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Does Life Insurance Cover Cancer

Not Naming A Beneficiary

What About Life Insurance For Cancer Patients?

The death benefit payout gets complicated if you don’t have designated beneficiariesor if you do and they predecease you. In these situations, the death benefit goes to your estate and not necessarily to your loved ones.

It’s essential to designate primary and contingent beneficiaries to receive the insurance death benefit in the event of your untimely death. Otherwise, the benefits are subject to probate, and they ultimately may not end up where you intended.

Term Life Insurance Rates For People Who Have Recovered From Cancer

$252.71

Methodology: Average monthly rates are calculated for male and female applicants obtaining a $15,000 or $25,000 guaranteed issue whole life insurance policy. Average whole life insurance rates are based on policies offered by Mutual of Omaha and AIG. Not all policies are available in all states. Rate illustration valid as of July 1, 2022.

How Does Cancer Insurance Compare To Other Types Of Coverage

Cancer insurance is not intended to replace any other insurance coverage you already have. It is meant to supplement, not replace. However, it’s not the only type of policy that youâll benefit from if you’re ever diagnosed with cancer.

  • Health insurance: usually provides benefits for cancer procedures and treatments, though most plans don’t cover the full cost of treatment
  • Critical illness insurance: is similar to cancer insurance in that it pays a lump-sum benefit upon the first-time diagnosis of cancer
  • Disability insurance: replaces a percentage of your income if you are unable to work due to cancer
  • Life insurance: pays your beneficiary a lump-sum benefit if you die as a result of having cancer.

Cancer insurance supplements your other insurance coverage and is part of an overall insurance planning strategy.

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How Colonial Life Cancer Insurance Works

If cancer affects your life, you should be able to focus on finding the best treatment and getting better not on how you’ll pay your bills.

Colonial Life cancer insurance offers benefits to assist with out-of-pocket costs that may not be covered by your medical insurance, including expenses related to inpatient or outpatient treatment, surgery, travel and recovery care.

Equally important, some plans also cover an annual cancer screening test to promote prevention and early diagnosis. Optional riders may be available to provide even more financial protection during the initial diagnosis period and hospital stays.

With Colonial Life cancer insurance policies:

  • Coverage options are available for you, your spouse and your eligible dependents.
  • Benefits are payable directly to you, unless you specify otherwise.
  • Benefits are payable regardless of any insurance you have with other companies.
  • Some policies can be taken with you even if you change jobs.

Plans vary, so talk with your Colonial Life benefits counselor to learn more about how cancer insurance can help provide financial protection for you and your family.

Selectquote Can Help Find Affordable Life Insurance For Cancer Survivors

LIFE INSURANCE FOR CANCER PATIENTS

At SelectQuote, we can help cancer survivors navigate the complexities of shopping for life insurance and find the right policy for them. We can compare life insurance quotes from some of the most trusted life insurance companies in the U.S. in just minutes on your behalf to ensure you have the life insurance coverage you and your family needs at a price you can afford.

SelectQuote does not sell Life Insurance in South Dakota.

SelectQuote Insurance Services has no control over rate information posted in the reviews above through Trustpilot. Your plan could vary depending on your age, health, issuing company and other factors. Not available in all states.

*50% savings is based on published rates from a National Carrier as of March 2022 for a 40-year-old male in excellent health with high blood pressure for a $500,000 10-year term policy for $49.14/month compared to the lowest available rate from one of the insurance companies SelectQuote represents of $17.85/month . Final rates will be based on the insurance companys underwriting and a more complete review of the consumers health. Savings may also vary by term, policy amount, and state.

*$9/month based on available rates from the life insurance carriers SelectQuote works with for a $250,000 10-year term policy for a 25-year-old female in excellent health.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

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Should I Add A Rider To My Life Insurance Policy

Life insurance riders are optional features that you can add to your life insurance policy that allow you to adapt your coverage to meet your lifestyle and needs. If you qualify for life insurance after a cancer diagnosis, certain riders can help provide extra protection in case your cancer returns:

  • Terminal illness riders allow you to access some or all of the policy cash payout early if youre diagnosed with an illness where recovery is unlikely. This helps provide options for cancer patients in terms of financial stability: it will provide for your family over a longer period of time.
  • Living benefit riders allow you to access your life insurance payout should you be diagnosed with a chronic condition or illness that significantly impacts your ability to function and work. This can help cover living and medical expenses during a time where you and your family will need it most.
  • Exceptions For Cancer Coverage In Life Insurance Policies

    There are two main exceptions that might affect the life insurance policys death benefit related to cancer:

    • False information in the application for life insurance. For example, if a heavy smoker claimed to have never smoked, or someone failed to disclose a history of cancer, the policy might be subject to investigation by the insurance company. If the company determines that false information was provided, it might cancel the policy. In the event of the policyholders death, the company might deny the death benefit entirely or reduce the payout.
    • If you have a graded-benefit life insurance policy. This type of policy pays a lower death benefit in the first few years of coverage, so if you were to pass away from cancer or other causes in those first few years, your loved ones would not receive the full policy benefit amount.

