Life Insurance for Cancer Patients

Can’t find life insurance because you have been diagnosed with cancer?

There are life insurance policies available even if you are currently being treated for cancer.

Most people will not be approved for traditional life insurance policies if they are currently undergoing treatment for cancer.

What Type of Life Insurance is Available for Cancer Patients?

If you currently have cancer and are receiving treatment, or have been recently diagnosed with cancer, there is one life insurance option available to you.

It is called Guaranteed Issue Life insurance which just about anyone can qualify for regardless of their health, age or physical disability.

In most instances, you will not even be required to take a medical exam or even answer a medical questionnaire. You simply apply and in the majority of cases, you will receive immediate approval.

How Guaranteed Issue Life Insurance Works

Guaranteed life insurance is designed specifically for people in your situation as everybody should have the opportunity to buy life insurance to protect their loved ones financially.

This type of policy is available in both the form of a term insurance policy and a whole life policy.  The term life insurance policy is more affordable because it pays out death benefits only. A whole life policy also contains a cash accumulation feature so it is more expensive.

Does Guaranteed Issue life Insurance Cost More?

The answer is yes, but it is not as expensive as you might think.  The main reason that this type of policy costs more is that the life insurance company is insuring you without the benefit of a medical examination.  Because their information is much more limited in how they rate a person, they are taking more of a risk to insure you.

Another thing to keep in mind is that there are usually much lower coverage amounts available then what you would otherwise be able to buy.  Depending on the insurer, you can buy coverage amounts usually ranging from a minimum of $ 1,000 in coverage up to as high as $50, 000 in coverage.

Most insurers top out their maximum coverage at around $20,000 or $25,000 dollars.

Sample Quotes for Guaranteed Issue Life Policies

I did some research and have provided some sample quotes for males in the age range of 50 – 80 years of age for different coverage amounts ranging from $5,000 to $20,000.

Guaranteed Acceptance Life Insurance Quotes for Male Aged 50 – 80

Monthly Rates

Age                            $5,000 Policy       $10,000 Policy        $15,000 Policy       $20,000 Policy

50 Year Old Male             $21.46             $40.66                          $59.87                   $79.07
55 Year Old Male             $24.21             $46.16                          $68.12                   $90.07
60 Year Old Male             $27.90             $240.00                        $79.21                  $104.87
65 Year Old Male             $33.01             $63.77                          $94.52                  $125.28
70 Year Old Male             $40.62             $78.98                          $117.35                $155.72
75 Year Old Male             $51.62             $100.99                        $150.31               $199.73
80 Year Old Male             $67.52             $132.79                        $198.05               $263.32

(Disclaimer: These quotes are good as of April 2, 2013)

…(continue to part 2)