Contrary to what a lot of people believe, there is a possibility in some instances for cancer patients to be eligible for life insurance. Insurance for cancer patients is not an easy thing to do to get, and many elements determine whether you qualify to receive a life insurance policy. The most important thing to consider is that you are generally in remission for a long time.
But, it isn’t the most crucial aspect. Other factors are important, and understanding them will assist you in obtaining the most favorable price for your post-cancer insurance.
Four Factors Affecting the Cost of Life Insurance for Cancer Survivors
- Paperwork
The more documentation and paperwork you can provide for your situation, the better. Do not leave anything to chance or imagination. Discuss with your doctor how to complete the insurance forms and ensure you prepare to submit any information the insurance company requires.
- The Duration of the Cancer Remission
As long as your body is free from any cancer and more streamlined, you will find it easier to secure an insurance policy for life. The costs will drop with time. It is a good thing as life insurance policies for those with cancer is more expensive than standard policies. If you wait a little longer, it could provide you with lower rates.
- As Per Your Doctor’s Prescriptions
You’ll be required to make reasonable efforts to safeguard your health and adhere to any medical advice designed to decrease the recurring cancer risk. You should follow what your doctor recommends for your ongoing recovery. And when possible, record this if the insurance company demands it.
- Think About a Guaranteed Issue Life Insurance Policy
These policies, known as a guaranteed issue, are an example of life insurance that is the last choice. They do not require requirements for health, aside from being of the age of 75. However, they are more costly to obtain. Additionally, they may be a graduated payout, meaning you must maintain the policy for several years before any payout will occur. The premiums will return to your surviving family members if you die before.
Guaranteed issue policies may not be ideal for everyone. However, for certain cancer patients, this is the only choice for life insurance.
If you’re individual suffering from cancer in need of insurance, Ottawa Life Insurance may be able to assist. Please get in touch with us at (613) 454-1424 or email at info@ottawa-lifeinsurance.ca for a life insurance quote.
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