Even if it’s the last thing you want to consider, what are your choices if it does happen? You must be aware that not all life insurance providers will pay for cancer. After receiving a lung cancer diagnosis, there is no guarantee that anyone will pay out, even if they do.
But don’t be alarmed! We’re here to guide you through the process and make sure you have all the information you need to choose your future coverage with confidence.
Can You Get Life Insurance If You Have Lung Cancer
Above all, receiving a lung cancer diagnosis can be extremely distressing for the patient and the affected family members. In actuality, purchasing life insurance after cancer can be extremely difficult.
For instance, the best rating you may ever receive after receiving a cancer diagnosis is a standard rate! This often occurs at least five years following the cancer diagnosis and therapy.
The ideal situation for cancer patients’ life insurance is this.
My father overcame cancer. At 63 years old, he received a lung cancer diagnosis. He received excellent care from the VA because he was a veteran. After some physical treatment, my father who had his upper left lobe amputated, was OK.
Yet approximately a year later, his disease returned and spread to his brain. At this moment, he was receiving gamma knife treatment. He survived once again!
A year later, his disease returned in his bones and quickly spread. At the age of 66, my father passed away.
I share this tale because it demonstrates how an insurance provider evaluates you in your initial years and determines whether to assume the risk.
Just get covered since you won’t be able to acquire it when you truly need it!
How To Get Term Life Insurance With Lung Cancer
It goes without saying that finding life insurance after being told you have cancer or another pre-existing disease is difficult. In reality, life insurance companies will put you through a rigorous application procedure before deciding if you are even qualified for coverage.
Some of the major elements in determining the risk include the following:
- the source tissue (ie. colon, prostate, breast, etc.)
- Stage Diagnosis date
- What kind of therapy
- Time since the conclusion of treatment
- Any relapses or recurrences
Once people are aware of these facts, they can decide for themselves whether or not to take the risk.
Does Life Insurance Cover Lung Cancer
It goes without saying that a lung cancer diagnosis carries a substantial risk factor! Therefore, there shouldn’t be a problem with the death benefits being paid out if you are diagnosed after your policy has been triggered.
Likewise, acquiring coverage if you find out after the fact that you have lung cancer will help you find out the stage, grade, and whether the cancer has spread to your lymph nodes. When trying to obtain a life insurance policy, this is typically a poor sign.
The good news is that you can still get a policy even if you recently received a diagnosis of lung cancer or any other type of illness, like breast cancer. A guaranteed issue life insurance policy or a guaranteed acceptance life insurance policy is what this one is known as.
The benefits of these policies are gradated. This means that if a person dies from a disease during the first two years after the insurance is activated, there will be no death benefit given. But, if a death due to disease did occur, ALL premium payments would be refunded + 10%.
If an accident results in death, it begins to pay out right away!
Here are the leading GI carriers we provide to customers:
- Great Western
- Gerber Life
How Long After Cancer Can You Get Life Insurance
As previously said, a regular rate will be the optimum rate for life insurance for cancer sufferers. In the US, life insurance providers generally follow this practise.
This will, among other things, rely on the sort of cancer with which one is diagnosed. For instance, if you had in-situ prostate cancer and your prostate was removed, you would nearly instantly be able to get regular rates.
But, if you had stage 2 lung cancer, you would need to undergo significant treatment, which would prolong the time until you could achieve the lowest “cancer” rate.
The cancer patient’s treatment was another issue that will impact when you receive that typical rate. Below are some possible therapies for lung cancer, depending on the stage of the disease:
- Radioactive Materials
- Using Hormones
All of these will influence the rate or even the likelihood of approval.
How To Prevent A Diagnosis Of Lung Cancer
Even if you follow these precautions, there is no guarantee that you won’t develop lung cancer. But, prevention is the key, and taking preventative measures is the greatest way to lower your risk.
Here are some proactive and preventative measures you can take.
- Prevent secondhand smoke
- smoking by refraining from doing so.
- balanced fruit and veggie intake
- 3–5 days a week of exercise
Lung Cancer Statistics
These are some figures on lung cancer. I am displaying these to you because life insurance companies base their determination of rate class entirely on statistics.
These figures are based on data from 2016.
- Lung cancer was discovered in little about 250,000 US consumers.
- In 2012, there were just under 2 million new cases of lung cancer worldwide, and there were more than 1.5 million fatal cases.
- Lung cancer has a 5-year survival rate of roughly 18%.
Be prepared and lessen the danger!
Frequently Asked Questions About Lung Cancer and Life Insurance
Can life insurance be purchased after cancer?
It could take two to five years, depending on when the cancer was discovered.
Do cancer patients receive life insurance payouts?
Yes, provided you had the policy prior to receiving a lung cancer or other cancer diagnosis.
If you pass away from cancer, do you have life insurance?
Cancer is seen as having a natural cause. Once more, the policy will pay out if it was engaged before the diagnosis.
The main message is to quit delaying coverage since you won’t be able to get it when you need it. For people with lung cancer, you don’t want to be the one to obtain life insurance.
Thus, do not delay getting checked if lung cancer runs in your family. YES, THAT COULD OCCUR TO YOU! Purchase insurance right now or a cancer-covering critical illness policy.
Again, it can be quite challenging to obtain life insurance after receiving a lung cancer diagnosis. Employ the ideal agent!
Anytime, contact us at 855-380-3300, ext. 1.