Nobody ever wants to think about getting sick, especially with something as serious as cancer, but unfortunately, it happens. However, with all the advancements in medicine and an uptick in cancer survival rates, you can still get life insurance, even if you’re receiving cancer treatments. So if you never got around to getting that life insurance coverage you kept meaning to buy, there’s no need to panic; you’re still eligible for life insurance.
You can also get life insurance after cancer or tweak an existing policy.
However, when you’re shopping around for insurance, your options may be limited depending on your cancer prognosis. Some of the things your provider will want to know to determine which life insurance policies you qualify for are:
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Life insurance is most cost-effective if you’re young and in good health, so life insurance with a cancer diagnosis is generally more expensive. Depending on your individual health, type of cancer, whether or not you’re in remission (and for how long), and more will impact the insurance quotes you’ll receive.
Overall, you can expect to pay 2-4 times more than a healthy individual would pay, but the cost can also be as much as 10 times the cost of life insurance for a young and healthy individual. However, there are always ways to save on health insurance, and life insurance for cancer patients is no exception. Some tips include:
At the end of the day, the coverage and cost of life insurance need to make sense for you. If the cost of life insurance is too high, it may not be worth it for your needs.
Cancer is not necessarily a death sentence, but life insurance is a good way to make sure your family is provided for in the event anything should happen to you—cancer-related or not. Remember, you’re not locked into your policy for life: when you beat cancer and want different coverage, all you have to do is call your provider and adjust your coverage.
Life insurance is a wise idea for many people, but it needs to make sense financially and emotionally for each person. Life insurance for cancer patients is possible, but it can be a little harder to obtain and cost more. The bottom line is that you should try to purchase life insurance at your healthiest, but if that’s not possible, aim to compare multiple quotes before making your decision.
Life insurance should give you and your loved one peace of mind while fitting comfortably into your finances, and life insurance for cancer patients is no exception.
I have cancer and would like life insurance. How do I know which policies I’m eligible for?
Good question, well the best thing for you to do is to give us a call, and we’ll walk you through all the life insurance policies available to you.
I’m in remission; how do I update my life insurance policy?
First of all, congratulations! If you’d like to explore your policy options, your best bet is to give us a call, and we’ll update your medical history with the good news and find you a new policy that fits your wishes.
Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.