One of the leading causes of people not taking out life insurance policies is the fear that an existing condition, such as a brain tumor, might make them uninsured. It is far from the fact. There are various options, including guarantee issue life insurance to group insurance. These policies are designed to meet your requirements and will help you fight against the disease.
If our clients call us following a diagnosis of cancer, one of the concerns they face is how they can support families financially. They often worry that it might become too late for them to get life insurance, and they will not be able to qualify. The most frequently asked question is, “Can I qualify for life insurance if I suffer from a brain tumor?”
Yes! No matter if your brain tumor appears malignant or benign, you are still eligible for an insurance plan with affordable rates.
Brain Cancer and Brain Tumors Overview
Brain tumors are abnormal development of the cells within the brain. Different parts of the brain are responsible for other nerve system functions. Brain tumors can develop in any area of the brain or skull comprising its protective membrane, the brain’s lower part, the brainstem, sinuses, the nasal cavity, and many other regions. Based on the area of the brain from which they originate, there are more than 120 different brain tumors.
Can Someone with Brain Cancer or a Brain Tumor Purchase Life Insurance?
Yes, you can obtain life insurance in the event of brain cancer or a tumor. You may be eligible for standard rates if you’ve had surgery before the total removal of a benign tumor in your brain. There is typically an interval of time after the procedure to be eligible for insurance at a standard rate.
If your cancerous tumor is present, the options are restricted. Whatever the case, life insurance is a way to protect yourself and your family members and keep your financial security. For cancers that are less strict specific policies are better. In the case of larger tumors, some are. Your case will be assessed uniquely by the life insurance company. It is why it’s essential to speak with an expert in life insurance, as each situation is different. There are a few things to remember:
- If your health condition has been unaffected for more than ten years after cancer diagnosis and you are qualified for traditional life insurance at market prices. The same applies to not having any significant health problems.
- When you get diagnosed with cancer 5 to 10 years ago, and it has been stable since, there is a strong likelihood that you will be eligible for regular life insurance and the rated policy.
- Suppose you had a cancer diagnosis between five years ago and the present and have been stable. In that case, you can get qualified for rated simplified or traditional insurance.
- Suppose you get given your cancer diagnosis less than two years ago. In that case, you can choose between a shortened application process or an assured issue of life insurance coverage.
What Are the Requirements for Life Insurance After a Brain Tumor?
Here are a few of the questions your insurance company will require or ask when determining the type of life insurance you are eligible for:
- The exact diagnosis
- Date of diagnosis
- If a complete removal or excision gets performed
- The symptoms you’ve been experiencing
- What is your current cancer stage?
- Are you a victim of a family history of cancer within your family?
- Do you suffer from any other medical issues, like obesity or diabetes?
Life Insurance for Brain Cancer
You usually have various choices if you want to look to protect your family members with the life insurance option. There is a possibility to buy life insurance following the brain cancer diagnosis. The majority of whole and term life insurance policies are not available for people who have been diagnosed with brain cancer. Likely, you will not be able to get coverage if you try to apply for it. Consider purchasing an insurance policy guaranteed or for groups certified to issue.
Guaranteed Life Insurance
If you have cancer, have a good prognosis, and don’t anticipate dying in 2 years. A guaranteed issue insurance policy is a good choice. Since there isn’t a guarantee issue insurance questionnaire, there’ll be no concerns. With guaranteed issue coverage, there is a two-year waiting time as well as lower rates of coverage. If your condition worsens and you pass away within two years, your claim gets rejected. Still, the premiums you have paid will get returned to your beneficiary.
Group Life Insurance
The group life insurance policy is life insurance that provides insurance to many people under one policy. It is usually offered as a term insurance policy, meaning the coverage is only short. However, it’s more affordable than other forms, such as life insurance. Most reputable life insurance companies offer life insurance for group members as a regular renewal policy.
Traditional life Insurance
Traditional life insurance is viable alternative life insurance for the term and provides affordable insurance for 10 to 30 years. Hens, you’ve been in remission for longer than five years. An examination by a doctor could be required to determine your premiums for term life insurance. If you’d like to avoid having a medical exam, consider the absence of a policy medically based policy.
Finding the Best Life Insurance Policy Is Essential
If you’ve been diagnosed with cancer of the brain, there is a life insurance plan or package that will suit your needs. A specialist in life insurance can assist you in determining the most suitable plan and package to meet your requirements.
Contact Ottawa Life Insurance or call us at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca to talk to an advisor today!
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