If you have been diagnosed with cancer, you will have to fight an uphill battle to find life insurance. Being diagnosed with cancer does not automatically disqualify you from getting life insurance cover. If you have had cancer and you are looking for life insurance, there are certain factors the insurance company will take into account and that will influence the policy. These include the type of cancer that you have, how far it has developed, the size, type and location of the tumor.
There is no time limit to buy life insurance after being diagnosed with cancer but if you are currently undergoing treatment, your chances of getting life insurance is almost nil. You may be successful in getting life insurance albeit at a higher cost if you have been cancer free for a few years. Insurance companies base their policies on the ‘staging’ classifications of cancer made by hospitals – in other words, on the cancer type and on how early or advanced your diagnosis. The insurance company may ask for your medical records and might also ask you to have a medical examination before they are prepared to issue your policy. The high premiums will disappear over time. Generally insurance companies charge higher premiums in the beginning to cover the risk of your cancer making a come back, but gradually decrease the premium as time goes on. Document your treatment and the progress. Provide the insurance company with all medical records to show that the treatment is having positive effect on you. Let them see your progress from start to present. If you are unable to get life insurance because you are in an advanced stage of cancer or you are undergoing treatment for cancer, you can try for a graded benefit policy which pays out varying amounts depending on how long you live. The longer you live, the more money your beneficiaries receive. You can also apply for guaranteed issue life insurance. Guaranteed issue life insurance is a policy that’s guaranteed to anyone without regard to health conditions. There are no medical exams and no medical questions. So your medical condition is not a factor for a guaranteed issue life insurance policy.
If you have purchased a life insurance policy before you were diagnosed with cancer, the insurance company is bound to honor it if you were honest about your medical history when you took the policy out.
