Term Life Insurance for Cancer Survivors
Term Life Insurance After Cancer and Other Impaired Risks
Battling cancer on it’s own is probably one of the toughest things the average person could go through in their lifetime. Not just for them, but for their families as well. It exhausts every last resource you have physically, emotionally and even financially. But with the medical advancements being made today, many are escaping the once formidable death sentence and are given a clean bill of health. A relief in so many ways, but one cannot help but feel the effects of coming face to face, even briefly, with your own mortality and the worries that come as you ponder what will happen to those you leave behind. And so, with new resilience, many people begin to seek out life insurance policies that will protect their loved ones after they’re gone.
But as you begin the search, it won’t take long to discover that many companies out there will do one of two things. The first is that they don’t offer you any policy at all because with your previous health record, you are considered to be too high risk. The second option is that they’ll look at your previous health record and offer you a plan with sky-high premiums! All of a sudden it’s a struggle to find affordable coverage – the reason is you are now considered an “impaired risk.” It has a lovely ring to it right? Impaired risks are not just people with cancer, but those with any pre-existing or chronic disease such as diabetes or high blood pressure, those addicted to drugs, or alcohol, even people who commit felonies are considered to be at “impaired risk.” All of these conditions used to mean that the insurance companies could raise your premiums through the roof, making it next to impossible to afford. Many people felt discouraged and felt like there was nothing they could do to help ease the financial burdens their loved ones might feel when they were gone. Because of this, private companies got together and made some changes.
Good news! If you look hard enough, there are term life insurance companies out there who specialize in working with cancer survivors and others with impaired risk. If you can find a lender in this arena, you’re much better off than the insurance “generalists” out there because you will get better coverage at an affordable rate.
Obtaining Coverage
Agents in this specialty do not operate with a generalized health check list or have a set of blanket requirements to obtain a policy. On the contrary, each case is evaluated on an individual basis. You will more than likely still be required to obtain a thorough health evaluation and possibly submit medical forms signed by your doctor, but that’s a small price to pay. If you are otherwise healthy and live a healthy lifestyle, getting coverage should no longer be a problem!
It is also important to note that many up-to-date insurance companies now utilize a method called “clinical medical underwriting.” Before this, insurance companies used data from a 30 year old standard mortality table. It takes into consideration all the “current” medical advances and lifestyle choices that allow people with medical/disability problems to live long and productive lives. Well, times certainly have changed since then and we’re finding new ways to live longer and live healthier than we did three decades ago. Now, insurance companies base their impaired risk premium rates on knowing more about the lifestyles of INDIVIDUAL cases. This means that you should be able to get the best coverage for your money.
Finally, in a last ditch effort to obtain a term life insurance policy, and therefore some peace of mind for when you’re gone, you are always eligible for a guaranteed issue policy. This type of coverage is a lot more expensive, but they do not require you to submit a recent medical exam or answer any health questions. So the choice is yours. Overcoming cancer is a huge accomplishment and the last thing you want is to feel well, but still have others see you as “impaired.” By doing a little extra work, you should be able to find a term life insurance policy that will provide you with good coverage for your money and the peace of mind you rightfully deserve.
