Life
insurance does cover death caused by cancer.
However, it is common for someone
diagnosed with cancer to try to purchase a life insurance policy, and at that point in
time it is very difficult to get approved coverage.
It may take as long as a
couple of years to get a medically underwritten life insurance policy after a cancer
diagnosis, especially if your cancer is over stage 2. It also will depend on the type
of cancer, treatment needed, and effectiveness of the treatment.
If
a life insurance policy is issued, it generally has a graded death benefit for 1-3 years, so that only a small
amount of money is paid out to the beneficiary if your death occurs during that time. If the life insurance policyholder
outlives the graded death benefit period, the life insurance policy pays out the full face amount of life insurance coverage.
As
with every health condition, it's best to get purchase your life insurance before a
serious health diagnosis.
However, the good news with cancer is that the longer you
are in remission, the lower your rates for life insurance, usually. So get what life insurance coverage you can, and
then keep trying every few years to get something lower priced, if possible.
Learn more about life insurance and cancer.
