More and more people are surviving cancer every day and it’s having a tremendous impact on the way life insurance companies underwrite those who survive cancer. Many forms of cancer are very treatable in their early stages and insurance companies have adjusted their pricing to reflect this.
In certain cases, cancer survivors can now even qualify for traditional life insurance. Your best chance is in working with a broker who has experience with higher risk applicants. Remember, the claims experience and underwriting practices can vary sharply from one insurance company to another. Be careful because the wrong broker could cost you thousands of dollars.
Following a recent trend in the industry, there has been the increase in non medical life insurance providers, which is very much something cancer survivors seeking insurance can benefit from. Although, the term “non-medical life insurance” is sometimes mis-used. While it’s true the insurance company does not require a medical on these plans, they still do ask a series of health questions.
In addition, many of these non-medical policies have a two-year waiting period. Meaning, if the insured dies in the first two years by way of non-accident, the death benefit is limited to a return-of-premium plus interest.
Assumption Life‘s Golden Protection plan has lower premiums than it once did and is perfect for cancer survivors. This plan is available without a medical and they will qualify, as long as they were diagnosed with cancer over two years ago and have not had a change in medication over the last two years.
One big caveat in qualifying for this and other non-medical plans is that the insured can not have been declined insurance in the last two years.
Given this, our advice to many cancer survivors looking at life insurance continues to be, use this plan as your worst case scenario and than apply to another carrier to see if you can get a better rate.
If you would like discuss your particular situation in more detail, please do hesitate to call us at 1.866.899.4849.