Will Life Insurance Cover Cancer?
Cancer is everywhere – breast cancer, colon cancer, lung cancer… the list goes on. According to The American Cancer Society, there are 4,700 people who are diagnosed with cancer every single day.
The lifetime probability of any of us getting cancer is 1 in 3 (almost 40% for men and 38% for women).
Odds are you know someone who has suffered from cancer, and not only is cancer hard on our bodies, but it’s hard on our finances.
If you die of cancer, your life insurance will pay your beneficiaries your death benefit.
However, the bigger problem for many is the costs of cancer while they’re alive – medical and non-medical cancer costs can rack up to be tens of thousands of dollars, and quickly.
You can learn more about how Medicare covers cancer costs (and what you’re on the hook for) here.
Because cancer is such a common disease (there’s a 1 in 3 chance you’ll eventually get it), we recommend considering a cancer insurance policy.
This covers unexpected costs that come up while you’re still alive – and don’t you want to bet on the fact that you’ll survive cancer?
Nevertheless, rest assured that in the event of death, life insurance does cover cancer.
One type of death that life insurance companies don’t generally cover is suicide. Even so, some insurance companies will offer a return of premium, meaning that if you commit suicide, your beneficiary will receive a check for the total amount you’ve paid into the policy.
Also, if the insurance company finds that there was any misrepresentation in your application, they’ll usually refund your premium – not pay the full death benefit. For example, if you lied on your application and said you are a non-tobacco user, but the company finds that you really are, they would likely only refund your premium.
Depending on the insurance company and the type of policy, there are other restrictions that can come into play, such as the company not covering death if it was from an act of war, but those details can be explained to you by your life insurance agent.
In sum, yes – life insurance does cover cancer!
If you’d like a free life insurance review, please click the link below. Our team of life insurance experts offer these reviews to make sure you understand your current coverage and to make sure your benefits match your needs.
Our team of dedicated, licensed agents can help you as little or as much as you need. Whether it’s answering a few questions about Medicare or creating a comprehensive Medicare Planner with you, we are your Senior Allies.
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