We’ve Got The Answers – I Had Cancer, Can I Qualify for Life Insurance?

Today’s Question: I had cancer, can I still qualify for Life Insurance?

The short answer is yes, you can still qualify for Life Insurance if you have had cancer. The long answer is which policy is best suited for your needs? In this case, there are two types of plans to look at.

The first one is a traditional fully underwritten plan. With this type of application, the underwriter looks at your information and determines if you are going to qualify for a policy on a standard basis, if you are going to qualify for a rated policy, or if you are going to be declined.

You can also look into doing a preliminary inquiry, however, not a long of brokers do this. It is an informal inquiry where they ask the underwriter if you are likely going to be approved, if there is going to be a rating, or if you are going to be declined. If it looks like you are going to be declined or heavily rated, you are probably not going to want to submit an application. Instead, what you are going to want to do is look at a simplified issue policy or a guaranteed issue policy.

Simplified issue policies have no medical tests as well as a series of health questions- the more questions you can answer no to, the better the plan.

Guaranteed issue policies have no medical tests and no series of health questions, so you know you will qualify, however, the premiums are generally higher and the coverage is more limited. These policies always come with a two year waiting period as well.

If you have had cancer or any other critical illness, you are not automatically doomed when it comes to obtaining Life Insurance. Your best practice is to review different policies and see which one contains the most benefits for your situation.

More Life Insurance questions? We have more answers here!

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