Life insurance is a vital investment. It’s one of the only ways that you can ensure that your loved ones will be taken care of, regardless of what happens to you. The insurance company is going to 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 your chances of getting 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
When you apply for life insurance as a cancer survivor, there are several different cancer-related components that the company is going to want to know during the application process. All of them are going to play a major role in your insurance.
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 is going to be more difficult. On the other hand, several types of cancer are considered “low risk” cancers.
Another factor that the insurance company is going to question you 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 better your chances of being approved for life insurance. 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 is going to look at your application.
When you go to apply for life insurance coverage, regardless of the company, ensure that you have all of 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 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 were to die within the first two years after purchasing your insurance plan, your beneficiary wouldn’t receive the payout from the plan. Instead, they would only get 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
One option for life insurance is to purchase no a medical exam policy for your insurance 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 several advantages and disadvantages that you should 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 any applicant can purchase, regardless of health or any pre-existing conditions.
One of the advantages of these policies is that you can get insurance coverage much quicker than you would with 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 a lot of insurance companies that would automatically decline you for 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 get any information on your health, they are taking a much greater risk of insuring you, and they are going to offset that risk by charging you more every month. If you want to save money on your insurance policy, you’ll need to choose a life insurance plan that requires that you go through the medical underwriting.
The other disadvantage of these policies is the limit that the company is going to put on how much coverage you can purchase. With a no medical 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 is going to break their bank every month in premiums, but that couldn’t be further from the truth. There are plenty of ways that you can get affordable life insurance for your loved ones.
The first thing that you can do is 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 from the medical exam. The best way to do this is by getting regular exercise and starting a healthy diet. Both of these are going to 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. Tobacco users are going to pay twice as much for life insurance versus what a non-tobacco user is going to pay for the same size policy.
The best way to ensure that you’re getting the best rates for your coverage is to work with an independent insurance agent, like ours. Unlike traditional insurance agents, our independent insurance agents represent dozens of highly rated companies across the United States, which means we can bring all of the lowest rates for insurance directly to you. We know which companies are going to view your past lung cancer diagnosis more favorably and are more likely to give you a quality and affordable life insurance plan.
Life Insurance After Lung Cancer
Life insurance is one of the most important purchases that you’ll ever make 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 ways that you can ensure that your loved ones will have the resources that they need if you were to pass away.
Without life insurance, your loved ones will be left with all of your debts and final expenses. Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance that they will need. Contact one of our agents today, and we will be happy to answer any questions that you have and connect you with the perfect policy to fit your needs.
Perhaps you are concerned about qualifying because of other health conditions such as someone needing life insurance with lupus. Let our professionals help you today!