It is possible to get burial insurance or final expense insurance coverage if you have cancer or had cancer in the past.
You can get burial insurance for cancer patients, but there are only a handful of insurance companies willing to insure someone’s life when they are being administered cancer treatments. To address this uneasy situation, Burial Insurance was developed.
Burial insurance for cancer is an option that offers the most insurance coverage with the least barrier to entry. In other words, the health requirements are few, sometimes, with no medical exam needed at all.
Burial insurance can cover caskets, embalming, cremation, gravestone, servicing small debts, and financing a small wake.
What to expect when shopping for cancer patient burial insurance
If you have any type of cancer that is not basal cell or squamous cell carcinoma (skin cancer types), most life insurers with underwriting will completely decline the application. However, a guaranteed issue life insurance will qualify you for final expense insurance, even if you have terminal cancer.
A guaranteed issue life insurance plan has no medical assessment, no health questions asked, and will give you insurance coverage within a two-year waiting period. This is because no insurer will offer you immediate coverage because of your current cancer condition. This policy will cost around 15-30% more compared to a policy providing immediate coverage. To many, this is a great proposition because the company will approve your application without even making inquiries about your health.
Guaranteed life insurance will pay 100% of your death benefit if you die accidentally. If you die within the two-year waiting period, the insurer will reimburse all your premiums plus 10% interest.
After the waiting period’s elapsing, you are completely covered. Your beneficiary will receive your full death benefit if you die by any cause.
If you are currently undergoing treatment for chemotherapy, hormone therapy, immunotherapy, radiation, or surgery, you only qualify for guaranteed issue life insurance. You can easily get this policy if you’re a 50 to 85-year-old and are a U.S. citizen.