Did you know that nearly 50% of Americans will be diagnosed with cancer during their lifetimes? Cancer is a devastating disease. It can plague the lungs, breasts, bone, appendix, skin, colon, brain, prostate, and other body parts or organs. Cancer can also develop in a family lineage. It’s no secret that fighting and surviving the disease takes an incredible amount of strength.
If you’ve been diagnosed with cancer and are attempting to apply for life insurance, there are some critical questions to ask and essential things to know.
Consider Your Financial Situation
Before you buy an insurance policy, ask whether the cost and coverage offered is useful for your financial situation.
If you’re a current cancer patient, you typically qualify for guaranteed issue policies that offer restricted coverage. If you’re a cancer survivor who has been in remission and out of treatment for 2-5 years, you can qualify for a permanent or traditional term life insurance policy.
The average term life policy is worth around $250,000 to $500,000.
You Can Buy Guaranteed Whole Life Insurance
Guaranteed life insurance, also known as final expense or burial insurance, can be bought if you have recently been diagnosed with cancer or are currently enduring treatment. Final expense insurance could be your best option.
Since guaranteed life policies are a kind of whole life insurance policy, coverage lasts for your lifetime. Final expense insurance is common with seniors, but almost anyone can apply.
Just know that these guaranteed issue policies come with restrictions:
- Limited death benefit — Typically, the maximum death benefit is between $25,000 and $50,000. However, this amount should be enough to cover funeral costs or other end-of-life expenses.
- 2 year waiting period — You’ll pay premiums for 2 years without a death benefit. If a policyholder passes in the first two years, the insurer will give back all your premiums, plus interest.
You may also be forced to pay extremely high premiums.
Be Ready to Answer Questions
When you speak with an insurance agent, be prepared to answer important questions. First, you’ll be asked, “Have you been diagnosed or treated for cancer in the last 5 years?”
If that’s a yes, some follow up questions will be:
- What type of cancer did you have?
- When was the last treatment?
- When did you last have cancer?
- How many times have you had cancer?
Your agent will ask these questions to determine what options you’ll have with each insurance company.
Life Insurance Companies
As mentioned, many companies offer final expense insurance to people with cancer. The policy packages range between $5,000 and $50,000, and the companies include:
- Baltimore Life
- And more
Need a Final Expense Policy? We Can Help
If you’re a cancer patient, final expense insurance could be your best choice for getting coverage. At Final Expense Direct, our agents work with the top companies in the nation. We can help you compare rates and benefits, and then get you the best coverage for your needs. Contact us online or call 1 (877) 674-0236. Stay strong!