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How to Buy Life Insurance After Being Diagnosed with Cancer

Update Date: Oct 22, 2019 08:58 PM EDT
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How to Buy Life Insurance After Being Diagnosed with Cancer
(Photo : How to Buy Life Insurance After Being Diagnosed with Cancer)

Buying life insurance is one of those tasks that we never want to think about. It seems like there's always an excuse to push it off or wait until you get that new job that comes with a policy bundle. 

But there's no hiding from this necessity when you're staring down a cancer diagnosis. After undergoing an MRI for cancer screening, your next step should be to look at life insurance policies that work within your budget. These save, less invasive tests are one of the top ways of identifying cancer today. Whether you're looking at a particularly severe diagnosis or you're coping with a false alarm these tests can be a huge indicator that it's time to take your insurance policies more seriously. After all, these policies can help both you and your family. 

But how do you buy insurance when you're diagnosed with cancer? Here are some of the best ways to find a policy that works for you. 

Choose your insurance provider 

Did you know that there are different ways to get your insurance. While most people opt for bundled policies through work or the recommendations of family members, there are three primary ways to get insurance coverage. These include contacting an insurance company, going through an independent insurance agent, or using an independent broker online. 

Each option comes with its pros and cons depending on your preferences. Online broker options are easy to compare with competitor prices. However, trusting your local independent agent might give you the personal touch you crave. There's no harm in reaching out to a number of insurance companies to discover what you need from a policy. 

From there, you can talk to your insurance provider about the type of coverage you need. More often than not, people with chronic medical conditions, like cancer, will opt for term insurance. Term insurance means that you pay a premium that covers your medical expenses. Should you pass away, term insurance policies can even help cover the costs associated with your passing. But some people looking at more serious cancer diagnoses might ask "can I sell my life insurance policy?" Through a life settlement, you might be able to get cash right now. However, it's important to keep in mind that brokers charge a commission to settle this sale and you will likely get less than you expected. 

Partake in a medical exam

One of the first things you will need to do upon choosing a life insurance provider is engaging in a physical exam. Life insurance policy holders are typically divided into categories based on risk. The medical exam is a simple way to determine how much of a risk your health is to the insurance provider. For example, a young, healthy person might fall into the "preferred" class while someone with a higher BMI or chronic, non-life threatening condition may fall into the "standard" class. These broad categories can help determine your overall rates.

Keep in mind that you might get rejected by some companies following a cancer diagnosis. While this might be disheartening, you should keep trying. Many companies will change their mind if you're able to prove that treatment options have been effective. Discovering the right agent for your needs, however, can make all the difference. 

Most insurance providers rely on the SEER database from the National Cancer Institute.That stands for Surveillance, Epidemiology, and End Results. This means that medical practitioners and insurance providers will look at data from over one million patients to help determine your life expectancy and other important factors regarding your treatment. 

For some term insurance options, you might not need to engage in a medical exam. This typically results in a higher premium but it guarantees that you have coverage despite a grim diagnosis. It's worth talking about with an experienced advisor before you make any decisions. 

Know that you're not alone 

Whether you've recently been diagnosed with cancer or you're one of the many people in remission, it helps to know that you aren't alone. Insurance providers cover a number of people suffering from cancer diagnoses. Your case isn't the first and it certainly won't be the last. Don't hesitate to reach out for financial help today.

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