How to get Life insurance for survivors of cancer

With any application, insurers will take into consideration the type of cancer and its stage of development according to the hospital’s staging classifications. It’s worth bearing in mind that most companies will only insure cancer survivors following a two or three-year recovery period.

However, there still are life insurance companies who offer life insurance specifically for those who have or had cancer. This product is usually sold as cancer life insurance.

There are some considerations before the insurance company agrees to issue the policy:

  • Kind of cancer you have (including the location)
  • The latest stage the cancer was in
  • Current status of the cancer – is it cured? Is it curable?
  • The possibility of a relapse or for the cancer to recur

Aside from having to answer these questions, the insurance company will also require you to undergo a medical exam. It will also ask you to give them access to your medical records. The life insurance company will perform the underwriting process to determine how advanced the cancer has become.

The approval of the insurance will depend on the kind of cancer you have and its curability. For example, some kinds of skin cancer are considered low risk.

Generally, the life insurance companies would wait for over three to five years of your being cancer-free before they will agree to use a policy. In this case, the premiums for the first years will be high. Then, after a set period, such as seven years after cancer treatments have been completed, the insurance company can evaluate and if the insured is judged as healthy, the premiums may be lowered.

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Life Insurance for Pre Existing Cancer: There is an Option

If you’re currently in treatment, you’ll only be eligible for a guaranteed issue policy, the most expensive type of life insurance, and it may be graded. That means it will only pay a full benefit if you outlive a specific time period set by the insurer. These policies are small – typically between $5,000 and $50,000 – and they’re meant to cover final expenses after you pass on. The policy is guaranteed to be renewed and a medical exam is not required.

Honesty makes for the best policy

Don’t be tempted to withhold any information about your medical status and history. Doing so will nullify any cover in the event of your death from a pre-existing condition or symptoms that you didn’t declare in your application. In this case, not only will your loved ones be left without a pay out, but you will have been paying into a policy only for it to be rendered worthless. Always be honest and accurate when applying for life insurance and answer any questions about your health to the best of your knowledge so that you can have confidence in your policy and get back to living life to the full without worrying about the future.

Those who have pre-existing medical conditions often believe it is impossible for them to get life insurance and, even if they can, it will be very costly. While it may seem impossible, Mintco Financial Advisors are able to find life insurance policies with competitive prices for those individuals having pre-existing conditions.

Mintco Financial has a lot of experience working with clients who have pre-existing medical conditions and can back this claim with a number of years of experience in the field.

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