Yes, life insurance will cover cancer whether it’s in remission, currently being treated or is considered terminal. After your initial examination, many companies will offer guaranteed issue policies that cover death from cancer if terminal. It’s the most expensive policy, paying out smaller amounts ($5,000 to $50,000) than traditional ones. Companies that offer term or whole life insurance policies offer patients with preexisting conditions the opportunity to purchase life insurance even with cancer, but expect much higher premiums to be paid in exchange for guaranteed payout upon death.
Purchasing your first life insurance policy is undoubtedly scary, especially with so many companies being thrown at you simultaneously. When it comes to cancer coverage, the number of companies willing to extend ‘cancer policies’ thins out drastically.
Life coverage should always be discussed, planned and purchased as early as possible in life. However, we cannot predict where or when we’ll end up with cancer. Therefore, if you’ve already been diagnosed and want protection for your funeral expenses, unpaid bills and to help set your loved ones up, buying life coverage after cancer is discovered is better than having no coverage.
Does life insurance cover death from cancer?
Your cancer life insurance policy may cover death from cancer, provided the policy is guaranteed or cancer happened after the regular insurance policy was issued.
Agents, when taking preliminary information regarding your age, health condition, beneficiaries and other important details can provide information on policies they’re able to underwrite. Traditional policies will cover healthy individuals and those with preexisting illnesses that aren’t expected to lead to immediate death. Other policies are available to cover those in cancer remission, while options are limited to guaranteed policies for those with terminal cancer in all forms.
Upon death, life insurance policies payout according to their type and provisions written into the policy, such as whether cancer was detected prior to, or after, the deceased purchased the policy.
Life insurance coverage for cancer patients
Patients that are currently battling cancer can receive life insurance coverage, too.
Many ponder the future of their family after being diagnosed with cancer, leading them to research various insurance options. In all forms, cancer shouldn’t be taken lightly. As soon as you’ve been brought that terrible report, it’s time to take swift action. Part of that action plan should consist of getting yourself into treatment, and looking through many life indemnity options available for your age, financial needs and affordability.
Cancer patients, although they’re probably not thinking about their finances, should at least consider their coverage options before it’s too late.
Buying life insurance before cancer diagnosis
It’s suggested every working person in America purchase life coverage prior to any signs of illness. Not because it’s mandatory, but funeral expenses are increasing each year.
Prices are competitive as of today, July 22nd of 2018. Premiums can increase at any time, so check with your local insurance
Will life insurance payout for cancer patients that eventually pass away? Your life insurance can best answer that question.
Cancer life insurance companies
So many companies are offering comprehensive cancer life insurance plans for those shopping around, or wanting to switch from their current carrier.
Local agencies can help connect you to options based on budget, amount necessary to cover your bills and funeral expenses, current and past health condition, age and other factors. The important thing to remember is to always read the fine print. Hire an attorney to help if needed. Understand what you’re buying before signing paperwork. Some companies aren’t interested in your best interests, which is obvious in how their policies are written.
Remember, it’s normal to ask questions about the life coverage you seek.
Will life insurance cover cancer in your situation? Check out this PDF with some interesting cancer facts & figures for 2018, then contact a trusted agent local to you today.