YOU ASK:

Is there any life insurance company that covers pre existing cancer?

WE ANSWER:

This can be difficult, as life insurance companies would usually want to reduce their exposure to risk, and those suffering with cancer are considered high risk. This is usually issued to people who have survived cancer and not to those who are currently undergoing treatment.

However, there still are life insurance companies who offer life insurance specifically for those who have or had cancer. This product is usually sold as cancer life insurance.

There are some considerations before the insurance company agrees to issue the policy:

  • Kind of cancer you have (including the location)
  • The latest stage the cancer was in
  • Current status of the cancer - is it cured? Is it curable?
  • The possibility of a relapse or for the cancer to recur

Aside from having to answer these questions, the insurance company will also require you to undergo a medical exam. It will also ask you to give them access to your medical records. The life insurance company will perform the underwriting process to determine how advanced the cancer has become.

The approval of the insurance will depend on the kind of cancer you have and its curability. For example, some kinds of skin cancer are considered low risk.

Generally, the life insurance companies would wait for over three to five years of your being cancer-free before they will agree to use a policy. In this case, the premiums for the first years will be high. Then, after a set period, such as seven years after cancer treatments have been completed, the insurance company can evaluate and if the insured is judged as healthy, the premiums may be lowered.

When applying for cancer life insurance, as well as any other kind of insurance, you should be honest in providing the information required in your application.

Depending on the product offering of the life insurance company, you can get:

  • An indemnity policy: Provides a specified amount as benefit
  • Expense incurred policy: pays for the actual expenses or a portion thereof, subject to maximum policy limits
  • First Diagnosis Policy: Provides payment when the cancer diagnosed
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