[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.easyquotes4you.com\/life-insurance-for-cancer-survivors\/#BlogPosting","mainEntityOfPage":"https:\/\/www.easyquotes4you.com\/life-insurance-for-cancer-survivors\/","headline":"Life Insurance for Cancer Survivors","name":"Life Insurance for Cancer Survivors","description":"Quick Navigation Links Show 1 Life Insurance for Cancer Survivors 2 Types of Life Insurance Available 3 What\u2019s the difference? I am glad you asked! 4 Term Life Insurance for Cancer Survivors 5 Permanent Life Insurance 6 Buying Life Insurance for Cancer Survivors 7 Higher Life Insurance Premiums 8 Waiting Period on Natural Death 9.. More<\/a>","datePublished":"2018-09-23","dateModified":"2019-12-17","author":{"@type":"Person","@id":"https:\/\/www.easyquotes4you.com\/author\/site-admin\/#Person","name":"Rob Pinner","url":"https:\/\/www.easyquotes4you.com\/author\/site-admin\/","identifier":1,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/e4da538e10e071b419f4843e8193941a0ff5ad58e937daa177fa846a5124dc4d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/e4da538e10e071b419f4843e8193941a0ff5ad58e937daa177fa846a5124dc4d?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Rob Pinner","logo":{"@type":"ImageObject","@id":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/logo-shape-e1536791917640.png","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/logo-shape-e1536791917640.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/life-insurance-after-cancer.jpg","url":"https:\/\/www.easyquotes4you.com\/wp-content\/uploads\/2018\/09\/life-insurance-after-cancer.jpg","height":857,"width":1200},"url":"https:\/\/www.easyquotes4you.com\/life-insurance-for-cancer-survivors\/","about":["Life Insurance"],"wordCount":2013,"keywords":["buy online","cancer","convert term","experienced agent","group life insurance","high risk life insurance","independent agency","independent agent","insurance","life agent","life insurance","online life quote","permanent life","survivor","term life","universal life","whole life"],"articleBody":" Quick Navigation Links Show 1 Life Insurance for Cancer Survivors 2 Types of Life Insurance Available 3 What\u2019s the difference? I am glad you asked! 4 Term Life Insurance for Cancer Survivors 5 Permanent Life Insurance 6 Buying Life Insurance for Cancer Survivors 7 Higher Life Insurance Premiums 8 Waiting Period on Natural Death 9 Group Life Insurance for Cancer Survivors 10 Can I buy Life Insurance if in remission? 11 Different cancers due affect your ability to buy Life Insurance 12 How does family history of cancer effect my life insurance quote? 13 Using your existing policy to pay for bills caused by cancer Life Insurance for Cancer SurvivorsI am writing this blog to try and clear up some of the misconceptions with cancer and the purchasing of life insurance.\u00a0 If you have had cancer or have it now, you are not completely out of luck.In 2018, the National Cancer Institute estimates there will be over 1.7 million new cancer diagnosis in the United States only. With that said, deaths from cancer have been decreasing over the last 20 years.With new technology and medicine, the survival rates are on the rise.\u00a0 The death rate caused by cancer has fallen 26% since 1991 for men and women.\u00a0 This is exciting news, because we all have been touched by this awful disease in one way or the other.With the advancements in medicine and technology, having cancer now or in the past doesn\u2019t mean you will not be able to buy life insurance again.\u00a0 There is a good chance you would qualify for life insurance depending on the severity of your case and the number of years you have been in remission.Types of Life Insurance AvailableThere are two types of life insurance for cancer survivorsTerm Life InsurancePermanent Life InsuranceWhat\u2019s the difference? I am glad you asked!Term Life Insurance for Cancer SurvivorsTerm life is the simplest of the life insurance products.\u00a0 You have a guaranteed death benefit and a guaranteed premium. Term life is also going to be the cheapest (premium).The downside to term is that you only have it for a certain number of years (10-30 years) before it expires.\u00a0 There is also no cash value accumulation in a term policy. I compare buying term to renting. You basically rent the coverage!Permanent Life InsurancePermanent life insurance for cancer survivors is just like it sounds.\u00a0 You will have this coverage forever (age 121). Most permanent policies have a guaranteed premium and guaranteed death benefit, so it\u2019s key to ask before buying a permanent policy.\u00a0 These policies build up cash value, although the way the cash value is earned may differ depending on the type of policy and the carrier.Buying Life Insurance for Cancer SurvivorsIf you are currently in treatment for cancer, then you will not qualify for a traditional underwritten life policy.\u00a0 Don\u2019t stop reading just yet though, there is an option for you.\u00a0 You would qualify for a Guaranteed Issue Whole Life policy.These are permanent policies that do build up cash value.