At any point in this article you can use our quick quote form or speak to an agent by calling us a call at 888-519-9119
Let’s start by saying that we are praying for you and your family. This is a health issue that effects so many people and we hope you can navigate through this with as little stress and discomfort as possible. Even though Cancer is the second leading cause of death according to the American Cancer Society, you can still get burial insurance.
We have helped many cancer clients secure an affordable final expense life insurance policy, so they and their family could have more peace about their situation.
Getting insurance while fighting cancer is often unnecessarily complicating. In this article, you will find out precisely how life insurance companies measure the risk of cancer, what to expect, and how to find the best burial insurance for cancer patients.
If you currently are in remission or post treatment, please see our article on Buying Burial Insurance After Cancer | Best Advice. That article will focus primarily on securing coverage post cancer.
The Reality of Burial Insurance While Fighting Cancer
This probably comes as no surprise, but cancer is one of those health conditions that EVERY life insurance company will ask about. Since cancer is the second leading cause of death, the insurance company also doesn’t really care about what type of cancer it is. In fact, there’s only two cancers that are viewed as low risk (more on that later), everything else is grouped in a very high-risk category.
How about a little good news?
Burial insurance companies do not require physicals or medical exams. All you will ever do is answer some questions about your health.
How Final Expense Companies Underwrite Cancer
Typically, this would be the point in the article where we break down all the various components of a health situation and list all the different angles an insurance carrier will look at it. The truth is, it’s very simple and straight forward. They will ask a question that will be very similar to, “Do you currently have any form of cancer (excluding basal skin cell or squamous cell) diagnosed or being treated by a medical professional?”
If you answer yes to that question, most of the companies are not going to offer you any type of coverage. For them, they see the risk as too high. They won’t even considering if your cancer is lower vs high risk, or if you stage 1 vs 4. They don’t care if it’s in one easy spot that can be removed with surgery or if it has metastasized, they immediately back away and aren’t willing to take it on.
This can be a bit of a downer for some because you could have a very simple situation, but the insurance company will look at it though a worst-case scenario lens no matter what. On the flip side, your doctor could’ve given you a very unfavorable diagnosis, but you still have every ability to beat the odds and come out stronger.
The Good News
There are still companies that will accept you. Granted, they will impose some penalties so to speak given your current cancer diagnosis.
First, you must accept that if you have cancer, you’re going to have a two-year waiting period. This is completely unavoidable. There is no life insurance company that will offer you immediate coverage.
If you are currently with cancer, your best and lowest cost option would be to take out a no health question policy. There are many companies that offer these. The only difference is what they charge. Presently, Gerber Life is the best option, and we can help you set it up. Below are the rates with Gerber Life.
Gerber Life Guaranteed Acceptance Burial Insurance- Female
Gerber Life Guaranteed Acceptance Burial Insurance- Male
This kind of policy has no questions or medical checks. They simply issue the policy to everyone who applies. They seriously don’t care at that point what your situation is…you could’ve had a heart transplant last week and they would say, “okay”. A Gerber Life guaranteed issue burial insurance policy will cost anywhere from 15-30% more compared to a plan that has health questions. It’s actually a pretty good deal considering they don’t inquire about your health in any way.
You will have to wait two years before ANY guaranteed acceptance policy will pay out any death benefit. If you were to die within the first two years, they would refund 110% of the premiums that you paid them. Thankfully, you can’t lose money, and after the waiting period you are fully protected for life.
Accidents are still paid out at any time, including the first two years.
The 2 Types of Cancer They Do Not Care About
There are some forms of cancer that are non-life threatening and the insurance companies see them as little to no risk. If you have the following two types of cancer you have absolutely nothing to worry about in regard to finding coverage.
1. Basal Cell Carcinoma
2. Squamous Cell Carcinoma
Most final expense life insurance applications will specially mention these cancers as exceptions. These two are also the only time that it wouldn’t matter if you were currently being treated for it when applying, the insurance company would still see it as a non-issue.
In the case of cancer, final expense insurance companies group the treatment for it in the same category as having it. Ultimately, this means having treatment for cancer is equal to having cancer, and vice versa.
There are many types of cancer treatment. If have experienced any of these because of your cancer, these would qualify as treatment for cancer.• Radiation
• Hormone Therapy
• Any prescription drugs meant to treat the cancer, or side effects of other cancer treatments (usually chemotherapy)
Prescription Medications for cancer
There are hundreds of different prescription drugs that are used to treat cancer. If you have filled any of the cancer prescriptions within the last 2 years, most, if not all, burial insurance companies will assume you had or were treated for cancer.
Below is a list of drugs that the insurance company will immediately assume you’re being treated for cancer if they see you have a prescription for them and the prescription has been filled.
How To Find The Best Burial Insurance For Cancer Patients
Simplegacy works with 20+ insurance carriers. Not only will we find a company to work with you, we will find multiple. When we do, we can compare rates and impartially recommend whichever carrier will give you the best value. We are not tied to any single company, which gives us the ability to unbiasedly tell you what your best solution is. Since we only work in the Burial/Funeral/Final Expense Insurance category, you will never have to worry about being “cross-sold” or pushed into a solution that doesn’t make sense in the long run for you.
We are here to help you in any way we can. We will use every resource available to us in order to help you find the best policy that will work for you and your family. Our goal is to approach every scenario the way we would if it was our own family that we were planning for.
Call us at 888-519-9119 or fill out the quick quote form for an instant quote.