Life Insurance for Cancer Patients

The cancer patients or cancer survivors are always concerned about the availability of an affordable life insurance premium as they are not sure if there are many insurers offering a coverage for them. Actually the reality is, this can be quite hard to find such a policy unless you shop around.

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Every single life insurance carrier won’t offer this and if even they do, an additional cost would be added to the top of the premium. The total would be quite expensive for some people who are looking for a low cost coverage. But still how much you have to pay will depend on several factors such as which type of cancer you are suffering from, what stage they are at, how long you had diagnosed with it, methods of medications, how long you are free from it and so on.

So the bottom line is, the life insurance for cancer patients are available in the market. But if you don’t know how and when to apply for the best price, then you may need to bear a heavy toll on it. This article will discuss a lot of ways and make cancer patients more educated about how to plan for a life insurance.

Why Cancer Patients Need a Life Insurance?

The life insurance is never a mandatory for anyone. This is optional and whether you obtain one or not, it solely depends on the purpose and desire of the individual. The medical treatment of a cancer patient is quite expensive. Although it was more expensive earlier and researchers are trying heart and soul to draw it down. But still not everybody can afford the cost of doctor visits, lab test, imaging tests, drug cost, hospital stay cost, chemotherapy, surgery and so on.

The cost will heavily depend on what stage you are at and how the treatment is coping up by the body. Sometime even after a successful surgery, the patient might die due to complications. So you can understand the fact that you must need an alternative arrangement which can support you financially during the treatment.

If you already have a health insurance which covers cancer treatment then probably you don’t need a life insurance for the cancer patients. But the health insurance can be quite expensive and the Americans who will remain uninsured in 2014 will face penalties due to Obamacare health care. In this case, as an alternative you can think about adding cancer benefits in your life insurance coverage.

In 2013, around 1.66 millions of Americans were diagnosed with different types of cancers in all the states and the estimated deaths are 580,350. The prostate, female breast, colon, melanoma of the skin are some of the most dangerous types of cancers which caused the highest number of deaths. So, a lot of people will survive or has survived from deaths. They indeed need a lot of money to spend to recover completely.

Some people might need to sell everything in order to cure and come back. But a life insurance coverage can save you from this burden or can take the most of the expense. Even after your death, the family members will get the death benefits. So, if you are suffering from it already, better to add it with your life insurance policy and make the best of it.

How to Choose a Life Insurance for Cancer Patients:

The life insurance premium for cancer will be higher and you might not be offered the standard rates from the insurers at initial stage. The cancer patient is at its highest risk at the initial stage when the possibility of spreading cancerous cell is the maximum. The more area of the body suffers from cancer, the more critical situation you are in.

There are certain factors that insurers will take into account before they offer a premium to the cancer patients. There are some particular types of cancers which are not curable completely or there is a possibility of coming back within a few years of time.

So, you must only underwrite for a policy after being cancer free for at least 3 to 5 years. The time duration will vary on the type of cancer and whom you are applying from. Beside these, how much your body developed since diagnosed, the rehabilitation process and where you are receiving the treatment from are some of the important factors the insurers will look very closely at.

The breast (for female), prostate, bone and lung are some of the most common types of cancers and you might need to pay the highest premium if you are suffering from one of those. For more information, the insurers might ask for all related medical reports from your doctor before they approve your policy.

There are certain stages of cancers and depending on this the premium would vary as well. If you are at stage 2 then you will definitely have to pay a higher premium than if you would be on stage 1. This is also important for you to make sure nobody turn down your application.

This is why apply for the coverage informally and ask for help from the independent brokers about what would be the best time for you to apply for the coverage. Take a note from everyone and try to get the most affordable offer. But if you apply for a cancer coverage and one company turns it down, then other insurance providers might deny you as well.

If you have already obtained a life insurance where cancer treatment was not included, then contact the insurer and request for a review. Some company might have special event option for you. So this won’t be a tough job to include the cancer coverage from existing carrier. To obtain an affordable life insurance for cancer patient, you need to shop around. Don’t just stick with one carrier rather look around for the best possible coverage available.

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