BUY LIFE INSURANCE WITH CANCER WITHOUT WAITING TO BE CANCER FREE
One of the most frightening things a person can hear their doctor say is…”you have cancer.” Treatment for cancer has come a long way, and life insurance companies have come a long way too. If you’re looking for a small amount of life insurance, there are lot’s of companies that will approve you at the same rates they would approve everyone else. Specifically, policies that are called Final Expense or Burial Insurance are fairly easy to get. These are whole life policies that can never be cancelled, the premiums will never change, and death benefit will stay the same as long as you pay your premiums on time.
Once you have been cancer free for a period of two to five years, depending on the company, you will likely qualify for an immediate level death benefit. Final Expense companies are looking for no treatment of any kind including surgery, chemotherapy, radiation therapy and oral medications to be classified as “Cancer Free.” Most companies will go by the date that the cancer was surgically removed if there was no follow up treatment, or the date oral medications ended.
One area that some insurance policies are a little more forgiving is the use of medications like Tamoxifen. Tamoxifen blocks the actions of estrogen, a female hormone, and is used to treat certain types of breast cancer in both women and men.
There are now Medicare Supplements that will now accept applicants who are considered cancer free for more than two years and still taking Tamoxifen. It really depends on the company, but this is one treatment for cancer that many times will not be considered treatment when you are answering the health question to qualify for Medicare Supplement coverage. Unfortunately, most Final Expense and Burial insurance policies will still consider use of Tamoxifen current treatment. If that is your case, you can still get a policy!
If you are receiving treatment or recently had surgery for cancer within the last two years, you can still qualify for the Graded or Modified death benefit with several final expense companies. Modified or Graded policies pay the beneficiary either a certain percent of the policy’s death benefit, or pay them all the premiums you paid in, plus around 10% interest. Here’s the difference on how Graded and Modified death benefits pay out.
Companies that will approve Life Insurance with Cancer after 2 years and no waiting period
Policies that pay the beneficiary a percent of the death benefit – If you can’t qualify for an immediate death benefit, the next type of policy you should go for is a policy that will pay a portion of the death benefit. If you can’t get a percentage payout, then we’ll go for the policy that pays the return of premium plus interest.
I’m going use the Aetna Final Expense policy as the first example.
- If you have not had any treatment or surgery for cancer in the last 2 years, then you qualify for the immediate death benefit.
- If you have been treated or had surgery for cancer during the last 24 months, but not in the last 12 months, you would qualify for their graded policy. It pays 40% if you die in the first year of the policy, 75% in the second year, and 100% there after.
- If you had any treatment in the last 12 months, then you would qualify for the Modified policy which pays the beneficiary 110% of the premiums that you paid in.
The second company I want to mention is Motorist Life. This is a company that seems to accept even the current use of Tamoxifen if you meet the other cancer qualifications. It’s just not cut and dry when it comes to this, so it’s best to talk with us to help determine which level you’ll qualify for.
Motorist Life has just two instead of three levels of coverage. It’s simple. If you have had any diagnosis, treatment or surgery for cancer (excluding basil cell skin cancer) in the last 12 months, you will not qualify. But, if it has been more than 12 months and less than 24 months, you qualify for the Graded death benefit which is 30% in the first year, and 70% in the second year.
If you have been treated or diagnosed as having cancer in the last 12 months then we’ll look for another company. These are two of the best death benefits we have found for anyone who is cancer free for 12 months or less, or who currently have cancer. Motorists Life and Aetna are two of the best Final Expense or burial insurance plans on the market. They are straight forward and don’t look for other reasons not mentioned on the application to decline an applicant. Not only that, but the product is priced competitively.
You would also qualify for any of the Guaranteed Acceptance life policies on the market too. But certainly leaving your beneficiary with 30% to 75% of the entire death benefit beats just a return of what’s paid in plus interest. Here’s an example of some rates. You will see that for just a few dollars more per month, if you are cancer free for more than 12 months, your beneficiaries would have a lot more money to work with if you passed away in the first 2 years of the policy.
Gerber Life Guaranteed Acceptance Final Expense-Tobacco and Non-tobacco rates for return of premium
- Female age 50 $28.14
- Male age 50 $38.51
- Female age 65 $55.46
- Male age 65 $68.29
Motorist Life Simplified Issue Final Expense-Non Tobacco rates for 30% and 70%
- Female age 50 $36.64
- Male age 50 $42.43
- Female age 65 $64.84
- Male age 65 $84.80
START WITH A GRADED AND BUY LIFE INSURANCE WITH CANCER
Once you have passed two years you could qualify for almost all the final expense burial policies offered. There are a few who look back beyond two years. You should understand that you will only be approved if you can also pass all the other questions. Some of the most common questions associated with cancer is the number of times you have been hospitalized, if you need assistance with activities of daily living, and if you are currently receiving home health care.
Remember that each company has their own underwriting guidelines, so it’s best to talk with our independent agent who will advise you on which policies you should apply for.