What you need to know about Life Insurance for Cancer Patients
Life insurance is a type of indemnity which will pay out a considerable amount of money, tax free, to your family, when you pass away.
The trick to finding the best life insurance is choosing the right type of insurance policy for your needs.
Life can be unpredictable and there are a number of illnesses that can change the quality and course of life when least expected. More individuals all over the world are affected by cancer.
According to the Cancer Association of South Africa (CANSA), statistics show that cancer will manifest in one in six men and one in seven women. More than 100 000 South Africans are diagnosed with the disease each year.
If you have cancer and you are looking for a life insurance policy, a life insurance company will evaluate you as a cancer survivor.
The amount of life cover for which you qualify will be dependent on several factors, including:
The type of cancer you have
- Date of first diagnosis
- Manner of treatment
- How long you have been cancer-free
Life insurance companies may also base their decision on whether or not the cancer is “in situ”. This term means that the cancer is localised, so it has not spread and is located in the upper layer of skin. This is considered the most treatable.
During the search for life insurance for cancer patients it’s important to provide the company with as much information as you can. You should also ensure that you gather all medical records beforehand.
You may also be able to lower your life insurance rates over time if you remain cancer-free. If your tests show that you are in complete remission, you can potentially qualify for lower insurance rates.
Tips for buying life insurance for cancer patients:
- Follow your doctor’s treatment plan
- Get life insurance quotes from different companies
- Be honest when submitting your medical records