28 Jun Triage Life Insurance
Many people ask us if they are able to buy life insurance after being diagnosed with cancer.
And the answer is . . . it depends.
The reason we buy insurance, is to protect us in the event that something happens.
Car insurance protects our cars; home owners insurance protects our homes; life insurance provides for the people we care about when we pass away.
The insurance industry argues that if we wait to buy life insurance until we have a serious medical condition, then that’s like buying car insurance after we have been in a car accident.
Life insurance companies are still allowed to refuse to sell policies to people with a pre-existing medical condition. Because the life insurance industry does not have the same protections that are now available in the health insurance arena, it is left up to each insurance company to decide the parameters for if or when they would be willing to insure someone after a cancer diagnosis.
For example, some companies have a policy that they will insure someone 10 years out from a diagnosis of cancer, some companies have a policy that they will insure someone 1-5 years out from the completion of active treatment depending on the type and stage of diagnosis, and some have a policy to not provide coverage at all. Each company is different.
So, that means the only way to know which companies sell policies to people who have been diagnosed with cancer, is to contact the insurance companies that offer policies in your state and ask them.
To find out which companies sell policies in your state, you can contact the insurance agency in your state, and look for the section on life insurance. You can find your state’s agency here: http://triagecancer.org/resources/stateresources. For example, the Texas Department of Insurance lists these companies as selling life insurance policies in Texas.
It can be valuable to shop around, because policy costs can vary a great deal among companies.
Sometimes, there are other options available for getting a life insurance policy, such as getting a group policy through an employer or a professional association, where they may not ask medical questions and do not impose pre-existing condition exclusions.
Here is an article on some other tips for buying life insurance after a cancer diagnosis.