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Life Insurance for Cancer Patients
Cancer is a collection of related diseases. No matter what kind of cancer a person gets, body cells start to divide without ceasing and spread into the near tissues. Cancer can begin in almost all places within the body. In a normal body, cells grow and then divide to form new cells when the body needs them. Cells in the body bot and new cells replace the old ones. In a body with cancer, the process doesn’t go as needed to function. Cells become abnormal and as time goes on, damaged and old cells don’t die and new cells are still formed when they are not needed. This can create excess cells and can form growths within the body called tumors. Tumors are big amounts of tissue. If a tumor is malignant they can spread and invade other tissues nearby. These tumors may grow and some of these cancer cells can break away and go do different places within the body that are not nearby and form new tumors elsewhere.
How fast these tumors enlarge is classified by a stage or grade. The first stage is more encouraging then a stage 4. As the higher the grade or stage, the more troublesome the cancer is. Treatment of cancer relies on the type and stage of the disease. Some treatments include: hormone therapy, chemotherapy, radiation, and surgery to remove tumors.
Life insurance coverage is available for people who are cancer survivors. Life insurance providers must go through an extensive assessment to qualify people who have survived cancer, as it may be a big risk depending on the specific situation. Some life insurance carriers will deny cancer survivors out flat, believing it to be too much of a risk. While other life insurance providers may offer you coverage.
The best way to find life insurance coverage if you are a cancer survivor is to work with a qualified agent who has experience in getting people who have survived cancer approved for life insurance.
Some tips that could help you in finding the ideal agent include: ask for the agent’s qualifications including if he or she passed the life and health insurance examination, look at the agent’s track record to be sure she or he has a lot of experience dealing with cancer survivor life insurance coverage, learn about the individual gets paid, make sure you vibe well with the agent you’re working with and that the agent is a good listener, see if the schedules match up, and ask to talk with some of the agent’s current and past clients to get a sense on how others received coverage. Collecting this data will assist in helping you find out if this agent is a good match for you. If the agent does not make the cut, you can either start the process again or possibly ask the agent for someone that will suit your specific needs. If you decide on an agent and later feel that it isn’t working out you can always switch to a more suitable agent.
Consider that the life insurance agent or broker should know what kinds of questions to ask you and know which life insurance carriers would work best for you. He or she should know what life insurance companies will likely grant you a policy based off your specific health conditions. Finding an agent or broker that is skilled in cancer life insurance coverage will assist you to find the best life insurance policy for you and your loved ones.
Underwriters will ask you about your cancer situation to gather the necessary information to make an informed decision about approval. The information asked for may include: when was your first and last treatment dates, where was your cancer or where in your body did it first get noticed, what treatments did you go through, what grade or stage of cancer was it, are you currently in remission, and how long have you been in remission? There’s a chance that you will still be able to receive a full underwritten policy if you are a survivor of cancer. Underwritten life insurance policies offer more coverage and options. The life insurance company may need copy of your medical records, a recent pathology reports, and you will need to undergo a medical examination.
If you qualify for a fully underwritten policy, life insurance companies usually offer two basic types of life insurance coverage: term life insurance and whole life insurance.
Whole life or permanent life insurance lasts your entire life and covers death benefits and also has a cash value benefit. Whole life insurance has higher premiums however the premium will never increase. Your policy with whole life insurance will never get cancelled. Term life insurance is set for a specific duration of time, typically 10 – 30 years. Term life insurance can increase as you age but the initial payment for premium tends to be lower than whole life insurance. Some term life insurance policies allow one to convert it do whole life insurance if that makes sense for your needs. If you as a diabetic are interested in term life insurance, it’s important that the convertible option is available and a part of your policy as you never know when your health could decline.
If your allocation of funds allows for you to purchase a whole life insurance policy, go for it, as it will cover you the rest of your life. As a cancer survivor, you never 100 percent know if other health problems will occur or if your cancer will come out of remission. Permanent life insurance coverage also builds up a cash value and you can use that amount to pay for medical expenses or other reasons.
Figuring out how much life insurance you will need should be considered prior to applying for a life insurance policy. Reasons for purchasing life insurance could include: funeral and related expenses, outstanding debt, children’s education fund, mortgage payments and other expenses. Being a cancer survivor, it’s best for you to consider exactly how much coverage you may need while also taking note that it’s harder to receive life insurance having had your condition because of the risk associated with the disease.
You will have to also consider who your beneficiary will be. This can be one person or several people. The beneficiaries will receive the death benefits and other benefits after you pass away. With either term life insurance or whole life insurance you have the option to get a portion of the death benefit prior to your passing if you become terminally ill and need to access the cash for you and your loved one’s expenses. This is an additional rider called the accelerated death benefit rider.