Can you get life insurance when you have cancer? That’s a question many patients ask themselves after a diagnosis, as they grapple with the reality that the future is uncertain—and they want to support and prepare both their families and themselves.
Life insurance can be a valuable financial tool for cancer patients, with some policies that build cash value and others that allow beneficiaries to pay for final expenses in the case of a terminal diagnosis. However, it can be hard to envision such an outcome, especially when you’re young and healthy, which is why many people find themselves in the position of being diagnosed with cancer and not having life insurance.
What are Your Life Insurance Options After a Cancer Diagnosis?
- Speak to your insurance provider and ask, can you get life insurance when you have cancer? Policies vary among companies, but it is common for those currently undergoing treatment, or who have been diagnosed within the last few years, to be ineligible for traditional term or whole life policies; depending on the company, however, they may allow them to purchase a policy but at a much higher rate.
- Consider a final expense policy, which is geared toward terminal patients who want to help provide for their families in their final days.
- Explore guaranteed issue life insurance policies. A guaranteed issue life insurance policy is a type of whole life insurance that does come with a much higher price tag and less coverage—but can be a good option for patients who’ve been denied access to other types of policies. There is no medical exam involved and applicants don’t have to provide a health history, with premium rates based on age; this type of policy is most often reserved for those over 50, but if you’re a cancer patient under that age, you may still be approved by some carriers.
- Consider how many years past your initial diagnosis you are. If you’re asking about can you get life insurance when you have cancer and you’re several years past your diagnosis, you may be better situated for competitive rates. Carriers will base the type of policy and rate you’re qualified for based on the type of cancer you had, when you were diagnosed, how long it’s been since your last treatment and your wider health history.
While applying for insurance during or after cancer treatment can mean a few extra steps, when you explore all of your options and weigh the many considerations that need to be looked at, it’s possible to secure a plan that can help provide you financial security for the future and needed peace of mind.
Can I Borrow Against My Current Life Insurance Policy?
Yes, you may be eligible to borrow against your life insurance policy’s death benefit. Life Credit’s Living Benefit Loan program offers financial help to those managing cancer and other serious illness. Take a look at our simple loan process. Schedule a loan consultation online or contact a professional counselor at 888-274-1777.