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    Best For No Medical Exam: United Home Life

    United Home Life

    • No public online quote system

    • Low coverage levels

    United Farm Family Life, the parent company of United Home Life Insurance Company, started in 1937. Headquartered in Indianapolis, these companies now have a joint $2 billion in assets and over $20 billion of effective life insurance policies. United Home has an AM Best rating of A , meaning its in a solid position to financial obligations to policyholders.

    United Home Life offers four simplified issue life insurance policies with no physical examination requirement, making it our best for no medical exam choice. These simplified issue products do not require medical exams, blood work, or statements from your doctor, but you will need to complete a 10-minute phone interview and answer health questions.

    Plans include a no-cost Terminal Illness Accelerated Benefit Rider. This means that should you receive a diagnosis of a terminal illness, your policy will accelerate some or all of the death benefit, allowing you to live out your remaining time with added financial security.

    Youll need to contact an agent to understand if youre eligible for these policies with a cancer diagnosis and what your costs would be.

    With the guaranteed issue whole life policy, you cannot be turned down for a cancer diagnosis, and your premiums wont increase, providing you pay on time each month. Plus, policies are issued from ages 0 to 80 years old.

    Resources For Those Affected By Cancer

    Insurance denies life-saving cancer treatment

    We understand that getting a cancer diagnosis is a difficult time for anyone, and for our part, we want to ensure that if you have an existing policy with us, we want making a claim as straightforward as possible. Please see your policy booklet for more information.

    Here are some resources with more information about cancer and life insurance, as well as cancer in general.

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    What Do Life Insurance Policies Cover

    Wondering what different types of Life Insurance cover? We’ve broken down the basics for you.

    You may have noticed theres a wide range of Life Insurance policies available these days. Do your research and youll find the level of cover, conditions, exclusions and costs can vary quite a bit from insurer to insurer.

    At Insuranceline, we’ve made Life Insurance simple and straightforward. No jargon and no tricky wording.

    Levels of cover and benefits will vary, depending on the type of Life Insurance you take out and how much you pay in premiums.

    Our different types of Life Insurance:

    Life Insurance helps to ensure your loved ones are taken care of financially, if you die. Its paid out in a lump sum to your beneficiaries. Insuranceline offers a payout of your choice between $100,000 and $1.5 million.

    Insuranceline Life Insurance policies cover all causes of death, except for suicide and death as a result of intentional self-harm during the first 13 months of cover.

    Cancer Cover

    Cancer Cover can pay up to $250,000 if youre diagnosed with cancer . This payment can be used for anythinglost income, medical expenses, required assistance, or even a recuperative holiday.

    Major Illness Cover

    Major Illness Cover, also known as Trauma or Critical Illness Insurance, pays a lump sum if you suffer a major illness such as heart attacks , stroke , and some forms of cancer .

    Cancer Critical Illness Cover

    Does critical illness cover cancer?

    Cancer is the single biggest reason for claims on critical illness cover in the UK.

    There are cases where Critical Illness cover can be accepted with a history of Cancer. It depends on how long its been since you had any treatment and how aggressive or severe the Cancer was.

    If Cancer Critical Illness cover is accepted it will generally be offered with a Cancer exclusion and premium loading. This is dependent on the risk involved. Our expert advisers have many years of insurance underwriting experience.

    We will identify which providers would offer Cancer Critical Illness cover and on what basis .

    For some Cancer Critical Illness cover applications there may be a period where cover is postponed or even potentially declined. This usually occurs when the Cancer has been more aggressive or treatment has been fairly recent.

    Have you previously applied for Cancer Critical Illness cover and been accepted on special terms or been declined / postponed? If so its worth reviewing this based on your current circumstances if there has since been a period of stability.

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    Is Cancer Covered By Life Insurance

    Cancer is a devastating diagnosis, and one that no one wants to think about. But if you or a loved one has been diagnosed with cancer, its important to know what your life insurance policy covers.

    Most life insurance policies will cover death due to cancer, but there are some limitations. For example, some policies may not pay out if the cancer was diagnosed after the policy was purchased. And, of course, every policy is different, so its important to read the fine print and make sure you understand what is and isnt covered.

    If youre not sure whether your policy covers cancer, the best thing to do is give your insurer a call. Theyll be able to tell you exactly whats covered and answer any questions you have.

    Does A Family History Of Cancer Affect A Life Or Critical Illness Cover Application

    Breast Cancer Life Insurance

    A family history of cancer can affect both a life and critical illness cover application. For life insurance it may affect the premium that you pay. For example, inherited conditions, like certain types of bowel, breast or ovarian cancers, will be considered during the underwriting process. For Critical Illness Cover, there could be an increase in the premium or an exclusion may be placed on your cover.

