Does Life Insurance Cover Cancer: Things You Need To Know Before Purchasing Cancer Life Insurance

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With cancer being spread rapidly and caused death day by day, people tend to be more prepared for the worst case possibility. Especially if your family have a cancer background, it is important to have a life insurance. But does life insurance cover cancer? And can it cover someone who already got into cancer? In this article, I will give you some information regarding things that you need to know before purchasing cancer life insurance.

Life Insurance

Life insurance is a financial protection loss that pays out a sum of money on the insured person to the named beneficiary. It is like a life plan, especially for those who are the sole breadwinner in the family. Basically, life insurance covers everything and has no restriction of on how you use the money for. There are two types of life insurance, term, and permanent life insurance.

Term life insurance is a life insurance that only covers you for a certain period of time. You can start from 5 years to 10, 20 or even 30 years, while permanent life insurance is basically covering your entire lifetime. It is more expensive than the term one, and if you are still alive when the term life insurance is over, you can’t collect the payout of your insurance. While on the other hand permanent life insurance can.

Does Life Insurance Cover Cancer?

If you get the hint from the last paragraphs above, then the answer is yes. Life insurance covers everything. There are two situations of having a life insurance covering cancer. The first one is when you are not a cancer patient but have a family background with cancer, while the second is when you already got into cancer. Those conditions determine the policy you will get so make sure to think wisely before contacting an agent or employer at work.

How To Look And The Process

You can purchase this life insurance by talking to your employer (if you are still working) or asking a professional insurance agent if you already leave the job. When you are discussing life insurance that covering cancer, usually you will be asked many question such as what kind of cancer do you have, if you are in remission, your physical condition, medical record, and if you are keeping up with the treatment.

Answer the question truthfully so that the agent/employer could suggest you the best life insurance options. Other than that, there are two kinds of purchase. The first one is after-treatment purchase when you can only buy life insurance treatment after waiting for a certain time which is up to the cancer that you have and which company you apply to. While the second is final expense life insurance.A life insurance cover cancer that can be purchased when you are undergoing the treatments. After you decide on which policy you will purchase, you will pay a certain amount of money each months and the process is done when you sign the paper.

Final Thoughts

Life insurance does cover cancer. It doesn’t cover your medical expenses but if the unexpected happens, it certainly does cover the financial loss of what your family will go through. It might be a good investment for the future.

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