If you have just been diagnosed with cancer it will be very difficult to purchase any type of life insurance. Traditional underwritten term life insurance will want to see you cancer free for at least 5 years to be accepted and 10 years in order to get back to standard rates. There are some very small face amount policies usually for final expense that you should qualify for with limits and waiting periods. I highly recommend understanding the policy provisions before you make your purchase. I wish you the very best in your battle and pray you are victorious.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
If you are currently being treated for cancer, you will not be able to qualify for any term life insurance. Carriers will only consider coverage after the completion of your cancer treatment. From there, most carriers will have a postponement period of at least 2 years (most prefer 4-5 years) from the point the cancer treatment was completed.
If you apply for term insurance after this window and can qualify for it, you will likely be assigned a table-rating for your coverage (a table-rating is a percentage increase in premium on the standard risk classification - you can be rated table 1, 2, 3, 4, 5, 6, 7, or 8. Some carriers will offer table ratings up to table 10 or 12, but few do. Table ratings can also be cited as letters - table A, B, C, D, E, F, G, H, etc.). The more time that has passed since the cancer episode, the better risk class you can qualify for because there is a less likelihood of a reoccurrence of the cancer.
During this period, the only life insurance coverage you would be able to secure is Guaranteed Issue Whole Life insurance. These are final expense policies that feature face amounts of $25,000 or less and have a graded benefit period. A graded benefit period is a 2-3 year window (depends on the carrier - most are 2 years) where if death occurs during the graded period, the carrier pays only the premiums that were paid into the policy (unless the death occurred under accidental means - when this happens, the full benefit is payable). After the graded period has expired, the full benefit is payable regardless of cause of death.
I hope the information is helpful - please feel free to contact me for help with your coverage, including quotes and plan comparisons, and if you have any other questions. Thanks very much.
The type and stage of cancer that you have, the treatment that you have had, and the last day of your treatment, all enter into the type of life insurance policy that you can get.
Life insurance for most internal cancers is usually limited to graded whole life during the first year or two after the last treatment. After two years, there are graded term policies available. However, if you have a highly treatable cancer, you might be able to get life term life insurance right after your treatment is completed.
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If you apply for term insurance after this window and can qualify for it, you will likely be assigned a table-rating for your coverage (a table-rating is a percentage increase in premium on the standard risk classification - you can be rated table 1, 2, 3, 4, 5, 6, 7, or 8. Some carriers will offer table ratings up to table 10 or 12, but few do. Table ratings can also be cited as letters - table A, B, C, D, E, F, G, H, etc.). The more time that has passed since the cancer episode, the better risk class you can qualify for because there is a less likelihood of a reoccurrence of the cancer.
During this period, the only life insurance coverage you would be able to secure is Guaranteed Issue Whole Life insurance. These are final expense policies that feature face amounts of $25,000 or less and have a graded benefit period. A graded benefit period is a 2-3 year window (depends on the carrier - most are 2 years) where if death occurs during the graded period, the carrier pays only the premiums that were paid into the policy (unless the death occurred under accidental means - when this happens, the full benefit is payable). After the graded period has expired, the full benefit is payable regardless of cause of death.
I hope the information is helpful - please feel free to contact me for help with your coverage, including quotes and plan comparisons, and if you have any other questions. Thanks very much.
Life insurance for most internal cancers is usually limited to graded whole life during the first year or two after the last treatment. After two years, there are graded term policies available. However, if you have a highly treatable cancer, you might be able to get life term life insurance right after your treatment is completed.