A cancer diagnosis can be quite damaging. Furthermore, while it may be challenging to obtain life insurance for cancer patients after receiving a cancer diagnosis, it is not impossible. Your cancer diagnosis may result in higher premiums or disqualification from traditional life insurance altogether depending on the type of cancer you have and how long you have been in remission. Your only choice if you’re getting treatment is a guaranteed issue life insurance policy, which does not take your health into account. However, the best way to discover the best policy for your needs is to engage directly with an agent. Discovery more things on mrsadvisors.com
Top 7 Best Life Insurance For Cancer Patient
1. Life Insurance For Cancer Patients: The Mutual of Omaha
Our top recommendation for life insurance for cancer patients is Mutual of Omaha since it enables an online application for guaranteed issue policies, offers living benefits to some policyholders, and has exceptional financial stability.
You might be eligible for a term or universal life insurance policy from Mutual of Omaha if your condition has been in remission for at least five years, but a medical exam and attending physician’s statement (APS) are almost certainly necessary. You might even be eligible for a preferred plus rate class if you have a low-risk cancer kind, such as superficial squamous cell carcinoma or basal cell skin cancer.
2. Life Insurance For Cancer Patients: TruStage
Although the guaranteed issue policies from TruStage have pedestrian coverage limits, applying for them and receiving approval the same day makes them a practical option if you require a guaranteed life policy.
Keep in mind that TruStage does not include living benefits with its policies, so if you require medical attention due to a persistent, serious, or terminal sickness, you cannot use the death benefit. That being said, purchasing a policy via TruStage is quick and simple. Additionally, CMFG, the business that insures TruStage insurance, has a financial strength rating of A (Excellent) from AM Best and had fewer NAIC complaints than anticipated over the past few years.
3. Life Insurance For Cancer Patients: Life Insurance from SBLI
Whole life quotes require an agent consultation, whereas term life insurance for cancer patients can be purchased totally online. The biggest disadvantage of SBLI is that it only provides a terminal illness rider; no other living benefit riders are available. Consider coverage from Mutual of Omaha if you need the security of a critical or chronic disease rider and are in remission.
However, we discovered that SBLI delivers excellent value for candidates in good health if cost is your main concern. Additionally, the insurer has an AM Best financial strength rating of A- (Excellent), which suggests a superior capacity to pay claims.
4. Life Insurance For Cancer Patients: Transamerica
Depending on the type of cancer you had, Transamerica offers three final expense packages that you can be eligible for once two years have passed since diagnosis. Two of these policies in particular are ones we like. The more expensive Easy Solution has a $25,000 cap and a graded death benefit for the first two years.
The Immediate Solution is more cost-effective, covers coverage up to $50,000, and starts right away, but it can be more difficult to qualify for. It also has an accelerated death benefit rider that you can utilize to collect a portion of the death benefit after being identified as having a particular illness or being confined to a nursing home. Only the graded death benefit will be available to some persons.
5. Life Insurance For Cancer Patients: AARP
A nonprofit with the mission of empowering Americans over 50, AARP. Its life insurance for cancer patients plans are underwritten by the New York Life Insurance Company, which boasts a stellar A++ rating with AM Best, signifying exceptional financial stability.
You can select AARP’s Guaranteed Acceptance Life Insurance if you are at least 50 years old and join the organization. Given that you are not terminally ill, it offers guaranteed approval and waives the necessity for a medical examination, even if you have been diagnosed with cancer.
You can obtain a simple estimate from the AARP website. For the maximum $25,000 of coverage, an average female 50-year-old would pay $111 a month and a typical guy would pay $158. (Please be aware that local rates may differ.) The requirement that you pay for two years before your designated beneficiaries can get benefits should you pass away is a negative.
6. Life Insurance For Cancer Patients: U.S. Home Life
United Home Life is the best option for no medical exam because it offers four simple issue life insurance products without a physical examination required. These simplified issue products don’t need blood testing, medical tests, or doctor’s statements, but you will need to do a 10-minute phone interview and respond to health-related questions.
A free Rider for Terminal Illness Accelerated Benefits is available with the plans. This means that, in the event of a terminal illness diagnosis, your policy will accelerate all or a portion of the death benefit, enabling you to live out the remainder of your days with more financial stability.
If you have a cancer diagnosis, you cannot be denied coverage under a guaranteed issue whole life policy, and as long as you make your payments on time each month, your premiums won’t go up. In addition, plans are offered to people from 0 to 100 years old.
7. Life Insurance For Cancer Patients: Integrity Life
Fidelity Life, situated in Illinois, provides a selection of term, whole life, and accidental death life insurance policies. It had active life insurance contracts of $39 billion and overall assets at $419 million in 2021.
You must answer a medical questionnaire for common policies; a physical exam is not required. Your approval and premium are determined on your health. For persons between the ages of 50 and 85, the RAPIDecision Final Expense policy may offer practically immediate coverage with no waiting periods.
Inquire about coverage after a cancer diagnosis by contacting Fidelity Life. Only the option to assess your health from poor to outstanding is available in the online quote system, which does not have the capacity to incorporate any specific health information.
Conclusion
Having sufficient life insurance in place may become a priority after receiving a cancer diagnosis. Knowing that your loved ones would be financially secure in the event of your passing can give you comfort.
Conclusion: So above is the Top 7 Best Life Insurance For Cancer Patients article. Hopefully with this article you can help you in life, always follow and read our good articles on the website: mrsadvisors.com
