Shopping for life insurance coverage after surviving cancer may seem overwhelming or intimidating, but the process can often be easier than you think. For example, no medical exam life insurance can be a strong option for cancer survivors, because your current health and health history won’t weigh as heavily (or at all) in the application process. Purchasing life insurance can help provide invaluable peace of mind for both you and your loved ones, and you can get started by simply reviewing the types of coverage available to you. In this article, we’ll help you learn more about the different life insurance options for cancer survivors.
Does life insurance cover cancer?
Traditional term and permanent life insurance policies usually cover cancer. If you have a policy in place and pass away from cancer, your beneficiaries should receive the policy’s death benefit. If you’re looking to purchase life insurance after you’ve been diagnosed with cancer, however, it’s crucial to be honest during the application process to determine what your coverage will or will not cover. There are many life insurance policies available to individuals who have or have had cancer; it’s just a matter of finding the right coverage for you.
Types of Life Insurance Available for Cancer Survivors
Although it can seem difficult to obtain a traditional life insurance policy following a cancer diagnosis, there are several different types of life insurance coverage available to cancer survivors. Your approval will also typically depend on factors like the type of cancer you had and the length of your remission. The types of life insurance available to cancer survivors include:
Accelerated Underwriting
Accelerated underwriting allows you to purchase life insurance on a fast track by avoiding some of the medical requirements you’ll find in a traditional application process. Accelerated underwriting will still take factors like your current health and family’s health history into consideration, but unlike other policies, you will not have to undergo a medical exam.
Simplified Issue Life Insurance
With simplified issue life insurance, the medical exam is replaced with a health-related questionnaire. Because your health history and status will not be weighed as heavily as it would be with a traditional policy, simplified issue policies may be a good fit for cancer survivors.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance can also be a good option for cancer survivors. For this type of policy, there’s no medical exam or health questionnaire and it provides guaranteed coverage for those between the ages of 45-85.
SelectQuote Can Help Find Affordable Life Insurance For Cancer Survivors
Shopping for life insurance as a cancer survivor may seem complicated, but we’re here to make it easier. At SelectQuote, our experienced licensed insurance agents can help answer any questions you have about life insurance coverage. In just minutes, we search plans and rates from highly-trusted carriers, quickly finding you the right fit for your needs.
