Burial Insurance With Cancer History Reviewed
Condition Underwriting Highlights
NODLB.COM Difficulty RATING
If you are considering purchasing burial insurance with a cancer history, you have landed in a good place. This review will briefly address the policy’s financial ratings and offerings, underwriting niches, pricing, and alternatives.
Burial Insurance With Cancer History
it should not be surprising to you, cancer is among those medical conditions which all life insurance firms ask about. What you have to know is that different burial insurance companies have different underwriting criteria. Therefore, they have different offers and guidelines.
The fact of the matter is, that based on when your last cancer bout was, it may have absolutely zero impact on your application for burial insurance. Even if you suffer from cancer at the moment, you’ll still qualify for burial insurance policies. However, you must accept that going through waiting periods is unavoidable, regardless of which insurance carrier you’re using.
Burial insurance policies don’t require you to undergo medical exams. All you have to do is respond to a few questions regarding your health. Your private space will never be invaded by a stranger.
How carriers underwrite burial insurance with a cancer history
These are the primary questions burial insurance firms consider while underwriting a policy for someone with a history of cancer:
- What kind of cancer do you suffer from?
- When was your last cancer treatment?
- How many cancer outbreaks have you suffered from?
- When was the last time you suffered from cancer?
Two Cancers Which Insurance Companies Don’t Care About
All cancers don’t have an equal mortality rate. Some of them are not even fatal, regardless of how intimidating it may sound. Burial insurance carriers have no concerns with the following:
- Squamous Cell Carcinoma
- Basal Cell Carcinoma
These cancers will be specifically mentioned to you by most burial insurance applications as being exceptions. Even if you have them during the application process, it makes absolutely no difference to the status of your application.
What To Expect If You Suffer From Cancer At The Moment?
If you suffer from cancer at the moment, which isn’t squamous or basal cell carcinoma, almost every life insurance firm will decline you outright. But there are a few companies who will still accept you.
If you’re diagnosed with cancer and still have it, you’ll have to undergo a waiting period of 2 years, no matter what. None of the life insurance firms available today offer immediate coverage to cancer patients who have it currently.
Guaranteed Issue Options
For those of you currently suffering from cancer, the most cost effective approach would be to take out a guaranteed issue policy from AIG or Gerber.
With this policy, you have to undergo no medical checks or questionnaires. The policy is simply issued to anyone who applies for it.Guaranteed issue burial insurance policies have slightly higher premiums compared to plans with questionnaires. However, it’s still a great deal when you consider that your cancer is not an issue.
A waiting period of 2 years is mandatory before guaranteed acceptance policies will pay out death benefits. Passing away during the 1st two years would result in them refunding 110% of all premiums paid so far, to your beneficiaries. Once the mandatory waiting period ends, you’ll be fully protected as long as you keep the policy in force.
Another important thing to remember is that in case you pass away due to an accident while still in this waiting period, full death benefits will be paid out to you.
Burial insurance with a cancer history Related Health Questions
For qualifying for first -day "level" rates, one must first apply for burial insurance plans which have underwriting. The 1st component of funeral expense underwriting happens to be the application, which is different for each carrier.
Every funeral insurance firm has its own set of health questions. Cancer-related questions usually appear in 2 separate sections, depending on the insurance firm you’re dealing with. Most applications will have cancer-related questions in their ‘Knockout ’ section and ‘graded/modified’ section. Let’s take a quick look at both:
Cancer in Knockout Section
If you answer a ‘Yes’ to a cancer question which is placed in the health questionnaires knockout section, that means that this insurance firm won’t be offering you any insurance coverage. While every firm has different policies, these are the common questions related to cancer in the questionnaires knockout section.
- Do you suffer from cancer currently?
- Have you suffered from metastatic cancer, which had spread its way to other body parts?
- Has cancer ever occurred to you twice or more, of the very same type or a different one?
Cancer in Graded/Modified Section
Graded and modified are words utilized by final expenses insurance firms for labeling their high-risk customers. These policies not only cost more but also come with full/partial waiting periods.
These are the common questions asked about cancer in an application’s graded/modified section:
- Have you been treated for internal cancers in the past two/three years?
- Have you ever received a cancer diagnosis in the past two/three years or been directed to obtain radiation or chemotherapy treatments for cancer?
- Have you been treated for internal cancers in the past two years?
- Have you ever received a cancer diagnosis in the past two years or been directed to obtain radiation or chemotherapy treatments for cancer?
Cancer Comes With A Lookback Period Of 2/3 Years
All funeral insurance firms implement a two year lookback period for cancers at the bare minimum. No company exists that’ll ask you regarding cancer occurrences in the past 1 year.
What this means is that if you’ve suffered from cancer in the past 24 months, you’ll be subject to a few penalties imposed by the insurance firm.
Ensuring You Answer All Questions Accurately
- When Your Last Cancer Occurrence Was
- Date Of The Last Treatment You Took For Cancer
When in this scenario, don’t put in the date when you had been declared to be cancer-free. Add the date when you had the last treatment session for your cancer.
Treatments For Cancer
When it comes to cancer, burial insurance firms tend to view treatment as synonymous with having cancer.
There are different cancer treatments available. If you’ve ever undergone any of the following treatments due to your cancer, that would indeed qualify as a cancer treatment.
- Prescription drugs used to treat cancer or any negative effects of cancer treatments
- Hormone Therapy
Cancer Related Prescription Medications
Because carriers view any treatment as "active cancer" , the drugs that you fill and that will show up on your pharmacy report are very important to the underwriting outcome of your case.
If you have filled cancer drugs within the last two year period, you will be seen as "having cancer" for underwriting purposes.
Some of the common drugs that will raise concerns:
Expectations To Have After Suffering From Cancer
Most people wish to know how their cancer diagnosis can affect their burial insurance purchase process. The following outline should help.
You’ve Suffered From Cancer Or Received Treatments In The Past Two Years
Almost all final expense carriers will require you be free of cancer for 2 years for level first day coverage. As a result, you’ll be classified into a high-risk category no matter which carrier.
Insurance firms that do provide you with a plan, will give you only modified plans. This means significantly higher prices and a 2/3 year waiting period before the full benefit is available.
During this waiting period, your insurer won’t be paying out death benefits if you die due to reasons apart from an accident. They will merely refund all premiums paid till date along with interest. For someone stuck in this condition, the best choice is to obtain a guaranteed issue burial insurance plan.
With no medical questions and only slightly higher rates, the only drawback is the waiting period. However, you would be faced with the waiting period anyway.
You Have No History Of Cancer Or Its Treatments In The Past Two Years
From this point on, you’re considered to never have had cancer by several companies. You will be eligible for the best rates with no waiting period.
There are some carriers who will require a 3 year look back. However, being that there are a few that only use 2 years, there is no reason to deal with "3 year lookback carriers" in cases of cancer.
Your Next Step
Thank you for choosing NODLB.com to research burial insurance policies with a cancer history. Should you have any questions, please do not hesitate to call or send over an email.