Today we're gonna be covering is can you get life insurance coverage if you have cancer? all right so we're gonna dive into the details on what you'd want to know if you have cancer. can you get it yes or no. how much is it gonna cost and what are all the different variables going to be that will affect if I can get coverage!
Can you Get Life Insurance if You have Cancer? USA 2022
So stick with us and let's jump into it all right so let's go ahead and dive into those details about how having cancer or having had cancer is going to impact your ability to apply for whole life insurance and again that's going to be specific to whole life.
so we're not going to be covering term insurance in this article. whole life also known as burial insurance or Final expense insurance that type of terminology that's what we're going to be focusing in and keying in on today.
The other thing that is really important to just let's go ahead and get it out of the way right now and that is other than basal skin cancer. every other cancer out there the insurance companies are going to treat them the exact same way all right. so I do apologize because there are a lot of videos out there that we have put out that have several different titles like how to get can't or how to get life insurance if you have liver cancer or kidney cancer usa?
so it doesn't matter if you have stage 1 cancer or stage 4 cancer it doesn't matter if your cancer is considered less aggressive or more aggressive. if you have any cancer other than basal skin cancer it's all the same. so let's go ahead and jump into that more specifically really.
the insurance carriers are going to look at a two-year timeline this timeline is probably going to be one of the more important things to keep in mind. as it relates to applying for the insurance because this is going to be the biggest threshold on determining what you're gonna pay and how they're going to cover you when you get that coverage.
so first of all anybody that has been diagnosed or treated or taking any medication in the last two years is going to be looked at as somebody that is still having a higher risk and so therefore they're gonna be getting a different type of policy.there okay the good thing about whole life insurance that I like is that it seems to be pretty simple and straightforward when it comes to the terminology.
they're not trying to throw you off for a trick you whenever they're labeling some of these policies and so when you have life insurance for a whole life you're gonna.see really two different categories .
you're gonna see something called simplified policies and then everything else you just put into the second category. You can name that category whatever you want you might see something that says graded. you might see something that says modified you might, see something that says guaranteed-issue.
but really all of those here in a second I'm gonna explain that they're really all the same thing. so simplified that is exactly what it sounds like that is the insurance company saying this is a very simple issue you have little to no health issues straightforward simple.
if you are this age and you want X amount of coverage here's what your price is going to be everything else is just a different take on how to handle riskier situations okay so and the different terms really can mean different things. but at the end of the day it's all the same approach which means.
they are changing up the strategy on how they can offer you coverage because your health situation is causing a higher risk situation that they need to adjust for when they're pricing it out.
So a graded policy is something where if you die in the first first year second year or third year they kind of have a graded schedule on which you will get paid out when you pass away. that's how a graded policy can work a modified or guaranteed-issue policy might look something more like.
we will cover you but if you pass away from natural causes within the next one two or three years everyone's different so it might be one it might be two it might be three. it just depends but they will put they will tell you that if you pass away within that time frame you might not get the full amount just get your money back plus a return of interest on that money.
If you've been diagnosed medically treated or taken.medication.for your cancer within the last two years you're gonna be on some type of policy that has all of those other policies.
it's not until after two years of remission or two years of you taking those medications and having still doing well that insurance companies are gonna start to price you out and give you quotes.
The same way that they would give somebody that is completely healthy that doesn't have cancer.
So again even if you are in a situation to where maybe you're you know maybe your cancer is is considered more aggressive or from a statistical standpoint you know that the odds just are they're not in your favor as much as they would be with another health situation.
That doesn't mean that this is a bad decision it doesn't mean that it doesn't make sense because you're not gonna find a spot where you can park your money.
So this was our full explanation Can you Get Life Insurance if You have Cancer? America usa. I hope you liked the article if yes make sure to share with others.