How Does Cancer Affect Your Life Insurance?

Medical experts define cancer as an abnormal cell growth. Genetic mutation of the cells occurs, and then the body continues to produce cancerous cells. More than 100 types of cancers exist, and they can occur in any part of the body. Some examples of common types of cancer are prostate cancer, lung cancer, breast cancer, skin cancer and cancer of the pancreas. The prognosis of a full remission differs for each patient according to the stage of cancer at which he or she receives a diagnosis. A person who receives an early diagnosis may respond well to the treatment. He or she may enter a remission stage after receiving surgery, chemotherapy, or radiation treatment. A person who is in stage four of cancer is not expected to recover. The stage of one’s cancer can affect his or her ability to obtain life insurance and health insurance.

Applying for Life Insurance

A diagnosis of cancer may make obtaining life insurance complicated, because life insurance companies fear the payout that they will have to make if the person passes away quickly. Life insurance companies ask their applicants a series of questions about smoking and drinking habits, mental health issues, and diseases such as cancer. Many insurance companies will deny a person who has cancer immediately. However, some life insurance companies are willing to accommodate a person with cancer if that person supplies medical records and pathology reports. The individual will have to comply with all treatment plans, as well. The monthly premium for a person with cancer will undoubtedly be higher than a healthy person’s premium.

Cancer and Health Insurance

Health insurance for cancer patients used to be difficult to obtain. However, with the new Affordable Care Act, patients can receive health coverage even if they have an existing condition. They can obtain such benefits by visiting the government website and applying for an affordable plan during an open enrollment period. Providers who have accepted the rules of this act must allow people with pre-existing conditions to obtain health coverage. Some insurance companies have plans that are specifically for cancer patients.

Places to Get Life and Health Insurance With Cancer

One way a person with cancer can obtain life and health insurance is through an employer. If the individual is healthy enough to work, then the employer may issue a full benefit package. Employer-provided benefits have no requirements. In other words, the employees do not have to answer questions about illnesses of any kind. Another way a person can receive medical coverage with cancer is to apply for government disability benefits. Cancer is a payable illness under the SSD benefit. A person who qualifies for Social Security benefits will receive Medicare insurance after two years of collecting SSD.

Although the insurance market is slim for cancer patients, they should not stop trying. Groups that will cover them do exist. Finding a provider may take extra research and comparison.

Featured Image Source: pixabay.com

Posted on May 18, 2023