Is it possible for seniors to buy life insurance after getting diagnosed with cancer? There are insurance policies out there for almost anybody who wants insurance, but the right choice really depends upon the situation and current medical condition of the person who needs coverage. A senior with a history of cancer may have more limited options than an average elderly person.
Finding the best life insurance for seniors with a history of health issues can be challenging, but we want to help. Start by inputting your local ZIP code into our free online life insurance quote engine at the top of this page. You can browse products from the best life companies on the market in your city or town. If you need assistance or have questions, you are also welcome to contact us by phone.
Term Life Insurance for Seniors with Cancer
You may have heard that some term companies offer policies to applicants in their 60s or even 70s. They may even offer no exam life insurance for seniors. If an older person did have cancer, but has been successfully free of disease for two years, it might be possible to qualify for one of these. But even though the policies may not require a medical exam, the insurers still ask health questions, and they might be fairly picky about which applicants they accept.
These are some things to know about no medical exam term polices:
- Answers to health questions will probably get verified against other sources of information like the MIB (Medical Information Bureau).
- Depending upon the answers to health questions and other information found, an insurance company underwriter might also ask for a doctor’s note or even a physical.
- Other risks, like people who have recovered from cancer but are still smokers, are likely to get one of these policies declined or moved into a higher rate category.
Can Seniors with Cancer Get Life Insurance?
If an elderly person is currently undergoing cancer treatment or only recovered a short time ago, coverage choices are more limited. In this case, a guaranteed issue policy might be the only choice because the application process does not ask any health questions or require a physical.
These are some things to know about guaranteed acceptance policies:
- The death benefit usually ranges from a minimum of $5,000 to a maximum of $25,000.
- The entire face value is not payable until the insured person survives a waiting period, and this usually lasts for two to three years.
- Before the waiting period ends, these policies may pay some percentage of the full face value or offer to refund premiums. Sometimes they will refund premiums with interest.
Obviously, a simplified issue policy that can offer the death benefit immediately is better, and these plans usually cost less too. However, you will not actually lose money by buying a guaranteed issue policy, and it might be the only option for elderly people with serious medical conditions.
Do You Need Life Insurance for Older Parents?
Many adult children help their parents or grandparents find coverage, and some of them even offer to pay the premiums. However, you must involve the person to be insured in the process. A lot of times, they can do their part online, over the telephone or by mail, but they still need to sign the application and might need a phone interview.
We’ll Help You Compare Life Insurance Quotes for Seniors
Shopping for life insurance can get complicated, and when people get older or have medical problems, it can be tough to figure out which insurer will offer them the right options. We believe that there is a choice for almost everybody. We can even help you find cover if your a senior over age 80 looking for life insurance.
You can use our free life insurance quote engine 24/7 from the comfort of your home or office computer. Simply enter your home ZIP code to get started. You are still welcome to call us and ask to speak with an experienced senior life insurance agent. In many cases, we find solutions that are actually much cheaper than our clients thought they would be. We work hard to find everybody affordable coverage.