Life insurance is a vital investment, due to the fact it is one of the only ways to ensure your loved ones will be provided for, no matter what happens to you. The insurance agency will calculate dozens of different factors when looking at your insurance application and deciding if they want to accept it, and how much you will pay for that coverage.
There are a lot of different factors that could toss you into the “high-risk” categories, which is going to harm the probability you get approved for coverage and will also raise the cost of your policy. One of those is being diagnosed with cancer or being a cancer survivor. As a cancer survivor (or even someone that has recently been diagnosed with cancer), there are plenty of options for life insurance coverage that you can get for your family’s protection.
Getting Life Insurance as a Cancer Survivor
Cancer survivors who apply for insurance will be asked to disclose several different cancer-related components to the company during the application process, as these factors will affect your coverage.
The obvious factor is the type of cancer that you were diagnosed with. In this case, we would be dealing with a lung cancer survivor. Some types of cancer have a lower survival rate than others, with those types of cancer, finding affordable life insurance will be more challenging. On the other hand, several types of cancer are considered “low risk” cancers.
Another factor that the insurance company will inquire about is the date that you were originally diagnosed with your cancer. The more time that has passed between the application date and the date that you were diagnosed, the greater the chance you have to be approved. Additionally, the company will want to know how long you’ve been free of cancer and the treatment that was used to get you there. The kind of treatment that was used is also going to impact your rates and how the company will analyze your application.
When you submit an application for life insurance, regardless of the company, make certain that you have all the relevant paperwork with the information about your diagnosis to get the information as accurate as possible. There are also a few additional questions that the company may ask about your condition.
They may ask you questions about the specifics of your cancer, like the size of the tumors and exactly where they were located. Additionally, they will ask about the stage and grade of your cancer. They could ask about any medications you took and how often, as well as the start and completion dates of your treatments, which is helpful to have before you start the application process.
One important factor to be aware of when you’re looking for life insurance is the two-year waiting period that the company could attach to your coverage. As a high-risk applicant, a lot of companies will offer graded benefit policies, which could drastically change the coverage for your family.
With a graded benefit plan, if you pass away within two years of purchasing coverage, your beneficiary won’t receive compensation. Rather, they’d receive a return on the premiums that you paid towards the plan.
In most cases, these two-year waiting periods shouldn’t keep you from purchasing a plan, but it is one policy clause that you should understand when you’re buying your life insurance.
No Medical Exam Policies
A no medical exam policy is another option for coverage. There are thousands of companies that offer insurance plans that don’t require you to take a medical exam before they insure you, but there are pros and cons to note before purchasing one of these plans.
As the name implies, you’ll get life insurance protection without the medical exam, and in some cases, you’ll only have to provide very basic information for the coverage. In fact, there are some no exam policies that are known as guaranteed issue, which an applicant can purchase, regardless of an individual’s health or pre-existing ailments.
An advantage of these policies is the ability to receive coverage faster than for a policy that requires you to go through the medical underwriting. Because you don’t have to wait to take the medical exam, and then wait for the insurance company to study the results, you can get insurance in a matter of days versus up to a month or more than a traditional insurance policy can take. This is even more so important for cancer survivors, because of your past condition, it may take even longer for you to get life insurance coverage.
Another advantage is the obvious one, that anyone gets to purchase one of these plans, regardless of health or any serious health complication. There are several insurance companies that would immediately refuse you coverage if you’ve been diagnosed with cancer in the past, especially if it hasn’t been long since you were declared cancer-free. The best part of these no medical exam plans is that, regardless of the status of your cancer, you’ll be able to get the coverage that your family needs.
There is a major disadvantage, and that is the cost of these policies. Because the insurance company doesn’t receive data about your health, they are taking a much greater risk of insuring you, and they are going to offset that risk by charging you more monthly. If you desire to save cash on your insurance policy, you’ll need to choose a life insurance plan that necessitates you undergo the physician underwriting process.
The other disadvantage of these policies is the limit that the company is going to put on how much coverage you can acquire. Without a physician’s exam, you won’t be able to only purchase a policy with coverage up to $250,000. In most cases, you’re going to need much more coverage than these plans allow you to get. You can either purchase additional plans to get more coverage, or you can simply go through a medically underwritten plan.
Getting Affordable Life Insurance
Most people assume that a life insurance policy will break their bank every month in premiums, however, this simply isn’t true. There are plenty of ways that you can get affordable life insurance for your loved ones.
The first action-step you can take is to simply improve your overall health. The status of your lung cancer isn’t going to be the only factor that the insurance company looks at when you apply for coverage, they will want a general view of your health, this will include your blood pressure, weight, heart rate, and much more, such as any other type of pre-existing condition such as Diabetes. If you want to get affordable life insurance, you’ll need to get better results on the physician’s exam. The best way to do this is by getting regular exercise and starting a healthy diet. Both of these will help you lose weight and have a whole host of other benefits.
Additionally, you’ll need to cut out any tobacco that you’re using. Hopefully, as a lung cancer survivor, you aren’t a smoker, but if you’re using any tobacco, it’s time to quit those bad habits once and for all. For the same coverage, tobacco users will pay at least two times as much for insurance compared to their non-tobacco using counterparts.
The easiest way to guarantee that you receive the best prices for your coverage is to work with an independent insurance agent, like ours. Unlike traditional insurance agents, our autonomous insurance firms represent numerous highly rated organizations across North America, which translates to you receiving the cheapest rates for your coverage. We know which companies are going to view your past lung cancer diagnosis more favorably, thus, giving you the best opportunity to receive an affordable life insurance plan.
Life Insurance After Lung Cancer
For cancer survivors, life insurance is incredibly important, as it provides financial security for your loved ones. We know that finding coverage can be a long and complicated process, especially as a lung cancer survivor. A quality life insurance policy is one of the only methods that guarantees those closest to you will have the support that they need if you were to pass away.
Without life insurance, all of your financial obligations are passed along to the executors of your estate. To put it bluntly, life is precious and unfortunately oftentimes is cut short. Don’t let your survivors be left in a financial rut. Contact one of our representatives; we would be honored to support you by answering any questions you may have, and help you acquire the right insurance plan for you.
Perhaps you are concerned about qualifying because of different health maladies such as an individual who needs life insurance with lupus. Let our team assist you today!