It’s an unfortunate reality that cancer is costly. While insurance is designed to help patients defray medical costs, cancer coverage is often a process filled with red tape, loopholes and a lot of headaches.
Immediately after a cancer diagnosis, those who are uninsured will likely start researching getting life insurance with cancer, while patients who currently subscribe to a policy may explore their coverage to see what’s included, what’s not and how to bridge those gaps. Both will likely encounter some roadblocks. Getting life insurance with cancer can be more challenging than it should be, as providers may deny the person because cancer can be considered a pre-existing condition; the same approach may be invoked even for those who have long been paying into their insurance policy. Given the rising cancer rates in the country, some insurance companies have instated specific cancer insurance policies to help patients navigate the exorbitant costs associated with treatment, many of which may not be covered by their primary insurance.
However, in most cases, plan participants need to sign up for this coverage before a diagnosis, making getting life insurance with cancer through that company a nonstarter. Even those predisposed to cancer may not seriously consider that they would develop the disease, nor would those who are otherwise healthy, so thinking ahead and paying extra premiums in case often isn’t on most plan participants’ radars.
What then can patients do to defray treatment costs? Programs like Life Credit’s Living Benefits Loans allow patients to tap into another resource besides health insurance: life insurance. This initiative connects patients with up to half of their life insurance policy’s death benefit, providing immediate financial assistance to help them meet the costs of cancer. Getting life insurance with cancer can be a dead end for many patients but drawing upon another insurance product they may already have can be a vital source of financial help for cancer patients.