\u00a0 The premium and the death benefit are guaranteed and lock in at the age you purchased the policy. The best part about these policies\u2026.NO MEDICAL QUESTIONS!! The death benefit amounts range from $5K-$25K.Of course, this is great, but remember the old saying \u201cif it sounds to good to be true, then it probably is\u201d. These types of policies do have two drawbacks:Higher Life Insurance PremiumsDepending on the type of cancer. Life insurance for cancer survivors can have premiums that are substantially higher than a traditional life insurance policy.But remember something is better than nothing. You can always apply later for a traditional policy after you have beaten the cancer. Keep in mind that it\u2019s a good idea to get coverage whenever you can, especially with a cancer diagnosis.Waiting Period on Natural DeathThe death benefit for the first 2 years only pays out if the insured dies from an accident, does not cover natural causes during this time. However, they do return all premiums paid in.\u00a0 After the 2 year mark the full death benefit is paid for any cause.I know you\u2019re thinking that you don\u2019t want to take a chance that you die, and nothing gets paid.\u00a0 I fully understand, but take this into consideration, 2 out of 3 people live at least 5 years after a cancer diagnosis.All you must do is live 2 years.\u00a0 Once again, we recommend buying life insurance even if you are in the middle of treatment.\u00a0 Get the clock rolling on those 2 years as soon as possible.Group Life Insurance for Cancer SurvivorsYou other option to buy life insurance if you are in the middle of cancer treatment is a group policy through your work.\u00a0 These policies usually don\u2019t ask any health questions also and most always are reasonable priced.You need to make sure to ask your HR personnel when open enrollment begins and sign up.\u00a0 The downside to this type of policy is that if you leave work for any reason more than likely you will not be able to carry with you.Can I buy Life Insurance if in remission?If your cancer is in remission there is a good chance that you will qualify for traditional life insurance for cancer survivors.\u00a0 This does depend on how long you have been in remission, what type of cancer, the treatment you received, and what stage it was.Other health factors (such as diabetes, high blood, pressure, high cholesterol, etc.) also will influence your chances of qualifying. We recommend waiting somewhere between 2-6 years before applying for life insurance.\u00a0 You will also want to find an experienced life agent to help guide you through the process.The agent should be able to recommend the company that is going to underwrite your policy favorable according to your cancer recovery.During this process, be prepared to have this information for your agent:The date of diagnosisAny family history of cancerThe dates of the first and last treatment, and what those treatments wereWhat type of cancer, its stage, the location of the cancer, and whether it metastasizedThe size and whether it affected the lymph nodesIf in remission, how longAny relapses associated with the cancerMedications that you are currently takingAll doctors associated with your careHaving all this information handy will make the process go a lot smoother and you will get a decision much quicker.\u00a0 If information is missing the insurance carrier will not decide until the receive all documents.Also make sure you are following any treatment plan that may have been prescribed by your doctors during remission.Different cancers due affect your ability to buy Life InsuranceLife insurance for cancer survivors also depends on what type of cancer you had and its progression. Metastasized cancer that has spread to other parts of the body is considered a higher risk and is usually a decline.\u00a0 Cancer that is localized, or in-situ is considered a lower risk and usually approved.I am going to give you some references to go by:The survivors of non-melanoma skin cancer could be classified as a low enough risk that you could qualify for a preferred rate. Other health issues would factor in also.The survivors of breast cancer, prostate cancer, testicular cancer and thyroid cancer would be considered a moderate risk. You could qualify for a standard rate assuming no other health issues and the severity of the cancer.\u00a0 The longer the remission the greater the possibility of being approved at standard.Other cancers such as Melanoma and cervical cancer are usually classified as sub-standard risk. You will need to be in remission for at least a couple of years to be considered but it is possible.Types of cancer that would probably be a decline are leukemia, pancreatic cancer and colon cancer. Very few cancer survivors of these types get approved.How does family history of cancer effect my life insurance quote?If your family has a history of cancer this could affect your rate even if you have never been diagnosed with the disease.