If one or both parents are afflicted with cancer, finding the right life insurance at an affordable price can be difficult. Depending on numerous factors, life insurance for those who have cancer means paying for premiums that are 20% to 50% or higher compared to standard life insurance.
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With so many contributing factors, there are no averages that apply to those seeking such policies. However, there are ways that children can find the right life insurance for their parents when cancer is involved.
Factors in Obtaining Life Insurance
There are several factors involved in getting the right type of insurance policy for your parents. The important considerations include, but are not limited to the following;
- Benefit Level
- Status of Cancer
- Overall Health Status
Qualifying for standard life insurance policies will depend in large part on the status and location of cancer. This is because the threat that cancer presents to the life of the individual is determined by whether it is growing or receding and where it is located.
Therefore, pancreatic cancer is considered the most problematic because it can spread so quickly to other organs while prostate cancer is less dangerous.
However, all these factors must be considered by the insurance company to determine whether your parents qualify for a life insurance policy. Depending on a host of circumstances, they may or may not be able to acquire standard life insurance.
This is the only type of life insurance that will cover your parents no matter what stage their cancer has progressed. This is because guaranteed life insurance has no medical exam or health questions.
Only the age and gender of the recipient are considered when applying for the policy. Many people prefer this form of life insurance because it is quick and easy to receive. Get quotes and compare rates online.
However, it is also the most expensive form of life coverage and most guaranteed policies have a two to four year waiting period for the benefits to kick in.
Until the waiting period is over, the benefits paid will only be the premiums that have been collected plus a percentage which may range from 10% up to 20% or more depending on the policy.