Life insurance financially protects individuals and families from a variety of dangers, including cancer. However, a young person with a family history of cancer may not think that they need life insurance and then develop cancerous tumors. Unfortunately, they may struggle to find a policy to suit their needs after a cancer diagnosis. Learn about a few reasons to get a life insurance policy now.
Family History Often Indicates Increased Cancer Risk
People with a family history of cancer should talk to their doctor about their potential for developing various types of tumors. Unfortunately, an increased cancer risk does seem to run in many families, which may have to do with multiple elements of their genetics. This risk increases depending on the number of people who had cancer in their family.
For individuals who already have life insurance, this increased risk is likely not as worrying. While these people are probably concerned about their own life, they also know that their life insurance will help protect their loved ones if they pass due to cancer.
However, younger individuals who haven’t yet bought life insurance need to consider a policy before cancer develops.
Cancer Diagnosis Complicates Life Insurance Shopping
While individuals with a new cancer diagnosis may be able to buy a life insurance policy, their diagnosis complicates the process in many ways. For example, individuals currently going through cancer treatment might not be able to purchase a life insurance policy until remission.
This guideline states that a person going through treatment is considered a high-risk client, though patients with a good prognosis may be open to some life insurance policies.
Insurance providers also examine a person’s family history to gauge what kind of cancer is present and gauge how well a person is likely to respond to treatment.
The spread and stage of cancer also influence acceptance. A focused cancer that has not metastasized and which is in the early stages may not cause rejection for a life insurance policy.
Keep in mind, each type of cancer affects policy availability in different ways.
Cancer Types Affect Policy Availability
Life insurance providers are more likely to provide policies to individuals with non-metastasized tumors. However, cancers are also rated based on their risk factors and how likely they are to cause death.
For example, nonmelanoma skin cancer is the least severe type and is almost never a cause for life insurance policy rejection. Other types, such as breast cancer or testicular cancer, are a moderate risk and typically may not cause denial if caught early. A policyholder will have to ask many questions, though, and may not provide premium rates to these individuals.
Only a few cancers trigger automatic rejection. For example, leukemia and colon cancer are high-risk types. A life insurance company will almost always reject an application with this type of policy, though if they are in remission for a certain number of years they may be eligible.
Early Life Insurance Purchase Is Beneficial
Therefore, anyone with a family history of cancer should buy a life insurance policy as soon as possible. High-quality life insurance payments help a family overcome the financial impact of losing a loved one, including paying for lost wages, covering funeral expenses, and creating a nest egg for family members who need to find new jobs.
Even better, life insurance payments are usually tax-exempt, meaning that an individual gets all of the money without having to pay any to the government. Contact us at Callis Insurance to get the help you need when trying to pick a life insurance policy for cancer. We will set you up with the best possible rates and protect your family from financial loss.