Can You Get Life Insurance If You Have Cancer?

Can You Get Life Insurance If You Have Cancer?

It can be very challenging to obtain life insurance if you have cancer because the risk of early death is so high, but there may be some options to help you to obtain coverage in some situations. It is important to still apply for life insurance if you have cancer as some companies may still be willing to offer financial protection to you. There are a few things you should know about obtaining life insurance coverage if you have cancer or if you are a survivor of cancer.

When Can You Get Life Insurance with Cancer?

Most of the time, those who have life insurance that has metastasized, or spread from its original location, will find it is hard, if not impossible, to get a life insurance policy. Life insurance companies determine if they will offer a policy to a consumer based on the risk they present to the company. If you are younger and healthy, you are less likely to die early. As a result, you qualify for a lower priced life insurance policy. If you have key risk factors for early death – such as having a diagnosis of cancer, there is too much risk for the company to manage.

However, if you have had cancer that has not spread, you may still be able to get life insurance. For example, many common forms of skin cancer can be safely removed. Once removed, no additional treatment is necessary. In this case, you may still qualify for coverage.

Why Is It So Hard to Get Life Insurance for Cancer Patients?

Life insurance companies pin a lot of their availability to provide life insurance on how healthy a person is. It is always important for you to apply for coverage. Some companies are more likely to offer you financial protection than others even after you have a cancer diagnosis. In some situations, cancer patients will find that life insurance is an option for short-term coverage.

How to Get End-of-Life Coverage Life Insurance After Cancer Diagnosis

One type of financial protection that some companies offer is a basic, end of life policy. This is a type of life insurance policy that is meant to cover your end of life needs. It may only be a few thousand dollars’ worth of coverage. However, it may be enough to help your family to pay for your burial or cremation and any medical bills you have as a result of your care. Keep in mind that some policies may not be available to you if you are young or if you have stage four or beyond cancer. These policies may be an option for some people and are worth considering applying for if you have cancer.

Can You Get Life Insurance for Cancer Survivors?

What if you beat cancer? New methods of treatment are making it possible for more people to beat cancer and overcome the odds. This may be an empowering opportunity for you, but does it mean that you can get life insurance after beating cancer? This depends. Some life insurance companies may be willing to help you to obtain a policy if you have been cancer free for a set number of years. Most will not consider this before you are at least five years beyond any treatment and have been declared cancer-free throughout that time. It is always a good idea to apply for life insurance to find out when you may qualify for it.

Maintaining Insurance for Cancer Patients

If you have life insurance right now, keep making payments on it. If you have a diagnosis of cancer, your policy does not simply end. However, if you allow the policy to lapse and the coverage expires, the life insurance company is not likely to renew it without further medical testing and approval. For that reason, if you have life insurance and then get cancer, it is always best for you to work to continue to maintain your coverage as long as possible. This can help protect your loved ones in the long term should you die.

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