Purchasing Life Insurance After Cancer
Perhaps you have not even thought about the possibility of purchasing life insurance after you have completed treatment for cancer, thinking it’s either impossible to obtain or the cost will be out of your budget. Although it is true that in most cases, you will not be able to purchase life insurance while undergoing cancer treatment that does not mean you will not be able to purchase it for the remainder of your life. In fact, the longer it has been since you completed your treatment, the easier it will be for you to obtain insurance. In addition, there comes a time when your rates will stabilize because you have been in remission long enough that you are no longer as high of a risk as you were in the first few years after treatment.
Do not be misled here by the “time period” because how long you are required to wait to obtain insurance after cancer treatment depends on the location of the tumor, its size, and the extent of the cancer. For example, treatment for skin melanoma may require only a year of two, whereas the more difficult to treat lung cancer may require a wait of up to ten years, contingent upon its severity and whether it metastasized and to what extent. Of course, this will not have an affect on any insurance that you may currently have in force, but if you have no insurance or wish to add to what you already have, being diagnosed and treated for cancer will make a big difference.
If you did not have the foresight to purchase insurance when you first began working, or you had to leave your employer for health reasons during your cancer treatment, you may find a couple of options still open to you. One option is to join an organization that offers group life insurance such as AARP if you’re eligible, credit unions, and other organizations with which you may qualify to join. The premiums may still be high if they ask health questions, but it may not be as high as if you were to find something on your own. A few companies exist that do not ask health questions, so that is another possibility for you to research. It will certainly be a challenge, but it’s not impossible. Do not lie, however, because eventually the truth will surface, and when it does, you will lose everything you put into the policy. Keep looking until you find a carrier that is willing to take a chance on you doesn’t ask questions about your health.