What Are Your Insurance Options If Diagnosed with Cancer?

Every year, more than 59,700 new cancer cases are diagnosed in the United States. If you have ever received news of a loved one being diagnosed with cancer, you know just how heartbreaking it can be. But knowing that you have medical insurance can help you get through the treatments, ensure recovery, and worry less about your afterlife expenses.

While there are many different types of health insurance, Gary P. Cubeta of Insurance for Final Expense says that guaranteed life insurance no waiting period is what most people consider as the more common vouchsafe for their well-being. There are two critical reasons for this. Firstly, it covers your health until it improves; and secondly, there’s no waiting period. But are there any other insurance choices once you are diagnosed with cancer?

What Are the Choices?

Some life insurance plans are open to you based on your condition, existing health situation, and specifics about your family background. A guaranteed issue policy will cover you until your health recovers while you’re undergoing treatment. And if your cancer is in progress or if you or a close one has experienced cancer, you could be considered for a traditional policy.

Term Life Insurance

You’ll be eligible to receive a term life insurance plan if your present health condition qualifies you. Since the premiums are fixed for a predetermined period, such as 10, 15, 20, or even 30 years, term life insurance is length-defined.

This kind of life insurance covers death expenses, with the survivor or beneficiaries receiving the policy’s benefit as they claim. This is referred to as “the death benefit” in life insurance terminology, ensuring financial security for family members. The insured’s death certificate is needed as evidence when filing a claim.

For Cancer Survivors: Burial Insurance Coverage

The expense of a person’s funeral, including things like a remembrance service and a gravestone, can be pretty high. These are often referred to as the final costs. As a result, after a loved one passes away, a funeral insurance policy will refund the family’s expenses. For cancer patients who have been out of remission for at least two years, a funeral insurance policy might be an alternative.

Guaranteed Issue Life Insurance Policy

This is a no-exam plan that could be right for you if you don’t qualify for permanent or term insurance. Guaranteed programs are for those suffering from or who have already suffered from severe health issues, such as cancer.

After a two-year waiting period has expired since the policy was released, a policy with a rated death benefit would pay out the entire sum. The recipient will collect all costs charged into the account, plus 10% interest if the policyholder passes well before the waiting period expires.

A graded death insurance life policy is available to everyone, regardless of cancer type, but you would be entitled to a $25,000 death benefit.

Why Guaranteed Life Insurance Plan?

Although all options are open to terminally ill cancer patients, experts choose guaranteed life insurance plans with no waiting period. During the first two or three years of coverage, policies with a delay time would not pay the death benefit to the survivors. Your insurance will be wasteful if you do not intend to live too long.

You may be eligible to supplement an existing life insurance policy with extra benefits from your insurer, but this may depend on the current policies and the product you choose to include. For example, if you already have a term life insurance policy and are satisfied with the sum of coverage but would prefer to extend the coverage span, this is most certainly possible.

Information the Insurance Provider May Ask

When you qualify for life insurance after being diagnosed with cancer, the provider will ask you a series of questions concerning your diagnosis and care, including:

  • When was your cancer diagnosed?
  • Your family’s history of cancer
  • Your cancer type and stage, as well as whether or not it had spread
  • Treatments you’ve had, when they started, and when you last had them
  • If you’ve had any recurrence, where your cancer was found, its severity, and whether or not your lymph nodes were infected
  • Where your cancer was located, its size, and whether or not your lymph nodes were affected
  • If you’re currently on some drugs.

Final Lines

Now that you know about all the choices available, it’s time to make a move. Whether you are a cancer patient or a cancer survivor, you always have options for insurance.

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