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Wallace Group - Insurance Blog


Life Insurance for Cancer Survivors

Cancer effects millions of Americans every day. It's rare, if possible, to meet someone who has never felt the impact of cancer. Buying life insurance as a cancer survivor seems impossible but that's not always true.

The first elephant in the room - Can I get life insurance if I have cancer? Possibly. The key here is that you will probably only qualify for a graded policy. Graded life insurance is a last resort in life insurance. Typically, that means you pay your premium for 2 years. If you pass away due to any illness or natural causes, the company will refund the money to your beneficiary plus interest, usually 10%. The terms vary from one company to the next, but this is what I typically see. If you pass away due to an accident, most policies will pay the full amount. Check with your agent to verify this is true of your policy. If you have cancer and wish to purchase some life insurance, hit the quote link at the bottom of the page and we will try to find a solution for you right away.

If you are looking for life insurance for a cancer survivor, meaning you no longer have cancer, then you might have multiple carriers that can offer solutions for you.

There are the specific details and requirements that your agent should include in your application that will help ensure the correct information is requested from your doctors up front. This will streamline the underwriting process by significantly reducing the need for subsequent reports, or other requirements, while also allowing the underwriter to make the most competitive decision from the outset. Typical underwriting requirements for anyone is a blood and urine specimen (at no charge to you), medical questions, and a report on your prescriptions and attending physician statements. If are a cancer survivor looking for life insurance, the underwriters will require reports from all your doctors, prescription lists, treatment reports, and recent checkups. If you have beaten cancer, it is very important that the underwriters see the documentation. The insurance carrier will order these records and will not cost you anything. You and I will make sure the underwriters know where to get the records.

In many cases for internal cancer survivors to buy a traditional term life insurance or permanent insurance policy of $100,000 or more in coverage, you need to have completed treatment at a minimum of 5-10 years previously depending on the type of cancer you had and what stage the cancer was in when it was discovered.

So let's say it has been less than 5 year since you completed your cancer treatment. Maybe you have been treatment free for 2 years. You may be able to qualify for what they call, "final expense" insurance. Final expense is whole life insurance that maxes out at $25,000, sometimes more, sometimes less. Generally you can find affordable insurance even if you are only 2 years cancer treatment free.

Life insurance for cancer survivors can be more expensive than life insurance for someone who has never had cancer. What happens in many case is people will search online and get a quote at standard or preferred. The person will then apply for life insurance and when the underwriting is complete, the applicant will see a dramatic difference in price. People naturally become upset and either do not purchase the policy so they don't get coverage, or they pay more than they should. We try very hard to avoid quoting without having a detailed conversation about your medical history because we want to be totally up front with you about our process and we want the quote to be as accurate as possible. Help us help you. Please be honest and please be as accurate and as specific as you can. That way we can find a suitable carrier at an accurate and fair price for you.

If you are a cancer survivor and looking for life insurance, you need an expert who starts with your unique situation to find a carrier for you, not just push a policy in your direction. We are waiting to help you. We can’t guarantee coverage, but we will explain everything to you in detail. Please click the quote link below and let’s get started.

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