\u00a0 Life Insurance carriers typically look at immediate family members (mom, dad, brother, sister) cancer history (and heart history) before making an offer to the proposed insured.\u00a0 What they look for:Certain types of cancer are considered hereditary, so the carrier will want to know what kind of cancer any immediate family member had.They will also want to the age of diagnosis and if he\/she survived. If your family is diagnosed with cancer in there senior years it is not considered as risky.\u00a0 If they were diagnosed before 50 it will affect your rating.\u00a0 I am not saying they will raise your premium excessively, but you may go from Preferred rate to a Standard rate. I know if doesn\u2019t seem fair, but they have science on their side.Using your existing policy to pay for bills caused by cancerIf you already own an insurance policy, whether it is term life or permanent life, you may be able to access some funds from it to help with any medical or financial bills cause by cancer.\u00a0 I am going to tell you about 3 ways to access money.\u00a0 Remember it is always good to consult an experienced agent like US!If you have a permanent policy, there is a good chance that is has cash value built up inside. Depending on what type of policy, how long you have had it, and how much you are paying will determine how much has accumulated. You can access this money two ways. You can withdraw or borrow (depending on the type of policy) the money. Do know that however much you borrow will reduce the face amount upon your death. Also, if it is taken out as a loan there will be some interest accruing until the loan is paid off. The good thing is you don\u2019t lose the death protection. Your second option is to surrender the policy. Canceling a policy while in the middle of cancer treatment or even in remission is not a smart move. At this point in your life, you will need this policy more than ever. In other words, DO NOT CANCEL YOUR POLICY!!If you have bought a policy in the last 20 years (term or permanent) it probably comes free of charge with a rider that most people don\u2019t even know about. This rider is the terminal illness rider. What this rider does is, it allows you to access up to 80% of the face amount if you are terminally ill. Terminally ill means that you have a life expectancy of 1 year or less. If a doctor has given you this diagnosis, then you would qualify. You would need to talk to a tax adviser about any tax implications. This is great feature attached to life insurance policies especially if the insured is the primary bread winner and cannot work.If you have bought a policy in the last 5-7 years (term or permanent) then you need to examine it carefully. Insurance carries started adding what is called a living benefits rider to some of there polices.\u00a0 It is mostly with term policies, but there are some permanent policies that also have this rider.\u00a0 What this rider allows you to do is access up to 24% of the face amount annually if you have major cancer diagnosis. The amount you receive is based on the severity of the case. Just like the terminal illness rider any amount you receive is does reduce the death benefit.\u00a0 These types of policies give you the best of both worlds. You have death protection and protection from a major health problem.We get calls about life insurance for cancer survivors everyday. We represent over 30 different life insurance carriers across America. We have access to underwriters that we can speak to first about your situation before having to go through a lengthy process, just to get declined. If you have any questions please let us know.\t{\t\t\"@context\": \"https:\/\/schema.org\",\t\t\"@type\": \"FAQPage\",\t\t\"mainEntity\": [\t\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"Can I buy life insurance if I am a cancer survivor?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"With the advancements in medicine and technology, having cancer now or in the past doesn\u2019t mean you will not be able to buy life insurance again.\u00a0 There is a good chance you would qualify for life insurance depending on the severity of your case and the number of years you have been in remission.\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t,\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"Can my family history of cancer affect my life insurance premium?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"If your family has a history of cancer this could affect your rate even if you have never been diagnosed with the disease.\u00a0 Life Insurance carriers typically look at immediate family members (mom, dad, brother, sister) cancer history (and heart history) before making an offer to the proposed insured.\u00a0\"\t\t\t\t\t\t\t\t\t}\t\t\t}\t\t\t,\t\t\t\t{\t\t\t\t\"@type\": \"Question\",\t\t\t\t\"name\": \"What type of insurance can I buy if I have had cancer?\",\t\t\t\t\"acceptedAnswer\": {\t\t\t\t\t\"@type\": \"Answer\",\t\t\t\t\t\"text\": \"Depending on the severity of your cancer and how long you have been in remission will determine what type of life insurance you can buy. 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