Life Insurance Coverage With and After Cancer in Canada

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A diagnosis of cancer can immediately cause a whole gambit of emotions. It raises a lot of fears. For many, the immediate thought is that they will not survive this. Next thought may be, what is going to happen to their family financially? For those who do not have life insurance in place, this is a devastating thought for them. Then added to the concerns is that they will no longer be eligible for life insurance. This may not be the case. In fact, there may be a lot of good news for those who have been diagnosed with cancer. For those who are now concerned about life insurance.

Can You Get Life Insurance if You Have Cancer?

A lot of people, in general, are aware of what pre-existing conditions are. As it applies to life insurance. Often the knowledge that they do have about this is based on rumours. Sometimes cancer patients automatically jump to the conclusion they cannot get insured.

Cancer is a Pre-Existing Condition

It is true that cancer is a pre-existing condition. However, there are more considerations that are given to this. By the insurance companies.

The Type of Cancer

There are many different types of cancer. Many of which are now treatable with great success. The Insurance Companies have to look at each one as a separate type of disease. Some of these include…

  • Prostate Cancer
  • Testicular Cancer
  • Melanoma
  • Thyroid (in many cases but it will depend on the tissue type)
  • Hodgkin Lymphoma
  • Breast cancer (depending on the stage the cancer is at)
  • Cervical Cancer

The Cancer Stage

There are different stages of cancer. The staging determines how much cancer is present. Also what part of the body it is affecting. This is important information for the insurance companies. They have their medical experts they rely on. Ones that can help determine the risk factors. Those risks the staging data may create for the insurance companies in having to pay out a policy.

The Advancement

This is going to indicate if the cancer is growing and if it is spreading. The insurance companies will use this as one of their metrics. For determining if the individual is insurable.

Rated Insurance

All of this information sets the insurance company up to be able to determine what their risks are going to be. Their risks are the possibility that they will have to pay out a life insurance premium in a short period. They may provide rated insurance. The conclusion is that the insurance applicant creates a higher risk for the company. Based on this the premiums are higher. How high will depend on the level of risk that is present. Again this is evident by the information provided by the insurance applicant.

Can You Get Life Insurance After You Have Cancer?

When someone refers to “after you have cancer” they are likely talking about the cancer was treated. And it is no longer found in the body. This should create even greater opportunities for buying life insurance. The chances will probably increase. Based on the number of years that the cancer survivor has been cancer free.

Can You Get Life Insurance after Being Diagnosed with Cancer?

There is a misconception. That once an individual has a diagnosis of cancer, then that’s it. When it comes to qualifying for life insurance. What they forget about is what the many insurance companies are now offering. Which is non-medical life insurance. But, this needs exercising caution. There are usually some types of conditions that come with this. Also, there are variations of this type of insurance.

No Medical Life Insurance

Some insurance companies advertise this. It is true that they will not ask for a medical exam. But it may not mean that they won’t ask for blood and urine tests. Also, they will expect the applicant to fill out an application form. On that form, they may ask several medically related questions. About the applicant’s health. The applicant must answer the questions honestly.

No Denials

Then there are some that are advertising Guaranteed Acceptance. It means that no matter what a person’s health situation is coverage is not refused. But, it doesn’t mean that there will not be medical questions on the application. What it means is that yes they will still give life insurance. But, there may be a lot of terms and conditions. For example, high premiums. Or a limited amount of life insurance coverage.

Do Most Life Insurances Cover Cancer?

What needs considering is that every Insurance Company is different. It is a competitive industry. It means that they each have to come up with incentives to draw in new clients. Many are now doing this by being more lenient with pre-existing conditions. This can include cancer.

Shopping for Life Insurance for Cancer Patients and Survivors in Canada

At first, an individual with cancer may be grateful for the first acceptance they receive. They have found an Insurance company that is willing to provide them with insurance. There are several insurance companies that may be willing to do this. It means that the individual should take the time to shop around for their insurance. They need to follow the same regime that a savvy insurance would.

A savvy insurance shopper will get some quotes. Then they will compare these quotes. But, not just based on the premium amount. They need to compare what the coverage is offering. Also, what restrictions may be present. They also need to ask questions. Providing as much detail about the cancer may be a good idea. There may be some positive aspects about it that will make a difference in the premiums. For example, cancer survivors that are not taking any medication. They might be able to get better rates.

Insurance shoppers have a lot of options available to them for insurance shopping. They should take advantage of these. Once they do this once they continue to do this for all their insurance needs.

Resources

https://www.medicaldaily.com/testicular-cancer-and-6-other-curable-cancers-best-5-year-survival-rate-401374
http://www.cancer.ca/en/cancer-information/cancer-101/what-is-cancer/staging/
https://www.cpp.ca/no-medical-simplified-issue-life-insurance/no-medical-guaranteed-acceptance-permanent-life-insurance/
https://lsminsurance.ca/tips/non-medical-life-insurance/insurance-cancer
http://business.financialpost.com/personal-finance/life-insurance-cancer
https://www.trustedchoice.com/life-insurance/coverage-types/critical-illness/cancer/

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