Is It Possible To Get Life Insurance With A Cancer Diagnosis? Here’s What You Need To Know

Rachel Garland | Insurance | 16 Dec, 2015 | No Comments

Hearing the words, “you have cancer”, can be scary.


In fact, this very phrase alone is life changing for individuals and families across the nation.


Although it may seem overwhelming initially, receiving a cancer diagnosis is not a hopeless situation. While careful planning processes may be in order, that doesn’t mean you’re going to face a lack of options either.


If you’ve recently been diagnosed with cancer and are considering life insurance coverage, here’s what you need to know.


What to Keep in Mind?

The first question you likely have on your mind is whether or not obtaining life insurance coverage is a different process if you’ve been given a cancer diagnosis.


The answer?


Well, yes and no. Below you will find some of the most important factors you’ll want to keep in mind.


Prepare to Pay Higher Premiums

First and foremost, if you’ve been given a cancer diagnosis, it’s important to know that you will likely be paying more than average for coverage. Unfortunately, insurance is one of those things that is least expensive when you don’t need it and the most expensive when you do. Just how much more will you pay? This will depend entirely upon the policy and provider you select. In addition, choosing permanent over term life insurance and vice-versa can influence the premiums you pay.


Explore Your Options

While you may being paying more than average for your premiums with a cancer diagnosis, that doesn’t mean you shouldn’t shop around for the best plans with the lowest premiums. Even with a cancer diagnosis you will find that there are multiple options to select from. Remember, while every insurance provider will inquire about the status of your health that does not mean every provider uses a unique set of criteria to determine premiums and rate classes. In other words, explore policies to maximize your options.


Compile Your Records

Next, you will want to be prepared to compile your records before you apply for coverage. Insurers are going to ask a number of questions regarding your health. From weight, age, medications, and more, insurers will want to gain a thorough understanding of your current state of health. In addition, it’s important to keep in mind that insurers will also want to see documentation to support your claims. The vast majority of information you should be able to easily obtain from your doctor. Save yourself the stress and go ahead get all of your medical records organized now until waiting until the last minute. After all, the last thing you need to do is add more stress to your life.


Practice Patience

Above all, it’s important to practice patience when it comes to waiting for life insurance approval with a cancer diagnosis. The process of applying for life insurance is typically more challenging than for someone without a cancer diagnosis. Often, wait times for approval will be longer than average due to the numerous factors that must be taken into consideration. However, this is absolutely not something to stress over! Instead, focus on staying healthy and beating the diseases one day at a time. After all, even if you are denied by one insurer, you can still seek coverage from other insurers. Remember, having a cancer diagnosis does not mean that your situation is hopeless when it comes to life insurance approval.


What to do Next?

Now the question becomes, what to do next?


If you are ready to explore your coverage options and begin the approval process, there’s no reason to delay. In fact, makes finding the best rates from the best providers a breeze. Simply search by zip code to begin finding providers in your area, no personal information required.


Get started today on the road towards better coverage, risk-free!



Featured image via TheTelegraph 

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