Life Insurance After Cancer
Purchasing life insurance can be beneficial to those who are battling with the disease. As you continue with cancer and overcome it, your life insurance premiums can continue to decrease because the threat of reoccurrence goes down. All types of cancer are eligible to purchase life insurance over a pre-determined length of time. It is true that someone with one form of cancer may be able to get life insurance cheaper than that of another cancer survivor. It depends of the severity of the cancer, what medications that you may be on, and what the recovery time is.
Your first battle may have been with cancer. The disease affected nearly 1 million people in the year 2003. You may have been lucky to have fought and won. The recovery period came and went with little or no complications. Now it is time to buy a life insurance policy. Guess what? Another battle has just begun. For those who were diagnosed and have survived for 5 years, you are fighting along with the insurance company too. It is not impossible to find and purchase life insurance; it can just get very challenging.
Each insurance company is going to be different when it comes to offering you a policy. Most rely on the basic facts regarding the type of cancer that you have. The size and location of the tumor will also be deciding factors. Someone who had a type of cancer less severe than that of another potential policyholder may receive a policy faster. Everyone who has cancer or has beat it has to wait and see if the cancer will return or cause other life threatening medical conditions before an insurance company will agree to cover them. For example, a person who had lung cancer and beat it might have to wait for a period of up to 10 years before receiving life insurance benefits. For a breast cancer survivor they may only have to wait 3 years or less.
Unfortunately, most insurance companies will only offer a policy to you once you have undergone treatment for your cancer. If you have gone through treatment successfully, then insurers are more than happy to offer you coverage. There is a downside though. Since you have had a serious medical condition, your monthly premiums could possibly be a higher rate than that of a cancer free policyholder. The premiums will be at their highest when the threat of the cancer returning is the greatest. Once you are out of the woods, so to speak, the premiums may drop.
The best thing to do is shop around for a life insurance policy. Speak to different insures and find the one that suits you best financially. Keep your cancer progress, including treatment, documented. All doctor’s names and visits should be written down so that the insurance company has a complete record of your medical condition. This way every stage of the cancer is on hand for them to view before and after they approve you for a life insurance policy.