Life Insurance for Cancer Patients

A life insurance policy is a contract between a person and a life insurance company that specifies an amount of money payed to beneficiaries after the death of the policyholder. The life insurance quotes depend on the type of insurance acquired. Life insurance for cancer patients are more difficult to obtain.

Many people diagnosed with cancer can have money issues because of the treatment costs and medical bills. A previous life insurance doesn’t cover everything, but there are certain financial resources available to help deal with the costs of the disease such as health insurance, disability benefits, living benefits from life insurance policies and government programs.

The new Affordable Care Act (ACA), signed into law in March 2010, aims to increase the insurance coverage and reduce the costs of health care. Insurance companies are required to cover all applicants and offer the same rates for pre-existing conditions. Life insurance for cancer patients often require a higher premium. The National Cancer Institute’s “Surveillance, Epidemiology, and End Results” (SEER) database provides the insurance companies with information about the diagnosis stage, tumor location, morphology, follow up procedures and patient demographics.

Most companies don’t offer life insurance for cancer patients still undergoing treatment, although they may become eligible for lower premiums and re-evaluations if they have a good prognosis. The price depends on the type and curability of the cancer. Non-melanoma skin cancer is considered low risk and a skin cancer history may not affect the quotes.

Insurance companies can also add a surcharge, a temporary flat extra that disappears after a preset period of time. Treatable forms of breast, thyroid, testicular and prostate cancer can fall within a standard rating. Applicants with leukemia or colon cancer can get a substandard or high substandard rating, and those with metastatic cancer probably won’t be able to get a insurance. It is more difficult for smokers, people with multiple cancers or cancer combines with kidney or heart disease to purchase a policy.

If other family member live with a cancer patient, a life insurance policy that covers the mortgage is a good idea. If another wage earner lives in the household, he or she should purchase the same policy so the mortgage will be paid in full in case of death. A person in complete remission for at least five years can get a reasonable price. Even people that are single and have no children should consider life insurance, in case another serious medical problem that may affect their ability to obtain a policy occurs.