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Even though Cancer is the second leading cause of death according to the American Caner Society, you can still get burial insurance. In fact, you might even be able to secure the same price as someone that’s healthy and never had cancer!
We have helped many cancer clients secure an affordable final expense life insurance policy, so they could attain the peace of mind they were craving.
Getting insurance after 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 have cancer, please see our article on The Complete Guide to Getting Burial Insurance While Battling Cancer. This article will focus primarily on securing coverage post cancer.
The Reality of Burial Insurance After Cancer
This probably comes as no surprise, but cancer is something that EVERY life insurance company will ask if you have or have had it. The upside to keep in mind is that every insurance company is different and assess risk differently. This means that based on your situation there absolutely could be multiple companies that don’t see your situation as a risk at all. That’s our job, to find those companies that will give you the most favorable review.
Regardless of the health issues your facing, cancer or anything else; just know that burial insurance plans do not require physicals or medical exams. There will be health questionnaires and checking your prescription history, but not tests, exams or invasion of personal space.
If you have cancer now, we pray you get well soon. If you had cancer, we pray that its gone for good. Our goal is to help you through the details to find what your best and lowest cost choices will be so you and your family can create a plan.
How Final Expense Companies Underwrite Cancer
This is where the insurance company is going to use their own internal process to try and assess the risk they might be taking on by offering you coverage. As a whole, there are multiple variables to consider that will ultimately determine what the insurance company decides to do.
Here are the main questions we will ask to get a better picture of your situation:
1. What type of cancer did you have?
2. When was the last treatment (any kind)?
3. When did you last have cancer?
4. How many times have you had cancer?
The answers to these will give us a majority of the information we need to start finding solutions. As you’ll soon find out, when you dealt with the cancer is just as important if not more important than what the cancer was.
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.
Cancer Health Questions
Each funeral insurance company will have their own particular health questions. With that, you will typically see cancer appear in two different sections regardless of which insurance company you are dealing with. In most cases, cancer will be asked about in the “immediate decline” and the “modified/graded” sections. We will break down each below. So, your answers to those questions will quickly start to determine the options you’ll be offered.
Cancer in the Immediate Decline Section
First and foremost, if you say yes to any cancer question that appears in this first section of a health questionnaire, it means that the insurance company asking you that question will not offer you any coverage. Again, every company is different, and we still work with companies that will offer you coverage regardless of your health but that specific company will not offer you coverage. Here’s the most common questions they’ll ask in that first section.
• Do you currently have cancer?
• Have you ever had more than one occurrence of the same or different type of cancer?
• Have you ever had Metastatic cancer that has spread to other parts of the body?
Cancer in the Modified or Graded Section
Just so you know, modified and graded are just industry terms used as labels for their higher risk clients. These plans always have a higher monthly payment and enforce some type of waiting period or reduced payout for the first couple years. This is because they are looking for a way to offset the increased risk.
Here are the most common ways you will see cancer asked about in graded or modified sections.
• In the last 2 (or 3) years, have you been diagnosed with cancer, or received or been advised to receive chemotherapy or radiation for cancer?
• In the last 2 (or 3) years, have you had or been treated for any internal cancer?
Every funeral insurance company will, at minimum, have a 2 year look back for cancers. There is no company that will only ask about cancer within the last 12 months.
This means that if you have had cancer or been treated for cancer (whichever is most recent) within the last 2 years, the insurance company won’t cover you or you will be subjected to whatever penalties the insurance carrier applies.
Possible scenarios you could experience when applying for insurance after cancer.
You Have Had Cancer or Have Been Treated For It Within The Last 2 Years
For the insurance companies that are willing to offer you coverage, it will be a modified plan. Being modified means two things. First of all, expect to pay anywhere from 40-100% more in monthly premiums. Additionally, you will have a full 2-3 year waiting period.
Super Important: If you have had or been treated for cancer within the last 2 years, YOU CANNOT avoid a waiting period.
During the waiting period, the insurer will not payout a death benefit if you pass away for any reason (accidents are still covered). Instead, they will simply refund all your premiums you paid plus interest (usually 10-15%).
If this is your scenario, let us know because it will most likely be cheaper to simply go with a company that doesn’t even ask questions. You’ll still have a waiting period, but your going to deal with that no matter what at this point.
You Have NOT Had Cancer or Have Been Treated For It Within The Last 2 Years
As we mention earlier, some companies will ask if it has been two years while other will ask if it has been three. So even if it’s been two but not three, our options start to open up considerably since the only issue were dealing with is a one-year window difference.
In this scenario, you become eligible for an immediate coverage benefit, and you can qualify for their lowest rate possible. There also won’t be any restrictions or waiting periods. We pray you continue to be free of this horrible disease.
You Have NOT Had Cancer or Have Been Treated For It Within The Last 3 Years
At this point, our options are wide open assuming you have no other health issues). At the time of writing this article, we don’t know of any companies that look back past three years. You will easily qualify for a level death benefit with lots of companies.
How To Find The Best Burial Insurance For Cancer Patients
If you haven’t already figured it out, here are obviously many factors to consider! There are just so many things to consider that we weren’t eve able to touch on because we haven’t started to address what might happen if you’re dealing with other health issues as well. This is one of the biggest reasons why it’s important you work with the right company to find the best burial plan.
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.