Life Insurance for Seniors with Cancer
Having a history of cancer in the past does not automatically exclude you from buying good life insurance for seniors with cancer, but a recent occurrence of some severe forms of this disease might limit options. Insurance companies with strict underwriting rules will probably need to determine that an applicant has been cancer free for at least 24 months. They may also want to be assured that the applicant lives a very healthy lifestyle now, so smokers with a cancer history might get declined. Smoking or other medical complications could certainly make it tougher to pass underwriting standards for cheaper premiums.
We can help you find the right life insurance policy for yourself or for your aging parents. After you input your ZIP code into our online form, the system will show you quotes from the best senior life insurance companies in your city. You can click each option to learn more, and you are also welcome to call for more information.
No Exam Life Insurance for Seniors After Cancer
Some term life insurance can be sold without requiring a life insurance physical, but that doesn’t mean that applicants won’t have to honestly answer health questions. Additionally, insurance company underwriters might check other sources of information, like the Medical Information Bureau. In a few cases, underwriters might even ask for a physician’s statement to confirm answers on the application.
In any case, cancer patients might find affordable policies with large maximum death benefits after being declared cancer free for at least two years. Senior citizens who cannot demonstrate that they have been cancer-free might have to turn to a type of permanent life insurance that is sometimes referred to as a burial or senior life insurance policy.
These are some typical features of life insurance for seniors with cancer:
- Type of insurance: These are generally small whole life insurance policies with a death benefit that ranges from a few thousand dollars to several thousand dollars.
- Application process: Typically, these policies have very short applications that only take a few minutes to complete. Often, they can be done online, over the phone, or through the mail.
Average burial insurance quotes will be somewhat higher than they are for term. That is because whole life is a permanent form of life insurance that never expires as long as it gets paid for and can even grow a cash value.
Getting Life Insurance for Seniors with Cancer Approved
Underwriting tends to be quite relaxed on these policies because life insurance companies know that they are selling them to older people. Simplified issue policies only require the answer to a few basic health questions, and guaranteed issue policies don’t ask any health questions at all.
However, most relatively active and healthy senior citizens can qualify for a simplified issue policy, and these usually have cheaper rates and an immediate death benefit. Guaranteed issue senior life insurance policies impose a two or three year waiting period, and if the insured person passes away before that time expires, the policy may only pay out some portion of the face value or even just offer to refund premiums. However, a guaranteed acceptance policy might be the only option for seniors who have suffered from some types of cancer or another serious illness.
How to Find the Life Insurance Quotes for Seniors with Cancer
Would you like to find the best life companies to provide coverage without any hassles and at an affordable rate? We offer 24/7 online life insurance quotes on our website, and you only need to provide your ZIP code to get started.
After you see a list of competitive insurance companies in your city or town, you can click the entries for more information. If you need help, you are also welcome to call. We want to help each client find the best life insurance policy for themselves and their families.