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Life and Health Bulletin
Life Insurance Options For Cancer Patients And Survivors
If you or a loved one are diagnosed with cancer, consider your life insurance options. A life insurance policy gives you peace of mind as you provide financial support for your loved ones.
Assess your Risk
Before an insurance company will offer you a life insurance policy, the underwriter will assess your level of risk. The company will review your current doctor records, recent pathology reports and paramedical exam results. You will also need to answer several questions about the type of cancer you have, its current stage and your treatment plan.
Choose a Life Insurance Option
As a cancer patient or survivor, examine four life insurance options.
Term Life Insurance
A term life insurance policy can cover you for a specific period of time up to 30 years. Your monthly premiums and death benefit will remain the same for the duration of the policy’s term. You may also purchase an accelerated death benefit rider that helps you pay for treatment or bills if you become terminally ill and need cash before your term policy expires. While it only provides coverage for a limited time, a term life option is often the most affordable life insurance for cancer patients and survivors.
Permanent Life Insurance
Cancer survivors may qualify for a permanent life insurance policy. It provides consistent premiums and a death benefit for the rest of your life, but it also builds cash value you can use to pay future medical bills or other expenses. Add an optional accelerated death benefit rider to access part of the death benefit if you need cash to pay for treatment or other expenses.
Convert Your Term Policy
You may be able to convert your term life insurance policy into a permanent life insurance policy even if you have a terminal illness. Your new premium is based on your current age, and you can adjust the death benefit to meet your needs and budget.
Guaranteed Issue Life Insurance
All cancer patients or survivors qualify for a guaranteed issue life insurance policy. Also known as a graded death benefit policy, this type of life insurance pays a full death benefit after a two-year waiting period. If you die during the waiting period, your beneficiaries will receive a refund of the premiums you’ve paid plus interest.
If you or your loved one have cancer, review your life insurance options. An agent can help you choose a policy that meets your budget and provides peace of mind.
Why do you need Disability Insurance?
Almost everyone needs Disability insurance. Think about it. Your capacity to earn a living is crucial. Your income makes it possible to buy food, make mortgage payments, provide for your children, take a vacation, and countless other things. Many faithfully pay premiums for car, life, homeowner’s insurance, and perhaps even a pet’s medical insurance, but they neglect this extremely important protection, Disability insurance.
There are few things as disruptive to a family’s happiness as having a parent, or maybe both, lose his/her income due to accident or illness. When income is drastically reduced, it creates stress and unmet needs and expectations. It often creates feelings of guilt in a parent. Life is hard without a reliable source of income.
A LIFE Foundation study states that 70% of working Americans could not be without income for more than one month without serious financial difficulty. Surprisingly, the same study states that one of every four Americans couldn’t last a week if they were seriously injured and unable to work. Clearly, the answer to the question, “Does almost everyone need Disability insurance?” is a resounding “Yes!”
It is important for an individual, and especially important for a family, to have a financial plan. Disability insurance should be one of the foundation stones of everyone’s financial plan, because it protects such an important asset – your income.
Other statistics need to be considered. The Senate Finance Committee states that 70% of people between the ages of 35 and 65 will become disabled for three months or longer and that 90% of injuries will occur away from work.
After you make the decision to purchase Disability insurance, there are still important questions to be answered and decisions to be made. “How large a benefit do I need; how much will it cost to purchase a plan with that level of protection?” “Does my spouse need this kind of policy even if he/she doesn’t work or has a small income?” “How long is the waiting period before I start receiving checks?” “Does my employer offer a disability plan that I am not aware of?” “Will I need this kind of insurance after I reach age 65?” All these and many other questions need to be taken to a capable, experienced insurance agent who is a specialist in this type of insurance. This is an important decision with a great number of complicated considerations, such as, “Is the plan guaranteed to be renewable?”, “What is the maximum benefit period?”, and “Which occupation class does my job fall into?”
Once the decision is made and the policy is purchased and in effect, you can breathe a sigh of relief. You have done what is necessary to protect your happiness with Disability insurance. More importantly, you have protected your family by providing for them if your ability to work is interrupted.
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