    Recommended Reading: Whole Life Insurance With Cash Value

    How Important Is The Amount Of Time That Has Passed Since A Cancer Diagnosis

    Before considering to insure you, life insurance companies typically want to see that youve been cancer-free for a certain number of years. The length of time depends on the type of cancer. This also depends on the severity of the cancer. Less severe cancers have a general waiting period of 1-3 years.

    A history of cancer might make life insurance more expensive. It is essential to take advantage of the waiting period by making some health related adjustments such as removing bad habits such as smoking and exercising to stay healthy. These can lower your rates when applying for life insurance.

    How can a cancer survivor acquire life insurance?

    Cancer survivors are certainly still eligible for life insurance. The first is a fully underwritten traditional plan. With this sort of application, the underwriter examines your information and assesses if you will qualify for a basic policy or if you will be rejected.

    You can also conduct a preliminary inquiry, though not all brokers would do so. Its a casual question in which they ask the underwriter if youre likely to be accepted, if youll get a rating, or if youll be turned down. You will probably not want to submit an application if it appears that you will be rejected or highly rated. Instead, you should consider a no medical policy, such as a simplified issue policy or a guaranteed issue policy.

    Mutual Of Omaha Is Our Top Pick For Cancer Patients

    We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

    While a family history of cancer wont prevent you from getting life insurance coverage, being diagnosed with cancer can make it difficult to qualify. Depending on the type of cancer you have and how long youve been in remission, your diagnosis may raise your rates or preclude you from getting a traditional life insurance policy. However, you may be eligible for a guaranteed issue life insurance policy, which does not take your health into consideration and offers smaller coverage amounts.

    Because rates and available policy types can vary depending on your health situation, its important for cancer patients to work directly with an insurance agent to compare plans and premiums. To narrow down your options, weve rounded up the best life insurance companies for cancer patients based on coverage, financial strength, customer satisfaction, and other factors, so you can choose the plan thats best for you.

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    What Causes Of Death Are Covered By Life Insurance

    Life insurance policies cover almost all deaths, with a few exclusions. As long as your policy is active when you die, life insurance providers will pay out if your death is caused by:

    • Natural causes: Like a heart attack, old age, or illnesses like cancer

    • An accident: Including accidental overdose from a prescribed medication

    • Suicide: As long as it occurs after the policys two-year suicide clause period ends

    • War or terrorism: Usually some insurers do include exclusions for these causes of death

    Its All About You We Want To Help You Make The Right Coverage Choices

    Can I Get Life Insurance If I Had Cancer ?

    Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.

    Our insurance industry partnerships dont influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

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    Do Accidental Death And Dismemberment Policies Cover Cancer

    Accidental death insurance policies do not cover deaths due to cancer. Such policies only pay out if the insured is injured or dies due to accidental causes such as car accidents, poisoning, or drowning. Cancer is not listed as an accidental cause.

    Read our blog post about accidental death and dismemberment payout to learn more about what qualifies as accidental death.

    What Kind Of Information Will Insurers Need

    Each insurance company has its own way of dealing with applications for life insurance from people who have cancer or who had cancer in the past. Your financial adviser or broker will advise you about this.

    Usually insurance companies write to your hospital consultant and ask for information about:

    • The type, grade and stage of cancer you had
    • The length of time since your last treatment

    Insurance companies have a duty to base their assessment on information which is accurate and from a reliable source. They also may ask for a medical examination. Dont be surprised by this as it is a fairly common practice.

    Insurance companies cannot by law look for genetic test results from anyone applying for life insurance . However, insurance companies can still request family history details.

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    Can You Get Life Insurance If You Have Cancer

    Yes, its possible to qualify for life insurance, even if you have a past cancer diagnosis. Generally, insurance companies will look at these factors when considering life insurance for cancer patients and survivors:

    • When you were diagnosed: Many insurers consider five years the cutoff point for a cancer diagnosis when deciding if you qualify for traditional life insurance. If youve been cancer-free for five years or more, you can often qualify for a term or permanent life insurance policy. With some types of diagnoses, like certain skin cancers or prostate cancer, your life insurance company may approve you even sooner.
    • The type of cancer: Insurers are more likely to approve you if you had a type of cancer with a higher survival rate, like some forms of skin cancer.
    • Treatment and health status: Insurers will want to know about your treatment plan, the types of treatment youve received, the date of your last treatment, and how it has affected your overall health.
    • Age and overall health: If youre young and relatively healthy, youre more likely to qualify for lower rates. Lifestyle habits, like smoking and drinking, may also factor in.

    Each insurance company has its own guidelines, so you should make sure to consult a life insurance agent about which one is the best fit for you, based on your health history.

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