Unfortunately we are being faced with more and more people who are diagnosed with cancer each year. As indicated by the Canadian Cancer Society, an estimated 186,400 new cases of cancer and 75,700 deaths from cancer will occur in Canada this year. This number doesn’t even include skin cancers.
People who have battled cancer can still apply for traditional life insurance and depending on their situation most will qualify. Insurance company underwriters typically look at factors like the type of Cancer and stage or severity of that cancer, date of diagnosis, complications and or recurrence of cancer and even the type of treatment undergone.
Insurance companies that offer guaranteed issue coverage or more commonly known as Non Medical insurance usually ask if the applicant was diagnosed with cancer within the last 2, 3 or 5 years. Unfortunately if the applicant was only recentl y diagnosed they will not qualify for life insurance even a non-medical policy. However if it has been over 2 years some companies offering non-medical insurance will approve you. If you choose to go with a non-medical life insurance policy be advised that the face value of the policy will be limited usually up to 150,000 per company.
If you’ve been in remission for a while or have successfully battled cancer, you have more options. I would suggest putting in a confidential inquiry to all of the insurance companies to see which ones are likely to approve you and for the cheapest rates. The important thing to note here is that you don’t want to apply and get declined as a ‘decline’ on your file can ruin you for the rest of the insurance companies. If you would like insurance in place immediately or as soon as possible, consider putting non-medical coverage in place until you are sure of an approval for a traditional life insurance policy.
A traditional life insurance policy will have cheaper premiums and the face value amounts are not limited as they are with guaranteed issue policies.
To discuss your situation further, please call or email Jack directly at 905-761-9986 or <mailto:”jack@lifeman.ca”>jack@lifeman.ca.
