Fighting cancer on its own is a very hard thing for anyone and their family to go through. If you had a term life insurance policy before you got cancer, you might have been able to use the accelerated death benefit to help pay for your cancer treatments and other medical expenses.
But now that you no longer have cancer and have been given a clean bill of health, your term life insurance company may have decided not to renew your policy or to raise your premiums by a lot. Since you are now considered a "impaired risk," it is hard to find affordable coverage. People with pre-existing medical conditions or long-term health problems like diabetes or high blood pressure, as well as those who get cancer, are addicted to drugs or alcohol, or have been convicted of a felony, are all considered impaired risks. People who are considered to be bad risks often can't get insurance. If an insurance company is willing to sell a policy to someone with a high risk, the premiums are much higher than for a standard policy.
In recent years, however, insurance companies have started to find ways to work with people who have health problems, or "impaired risks," even cancer survivors. It is important to look for "specialists" instead of "generalists" when looking for a term life insurance company. Getting insurance for people who have had cancer or are at a higher risk of getting it has never been easier or cheaper.
How to Get Your Insurance
A good thing about term life insurance companies that specialise in cancer survivor and impaired risk term life insurance is that they do not use a general health check list or have one set of rules that everyone must meet to get a policy. Each case is looked at on its own. So, if you had cancer and beat it, your health would be carefully looked at. You might even have to send in medical forms signed by your doctor that say how your health is now. If you are in remission and live a healthy life, you should no longer have trouble getting basic coverage.
Modern insurance companies also use something called "clinical medical underwriting." Before this new system, insurance companies used a standard mortality table that was based on data from 30 years ago. This new system takes into account all the medical advances and lifestyle choices that allow people with medical or disability problems to live long and useful lives. Insurance companies now set their rates for cancer survivors with a higher risk of dying early based on how much they know about each case. This means that you should be able to get the best coverage for as little money as possible.
Don't worry if you can't get term life insurance for impaired risk because of some reason. A guaranteed issue policy is one that you can always get. This kind of insurance is expensive, but you don't have to get a physical and there are no questions about your health on the application.
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