Insurance companies offering life insurance have a number of ways to determine how risky it can be to cover potential policyholders. This is why most insurance companies ask medical history questions and require their applicants to complete a medical exam before they are approved for coverage.
Obviously, the more risky the applicant, the higher the premiums will be. In many cases, individuals with pre-existing medical conditions can be rated or denied for life insurance. Being rated means that you will pay a higher premium but that the insurance company is willing to take on the risk. As a cancer patient, you might find it extremely difficult to find any standard life insurer that is willing to cover you. While it might be a more time-consuming task, it is not impossible. Here are some valuable tips on how cancer patients can find insurance that does not exclude their medical condition.
Knowing Where to Look For Insurance
Not all life insurance providers are willing to take on the risk that comes with covering someone who has been diagnosed with cancer. Because of this, you need to understand which insurers specialize in this uncommon type of coverage. Some insurers will offer coverage to current cancer patients and others may only offer coverage to individuals in remission. You should avoid trying to buy insurance from standard providers who only specialize in covering healthy applicants. If you focus more on the specialty market, you are much more likely to shorten the amount of time it takes to find an insurance provider who will not ask medical history questions or require an exam.
Consult an Agent or Broker
If you are not sure where to start to find insurance providers, you should contact an insurance broker who is very familiar with the industry. Insurance brokers do business with dozens of different life insurers. They act as a middle man between the applicant and the insurer. Because of this, they know the specific requirements of several different insurers, and will be able to sift through all of the providers until they match you with one. While the broker does charge a brokerage fee for his or her services, the fee is well worth the time you will save.
Social networking has become a great way to connect with individuals who have similar interests and lifestyles. If you have a profile, you can connect with other cancer patients and survivors who have probably been through the same situation you are in. They may be able to refer you to companies who offer life insurance to cancer patients and individuals in remission.
Use the Internet to Your Advantage
If all else fails, the Internet is a powerful platform with plenty of different resources. You can compare term, whole, and universal life insurance policies. You can also research the providers who do offer insurance to patients with treatable forms of cancer and more serious forms. Be sure that you only reference relevant sources that have accurate information.
As you can see, there are a number of ways that cancer patients can find life insurance. From simple burial plans to more comprehensive policies, there are options. Take your time to do more than just compare premiums. You should look for restrictions that are written within the terms of the policy, compare different death benefits, and choose riders that will provide for your children and your spouse when you are gone.
This article was composed by Roy McClure for the team at http://www.medicalcodingandbillingcertification.net/.