Finding life insurance for cancer patients can be difficult, if not impossible, especially if the cancer is still present or has metastasized. Depending on the type of cancer and how long it has been treated will determine the outcome of the search as well. For any person who is an active patient being treated for cancer it would be very rare to be approved for life insurance.
Exceptions to that statement would be the obtaining coverage under an employer’s group insurance plan or an association plan. Group insurance with an employer offers health, life and disability coverage in most cases without any requirement for underwriting. This means that the insurance will be issued, regardless of the person’s state of health.
Insurance coverage through an association would be available for people that are members of that particular association. Professional associations for doctors, lawyers, and accountants would be examples. Business associations like dairy farmers, hardware store owners and similar business groups might offer life insurance to their members.
Individuals who do not work for a company that offers benefits, or do not belong to an association will find it difficult to find guaranteed life insurance. One exception to that, however is an association called the American Benefits Association. This association offers $10,000 of group life insurance so long as the person is working 20 hours per week. Additional coverage may be purchased up to a total of $100,000, again no health questions asked. This is available at http://www.myababenefits.com or people can call 888-849-1260 and ask about guaranteed life coverage.
Usually people can purchase life insurance after they are cancer free for seven years. This would require a full report from their doctor as well as a full physical. It is assumed that once a person has not had cancer for that period of time, and then in all likelihood, it will not return. Life insurance companies are all about statistics, and sometimes the statistics are in the favor of the consumer. Finding life insurance is possible if all the possible avenues are searched.
Final expense policies are another answer for this dilemma. Many final expense policies will offer coverage, with the caveat that no coverage will pay the death benefit for the first 3 years, except the total of the premiums would be paid plus interest in case of death. After the three years, then the regular death benefit would be paid.
There are specialized brokerage agencies that will shop the market and find companies that will cover high risks. It won’t hurt to enlist one of these types of agencies to search the marketplace and see if there is any possibility of an insurance company being able to help. They will require a complete medical history from the applicant’s doctor, and there will be no cost to the applicant for the search.
While it can be discouraging to keep applying to life insurance for cancer patients, it is surprise how many times there is a company that will give a favorable opinion. Some companies are able to take on additional risks due to financial condition, profitability risk assessments and general operational philosophy.