Finding out you have cancer can be devastating. Additionally, while it may be challenging to obtain Whole life insurance for cancer patients, it is not impossible. Your cancer diagnosis may result in higher premiums or disqualification from traditional life insurance altogether depending on the sort of cancer you have and how long you’ve been in remission. Your only choice if you’re getting treatment is a guaranteed issue life insurance policy, which does not evaluate your health. But the best way to discover the greatest coverage for your needs is to engage directly with an agent.
myphams2b.vn compared life insurance providers based on more than 50 different factors to identify the top Whole life insurance for cancer patients. Policy types, included benefits, available riders, premiums, AM Best financial strength ratings, J.D. Power customer satisfaction rankings, no-exam choices, and grievances brought to the attention of the National Association of Insurance Commissioners (NAIC) are some of these.
Mutual of Omaha
For cancer patients, Mutual of Omaha offers a variety of choices, based on your eligibility. Your only choice if you have a high-risk kind of cancer or are presently receiving treatment is a guaranteed issue Whole life insurance for cancer patients. Applying online for coverage up to $25,000 will result in an immediate decision.
When granting your application for guaranteed issue Whole life insurance for cancer patients, your health is not taken into account. This is one of the reasons it came out on top in our analysis of the top burial insurance providers. Keep in mind that the guaranteed issue policy contains a graded death benefit, which means that if you pass away naturally during the first two years, your beneficiaries will receive a return of premiums (plus 10%).
You might be eligible for one of Mutual of Omaha’s term or universal Whole life insurance for cancer patients plans if your condition has been in remission for at least five years, but a medical exam and attending physician’s statement (APS) are almost certainly necessary. You may even be eligible for a preferred plus rate class if you have a low-risk cancer kind, such as superficial squamous cell carcinoma or basal cell skin cancer.
Mutual of Omaha provides a range of riders with the majority of products, excluding the guaranteed issue whole life policy. Additionally, some insurance policies come standard with free riders covering critical illness, chronic disease, and terminal illness. Additionally, you may add a number of extra optional riders to your Whole life insurance for cancer patients policy to make it more unique.
AM Best has rated Mutual of Omaha’s financial strength as A+ (Superior), a trustworthy Whole life insurance for cancer patients.
Furthermore, in J.D. Power’s 2022 U.S. Individual Life Insurance Study, Mutual of Omaha came in third place. The company greatly exceeded the average score of 774, scoring 801 instead.
However, you’ll need to search elsewhere if you’re looking for a conventional whole life insurance coverage.
Along with Mutual of Omaha, TruStage is a fantastic alternative for guaranteed issue Whole life insurance for cancer patients because you may buy online and some plans are approved the same day. The maximum benefit amount for guaranteed issue coverage is $20,000, however premiums could be more expensive. Additionally, TruStage provides simple issue Whole life insurance for cancer patients with coverage up to $100,000 and no medical exam. Few businesses provide online rates and applications for such an insurance, but this one does.
However, you might need to buy the assured issue coverage in its place if you’ve had cancer in the previous five years (apart from some types of skin cancer).
It’s also crucial to keep in mind that TruStage doesn’t provide living benefits with its plans, so if you require care due to a chronic, serious, or terminal condition, you won’t be able to obtain the death benefit. So, TruStage simplifies the process of purchasing an Whole life insurance for cancer patients quick and simple. Additionally, CMFG, the business that insures TruStage policies, has a financial strength rating of A (Excellent) from AM Best and has had less NAIC complaints recently than anticipated.
SBLI Life Insurance
Depending on the type of cancer you had, if you’re between the ages of 18 and 60 and have been cancer-free for a number of years, you could be able to obtain term or Whole life insurance for cancer patients from SBLI with accelerated underwriting.
If you meet the requirements, this can be a cost-effective and convenient insurance choice. A free terminal illness rider is available on all of the company’s insurance policies.
Additionally, SBLI provides final expense coverage with a $35,000 ceiling (and a graded death benefit for the first three years).
Whole life insurance for cancer patients quotes must be obtained in person, however term insurance can be purchased wholly online. The biggest disadvantage is that, except from the terminal disease rider, SBLI doesn’t offer any other living benefit riders. Consider coverage from Mutual of Omaha if you are in remission and want the security of a critical or chronic disease rider.
However, if cost is your top priority, we discovered that SBLI provides excellent value for applicants who are in good health. Additionally, AM Best rates the insurer’s financial strength as A- (Excellent), indicating a strong capacity to pay claims.
Additionally, despite the company’s size, SBLI has received less complaints from the NAIC in recent years than was anticipated.
Depending on the type of cancer you had, Transamerica provides three final expense solutions that you might be eligible for if you’ve been in remission for at least two years. Two of these policies stand out to us in particular. The Easy Solution is more expensive, has a $25,000 cap, and has a graded death benefit for the first two years. The Immediate Solution is more reasonable, starts right away, and provides coverage up to $50,000, but it can be more difficult to qualify for.
Additionally, it includes an expedited death benefit rider that you can apply to obtain a portion of the death benefit in the event that you are identified as having a particular illness or are confined to a nursing home. Only the graded death benefit policy will be available to some individuals.
To learn more about your possibilities, try requesting quotes.
Concerns about Transamerica’s ability to satisfy customers exist as well. Given its size, the company obtained a bad rating in the J.D. Power 2022 U.S. Individual Life Insurance Study and more NAIC complaints than it should have over the previous three years. However, Transamerica has a robust financial position, earning an A (Excellent) rating from AM Best.