Cancer Life Insurance Tips
This page is a must read if you have suffered the blow of a cancer diagnosis, whether now or in the past, and don't know where to turn for life insurance. Some questions covered:
- Do you ALREADY HAVE life insurance somewhere?
- What KIND OF LIFE INSURANCE can you get?
- WHEN should you apply?
- WHAT is the PROCESS of applying?
1. Do you ALREADY HAVE life insurance somewhere?
Believe it or not, the first place I start, when cancer survivors call me about life insurance, is to ask them if they already have a policy. Did Mom and Dad take out a Whole Life policy on you when you were a kid? Do you have a policy through your work or credit union? Do you have a term policy with a short time left on it? If so, you may be able to increase or lengthen or convert your coverage, and have your best option right in front of you. I will give you tips on how to do that and help in every way I can, whether or not it means a sale for me.
If you DON"T have existing coverage:
2. What KIND OF LIFE INSURANCE can you get?
If you are currently taking cancer treatment, your only option may be guaranteed issue coverage, which is whole life, in face amounts up to $25,000, and which has a waiting period before the full coverage kicks in.
If you have been in remission for many years, you may be able to get any amount of life insurance you want, in term or universal life or whole life, as you desire.
The factors that can determine what kind of policy you can get are the time since you were diagnosed, the time since your last treatment ended, what stage and type of cancer you have/had, if there was ever a recurrence, the age when you were diagnosed, what medications/surgery/treatments you had, pathology reports, and how you are doing now.
Some policies ask little to no health questions. Some will ask for great detail and order all related medical records.
This is where your agent's experience and expertise come in. We carry policies from over 40 companies, and every one of them have their own guidelines about cancer. Having so many choices, and being familiar with their health guidelines, allows us to get you the best features AND best price possible.
3. WHEN should you apply for life insurance after being diagnosed with cancer?
You, know more than anyone, know how scary and unpredictable cancer can be. Therefore, I hardly ever recommend waiting to apply. If you have to pay extra now, then improve, you can replace that policy with a lower priced one. That is much better than going without and having your health get worse.
But time is on your side when it comes to price. Hopefully, you will be remission long enough that you can eventually get a price similar to most people your age.
4. What is the process of applying?
If you are getting a guaranteed issued policy, the only thing you need to do is fill out the application. There is no exam, no phone interview, and the insurance company does not order medical records. Our agency takes care of everything and lets you know when your policy is approved.
If you are getting a "simplified issue" policy (you might be able to qualify for this type of policy after a couple of years since your last cancer treatment), you will not need to take an exam, but may have to do a phone interview. This type of policy has no graded period and comes in term and whole life.
When applying for a "regular" life insurance policy, you will need to take and exam and the company will order medical records. Once approved, you will be rated according to your health. That may include a table rating or flat extra. Again, an experienced agency such as Outlook Life will help you get the best price and also help you get a policy with the most favorable features.
