Did you know that you can receive instant guaranteed issue insurance quotes by filling out the quote tool on this page? You will see prices from many insurance companies that offer quality life insurance for cancer patients and survivors in your state.
If you are shopping for life insurance with cancer, you’ve come to the right place. On this website, we cover how to effectively shop for guaranteed acceptance high risk life insurance for many of the most common conditions.
According to The American Cancer Society, cancer is the second leading cause of death in the United States. For this reason, it can be tricky to apply for an affordable life insurance policy. Rest assured, though, that it is possible to qualify for coverage and have it be cost-effective.
At GuaranteedIssueLife, we’ve helped many cancer clients secure affordable guaranteed acceptance policies.
In this article, we break down the complexities of life insurance with cancer and how countless people have found the peace of mind they were looking for. By the end of it, you’ll know how insurance carriers respond to cancer, what to expect in the application process, and how to find the best insurance product for you.
Qualifying For Life Insurance For Cancer Patients
Cancer is one of the health conditions that every single life insurance company will ask about. For some life insurance carriers and types of life insurance products, having cancer is an immediate “knock out” question, meaning instant decline. For others, a variety of factors influence what policy makes the most sense.
The questions that you’ll be asked in regard to your cancer include:
- What type of cancer do you or did you have?
- Your age when first diagnosed with cancer.
- The type of cancer you were diagnosed with.
- The stage of cancer you were diagnosed with.
- What treatments you received.
- And your last date of treatment?
- How many times have you had cancer?
Let’s dive deeper into the timeline of cancer. If you have had cancer in the last 2 years, you will only qualify for guaranteed issue life insurance. This type of policy comes with the 2-year waiting period and slightly higher rates. With cancer so recently, you are considered a high-risk case and there will be penalties in order to receive coverage. We will discuss this more in-depth below.
If you had cancer over 2 years ago, you may have more options available. Once the 2-year mark has passed, carriers may view you equally as someone who has never had it. This, however, is completely dependent on which carrier and requires an independent agent who has experience working across all of them to recommend the right one.
That said, the number of carriers with a 2-year look back is minimal. The majority have a 3-year window. If you’ve been cancer-free for 3 years, then you may qualify for an underwritten policy. Which carrier you go with should be determined with the help of an experienced agent, though, since all will view you differently.
Lastly, if you have had cancer more than once, you will be limited in options. The majority of carriers will want to know if you’ve had it more than once. If the answer is yes, you will be an automatic decline and will refer you to a guaranteed acceptance policy.
Types of Cancer and Life Insurance
According to the National Cancer Institute, there are over 100 types of cancer. For this reason, we are not going to go in-depth about how insurance carriers view each type of cancer.
Some of the more common types of cancer that an insurance carrier will have in-depth questions for include:
- Breast Cancer
- Skin Cancer
- Lung Cancer
- Ovarian Cancer
- Cervical Cancer
- Uterine or Endometrial Cancer
- Liver Cancer
- Kidney Cancer
- Pancreatic Cancer
- Prostate Cancer
- Thyroid Cancer
Given the breadth of cancer types, the questions mentioned above will be hugely important in what type of policy is best for you.
Depending on how you answer the questions above, you may only qualify for guaranteed issue life insurance. This will most certainly be the case if you:
- Currently have cancer
- Have had cancer within the last 2 years
- Have had more than one occurrence of the same or different type of cancer
- Have had Metastatic cancer that spread to other parts of the body
Where Can I Get Life Insurance With Cancer?
If you currently have cancer, have had cancer in the last two years, have had it twice, or have had metastatic cancer, then you should apply immediately for a high-risk guaranteed acceptance policy. With this type of insurance product, you will not have to answer any medical questions at all (including about your cancer) or have your medical history pulled.
Hands down, it is the simplest, easiest and most unobtrusive method in receiving life insurance protection.
If you’re new to the concept of guaranteed issue life insurance, these are the main features of a policy:
- No medical questions or exam
- Guaranteed acceptance
- Fixed monthly premiums
- Guaranteed death benefits
- Accrual of cash value
- No expiration date (you cannot outlive it)
- Mandatory graded period
Graded Period with Cancer
The number one drawback to a no questions policy is the mandatory graded period. This is the amount of time you must live from the date of coverage before your policy amount will be paid to your beneficiaries. Depending on which insurer you ultimately choose to go with, this graded period can be anywhere from two to three years. The majority of carriers have a two-year graded period.
If you, unfortunately, pass away within the graded period, your beneficiaries will receive the premiums paid-to-date plus interest. This interest amount is typically around 10%.
Due to the mandatory graded period with guaranteed issue life insurance, it is best that you receive coverage immediately. Oftentimes, the amount you pay is determined by your age and it is best to begin working through the graded period as quickly as possible.
Applying for Guaranteed Life Insurance with Cancer
Applying for guaranteed acceptance life insurance when you have cancer is simple. As a no-questions type of policy, you will not need to disclose any information about your cancer. All you need to provide is your and your beneficiary(s) personal information and preferred payment method. The entire process only takes minutes and you will be working your way through the graded period right away.
At this point in time, though, you may not know if guaranteed acceptance is the right plan for your unique cancer story. This is why it’s important that you work with the right company to find a plan for you. Doing so will ensure that you are applying with the right carriers and for the right policy.
There is no one insurance company that can be the best fit for everyone, which is why independent agencies are so helpful. They will be able to shop around and choose from lots of carriers, which ultimately save consumers time and money.
Life Insurance For Cancer Survivors: Non-Guaranteed Issue Coverage Options
As mentioned, there are too many types of cancer to say definitively if you would qualify for a non-guaranteed life insurance for ex-cancer patients. It is simply too subjective to give accurate advice online. If you do see a website telling you that you can qualify for an underwritten policy and have cancer, be wary! There are too many factors to consider and it requires speaking to a qualified agent who can guide the process. Remember, however, if you have had cancer in the last few years, on two separate occasions, or metastatic cancer, then you will not qualify for non-guaranteed life insurance.
Working with Guaranteed Issue Life
Guaranteed Issue Life is an independent agency that will work with you to find the perfect solution for your families life insurance needs. All it takes is one phone call to have a dedicated agent working with you. You may have a lot of questions about life insurance and concerns around your cancer or other high-risk medical conditions. We are here and happy to help navigate the process for you.
All of our agents are licensed in every state and are well-acquainted with the unique application processes of different carriers. We do this for you 100% free of charge.
If you are ready to move forward with securing the most affordable life insurance for cancer patients, give us a call today. You can also run an instant quote for your age using the free quote tool on this page. We look forward to working with you soon!