Each year, according to projections by the American Cancer Society, more than 1 million new cases of cancer are reported. These patients often have no life insurance when diagnosed and can have trouble finding a company who will cover them after diagnosis. When searching for life insurance for cancer victims there are a few tips to follow along the way that may make the search a bit less stressful on all involved.
The Best Time to Buy Life Insurance for Cancer Victims
There is no specific time frame for cancer victims to obtain life insurance. When approaching an insurance company, the cancer victim will often be asked about the size of the tumor or cancer, the stage of the cancer and the location of the cancer. If the patient is currently in the midst of treatment for cancer, the chances of obtaining life insurance is often slim to none. After treatment, however, depending on the outcome of the surgery, chemotherapy and or radiation, many insurance companies will determine qualifications for the cancer survivor on a case by case basis.
Saving on Life Insurance after Cancer Survival
There are many cancer related organizations out there today aimed at providing guidance for patients with cancer. This guidance does not have to center on treatment. Shopping around from insurance company to insurance company is the best bet when trying to obtain life insurance at a reasonable rate. But, the cancer patient, even if treatment has eradicated the cancer 100%, will pay higher premiums for life insurance than a "healthy" individual.
Updating Health Records for the Best Outcome
When shopping around for life insurance for cancer victims, it is most important to provide the company with the most up to date health records on file. These health records will provide the insurance company with a more intimate knowledge of your cancer, the path the cancer has taken and the chance of the cancer returning which are all factors in the end decision process for coverage.
There are some insurance companies offering cancer insurance plans but most have a minimum entry of age 16 to 55 years.
Other companies sell guaranteed whole life insurance which has no requirement for medical tests or questionnaires. The death benefits under these type of insurance are limited to the premiums paid during the first two or three years of the policy, but are 100% guaranteed after that.
Today, treating cancer is a hope filled event. More and more cancer survivors are taking the lessons about the shortness of life into account and are thus searching for the best possible life insurance out there. Life insurance for cancer victims not only provides income and monies for after life expenses but a bit of comfort about surviving cancer and being ready if the cancer was to return in the future.