Life insurance doesn’t have to be out of the picture due to cancer. Whether you are in remission, have a family history, or are even currently navigating your diagnosis, there is an insurance option for you.
Life Insurance with a Cancer Diagnosis
Living with cancer brings a new set of challenges you likely never expected. Thankfully, a final expense life insurance policy can help with your end-of-life costs to help make that part of your journey easier.
There are two types of final expense policies — simplified issue and guaranteed issue. Neither of these policies requires a doctor’s medical exam, making it significantly easier to qualify for than other life insurance policies.
Guaranteed issue final expense insurance doesn’t ask any questions about your health condition whatsoever and accepts individuals with pre-existing and terminal conditions, including cancer. It will likely have a higher monthly premium payment than other insurance options, but having guaranteed coverage is priceless.
Final expense offers a payout to your beneficiaries when you pass away, called the death benefit. They will then use this money on your behalf to cover costs such as funeral planning, credit card payments, and small medical bills. Your death benefit for guaranteed issue final expense will likely be between $2,000 and $15,000.
Life Insurance with Cancer in Remission
If your cancer is in remission, you can also get a final expense life insurance policy. Your options are still limited to final expense insurance, but you may be eligible for a final expense simplified issue policy as well as a guaranteed issue policy.
Simplified issue doesn’t require a medical exam. Instead, you just have to answer a short questionnaire on your current health condition. If your cancer is in remission, you will likely be able to answer this questionnaire and qualify.
Simplified issue has lower premiums and higher death benefit options than guaranteed issue. The death benefit can range anywhere from $2,000 to $50,000.
Life Insurance with a Family History of Cancer
Perhaps you have never personally had cancer, but your family members have. You may be able to qualify for other types of life insurance policies like whole and term life. Still, your family history will be taken into consideration and therefore give you a higher premium.
Coverage for All Walks of Life—Call All Things Insurance
No matter where you are in your cancer journey, we can help find you the life insurance coverage you need. To learn more, call All Things Insurance at (763) 645-5450.