure?
Insurance companies issue policies and price them according to insurability risk. Someone with a lower insurability risk is presumed to be able to make premium payments for a longer period of time, and a high insurability risk is someone who may not be able to pay premiums long enough to prevent the insurer from being at a net loss.
Cancer automatically puts someone in a high-risk category, and is labeled as a critical illness. This makes life insurance harder to obtain.
Companies pay attention to age, gender, location, and lifestyle. If you have cancer, the company considers if the cancer is recurring, how long it has been since initial diagnosis, and the severity.
How Can I Get Traditional Life Insurance With Cancer?
Traditional life insurance involves a medical exam and a more extensive medical underwriting process. While harder to get, it can be lower cost and have a higher death benefit than other options.
An example of someone at lower risk would have cancer with no recurrence, and has been diagnosed several years prior. Companies look more favorably upon conditions that indicate stability.
Another example of a low-risk cancer would be a less serious type such as melanoma, which is easily treatable when in the early stages.
What If My Condition Is Severe?
If you have a serious condition, simplified issue no medical and guaranteed no medical life insurance are your best options.
Simplified issue no medical life insurance only involves medical questions. However, you may be turned down if you have recently been denied from getting other life insurance.
Guaranteed issue no medical life insurance is ideal if your cancer is severe. There are no questions asked, but it has higher premiums and a lower death benefit. They also involve waiting periods, in which your loved ones will only receive the premiums you paid if you pass away due to non-accidental causes within the first two years. In other words, your loved ones won’t get the death benefit until two years have passed.
How Can I Find The Right Policy?
Finding a life insurance policy can be overwhelming if you try to do it on your own. A broker will help you find insurance quotes faster, and provide insights on the best form of life insurance you qualify for.
Get Help Today
At FiduSure Financial, we believe everyone should be able to accomplish their financial goals and provide for their loved ones. With our help, you will get a life insurance policy that’s right for you and the ones you care about the most. Call us today at (647) 567-4702.