Contrary to what many believe, it is possible – in some cases – for a cancer patient to get a life insurance policy. Life insurance for cancer survivors is a tricky thing, and there are a lot of factors that decide if you potentially qualify for a policy. The most important aspect is that your cancer is in remission, usually for several years.
However, that is only the most important deciding factor. Numerous other considerations are also involved and understanding them can help you get the best rate on your post-cancer life insurance.
Four Factors Influencing the Cost of Life Insurance for Cancer Survivors
The more paperwork and documentation you have for your condition, the better. Leave nothing to chance or the imagination. Work with your doctor to prepare the insurance forms and be prepared to submit any information your would-be insurance company asks for.
- The length of time the cancer has been in remission
The longer your body has been clear of any cancer, the easier it will be to get a new life insurance policy. The rates will go down over time as well, which is good since life insurance for cancer survivors can be more expensive than typical policies. Waiting a bit might get you cheaper coverage.
- Following your doctor’s orders
You will be expected to take reasonable steps to protect your own health and follow any doctor’s orders intended to reduce the likelihood of the cancer returning. So, you should do whatever your doctor suggests for your ongoing recovery and – if possible – keep documentation of this in case your insurance company asks for it.
- Consider a guaranteed issue life insurance policy
Guaranteed issue policies are a sort of life insurance of last resort. They do not have any health qualifications aside from the applicant being below a certain age, usually 75. However, these policies are much more expensive to take out. Further, they will probably have a graded payout, meaning that you must carry the policy for several years before a payout can happen at all. If you were to die before then, your premiums would merely be refunded to your survivors.
Guaranteed issue policies are not right for everyone, but for some cancer survivors, it’s the only option for life insurance.
Our Team at Desjardins Financial Security Independent Network Is Here
If you are a cancer patient in need of coverage, Desjardins may be able to help. Please contact us for a free life insurance quote.