Receiving a cancer diagnosis is a daunting experience for any individual, and likely the last thought on your mind is applying for life insurance at that time. However, this is likely one of the most suitable times to apply for life insurance to ensure the security of your family. Although difficult, it’s imperative that families with a member that has been diagnosed with cancer do take the time to rethink plans for the future and tweak them. This does not always have to be a troubling conversation, however, as discussing life insurance can be fairly constructive, healthy and beneficial to your entire family.
Before having this conversation with your loved ones, it’s important to understand how life insurance is beneficial for them and whether you can qualify for life insurance. This can become quite confusing, which is why we’ve compiled a guide to understanding life insurance after a cancer diagnosis and how to apply.
Can You Get Life Insurance After Receiving A Cancer Diagnosis?
You can likely qualify for traditional life insurance coverage after being diagnosed with cancer, however, it may depend on a few factors. Most life insurance companies will want answers on the following information regarding your cancer status:
- The date you were first diagnosed with the type of cancer you have
- The type of cancer you were diagnosed with
- Your manner of cancer treatment
- How long you have been cancer-free for
- The stage and grade of the cancer
- Whether or not lymph nodes were involved
- The start and end date of your cancer treatment
- Medications you are taking
With any insurance policy application, you may be expected to wait to hear back for some time. After you have completed cancer treatment, you may have a waiting period, depending on the type of cancer you have, to apply for a life insurance policy.
How To Get Lower Life Insurance Rates As A Cancer Patient
- Gather All Medical Records: This should include your first pathology report and any available medical records of yours, along with the treatment plan you followed afterwards.
- Always Follow Treatment Plan: It’s in your best interest to follow the treatment plan recommended by your doctor. Doing otherwise can jeopardize your ability to qualify for life insurance.
- Get Different Coverage Quotes: Each life insurance company is different in some way, even if the difference is relatively small. Consider getting a few quotes from different life insurance companies to give you more options. You can also hire an independent agent who can find rates for you and compare them.
- Apply After Tests: You should wait until all of your tests and treatment are completed and your health is quite stable to apply for life insurance. If your tests evidently prove that you are in full remission, you can very well qualify for lower insurance rates.
dropdead is committed to offering our clients the cheapest, most secure and reliable life insurance available on the market. We believe that life insurance in Ontario is one of the most important investments you can make in life! Contact us to get a quote and see how much you’re covered at https://dropdeadlifeinsurance.ca/get-quote/.