Best Life Insurance Companies for Cancer Patients People recently diagnosed with cancer or cancer survivors have difficulty getting health insurance coverage. Most health insurance companies do not offer insurance coverage for cancer patients. However, there are life insurance companies that provide insurance coverage for cancer.
Irrespective of your life insurance company, you can get life insurance policies for cancer patients. After being diagnosed with cancer, you may need to purchase financial protection for your health to make medical finances easier to manage. However, not every life insurance company is willing to cover health, while others are. This write-up contains some of the best health insurance companies for cancer patients.
Best Life Insurance Companies for Cancer Patients
As previously stated, there are different life insurance companies cancer patients can get health insurance from. Some of these companies offer the best insurance rates and premiums to cover cancer patients. The following are some of the best health insurance companies for patients with cancer.
Mutual of Omaha
This insurance company offers an accessible online application where policies are issued along with benefits to some policyholders. They also offer excellent financial stability and policy availability. However, traditional whole life insurance policies are not offered by this life insurance company.
TruStage
You can apply for life insurance and get approved the same day at this life insurance company. This company requires no exams for any policy, making it a convenient choice for cancer patients because it is easy to get. TruStage life insurance may not be a good idea because it provides pedestrian coverage limits and very expensive coverage terms.
SBIL Life Insurance
Another life insurance company best for cancer patients is SBIL Life Insurance. They require no medical exam for policies along with an amount of up to $750,000 in coverage. Great prices for coverage terms are also offered by this insurance company.
Transamerica
This life insurer provides fast and graded insurance policies. They also offer a wholesome $50,000 coverage limit with any medical exam required. Aside from these, Transamerica offers an accelerated death benefit rider, making it a good idea for cancer patients.
Can you get Life Insurance After being Diagnosed with Cancer?
A cancer-diagnosed policyholder needs to be in remission for a minimum of five years to be eligible for life insurance. Patients who have been treated for certain types of cancer, like prostate cancer, skin cancer, and lymphoma, may have a lesser remission period than others.
This is because life insurance companies determine the risk factors for every type of cancer and decide the type of coverage to be offered. However, it is important to be aware that life insurance for cancer patients is different from that for cancer survivors.
Types of Cancer Insurance for Cancer Patients
Cancer patients can select from a variety of life insurance coverage options. Irrespective of the insurer, cancer patients can purchase any of the below life insurance coverage.
- Increasing term.
- Over-50s life insurance.
- Term life insurance.
- Decreasing term.
These types of life insurance are available for cancer patients across different life insurance companies. Each type of life insurance coverage for cancer patients has what they cover. Depending on the coverage you purchase, there will be some limitations to events that may not be covered under your policy.
Can you Get Life Insurance if you Already have Cancer?
Whether you already have cancer or you just got diagnosed with cancer, you can get life insurance. If you are currently undergoing cancer treatments or you have not been in remission for a long period, you may get limited coverage options and high premiums.
But if you haven’t undergone any cancer treatment in the past few years, you may be eligible for traditional life insurance coverage. It allows you to access coverage terms, whole, or universal life insurance policies with high premium limits.
What is the Best Life Insurance for Cancer Patients?
Patients who are undergoing cancer treatment are advised to get life insurance policies best for them. You can get the best type of life insurance for cancer from any life insurance company irrespective of your cancer type.
The only downside to this is that it comes with higher premiums and lower coverage amounts. Some life insurance companies only offer these policies to people age 45. If you’ve been in remission for a while, you need to look for a life insurance company that provides accelerated or traditional coverage for higher coverage and preferable affordability.
