Cancer and Life Insurance
Shopping for life insurance can be a difficult and time consuming process, and that is even more true for those who suffer from serious medical conditions like heart disease, high blood pressure, diabetes or cancer. In fact cancer sufferers and survivors often assume that they will not be able to purchase life insurance at all because of their condition.
The good news is that a diagnosis of cancer, or a history of the disease, does not automatically disqualify an individual from life insurance coverage. Life insurance companies can and do write life insurance policies for those with such a diagnosis, and no person should go without the coverage they need due to this kind of fear.
The key to getting the coverage you need despite a difficult medical diagnosis is to shop around as much as possible. Many life insurance companies provide special policies for those with a history of health problems, often with no medical exam required. Often life insurance policies that are advertised as guaranteed issue or no medical exam can be a good choice, especially for those patients whose battle with cancer is a recent one.
Those who have been cancer free for more than five years may find more options available to them, including life insurance policies that require a medical exam. While undergoing a medical exam to obtain insurance can be time consuming and frustrating, these types of policies can be quite a bit less costly than those who guarantee coverage to all. Many former cancer patients will find the cost savings well worth their time.
Those patients who are having trouble obtaining the life insurance they need may be able to find help in a number of ways. One of the resources available to help those with insurance issues is the state insurance commission. States around the country have set up these bodies to help consumers navigate the sometimes difficult waters of insurance shopping, and the state insurance commission can be a good resource for consumers who are denied coverage due to a preexisting condition or other medical problem.
Organizations and charities that work with people facing cancer can also be good resources. These charitable organizations are typically full of people who are well versed in the ins and outs of life insurance and other types of coverage, and they often have connections that can help those who have been denied get the coverage they need.
High risk life insurance pools can also be excellent sources of information for those having problems finding the life insurance coverage they need to protect their families. Many states have established high risk pools that allow individuals to purchase insurance at group rates, rates that are often quite a bit lower than those individuals could get on their own. These high risk pools can also be a good choice for those who have been denied coverage by other insurers.
Dealing with a cancer diagnosis is hard enough. Problems with life insurance can compound the problem and make an already difficult situation even harder to deal with. That is why it is so important for every patient to understand the resources that are available and research their available life insurance options.