Guaranteed Life Insurance for Cancer Patients

What is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is a type of permanent life insurance designed for individuals facing serious health issues or pre-existing conditions, like cancer.

The key element setting it apart is that acceptance is guaranteed, regardless of health status. There's no medical exam to pass, and you don't even have to answer any health-related questions.

How Does Guaranteed Life Insurance Work?

The way guaranteed life insurance works is rather straightforward. You start by choosing the amount of coverage, typically up to $25,000 with providers like Mutual of Omaha.

You then pay a level premium that never increases over time. In return, upon your passing, your policy pays a death benefit to your chosen beneficiaries. Request a free quote.

Top Guaranteed Life Insurance Carriers for Cancer Patients

Two of the top life insurance companies offering guaranteed acceptance to cancer patients are Mutual of Omaha and AAA Life. Both these companies are solvent and dependable, providing options that are safe and secure for cancer patients considering their mortality.

Mutual of Omaha

• Coverage for individuals age 45 to 85
• Up to $25,000 Coverage
• Permanent Life Insurance
• Level Premiums
• No Medical Exam
• No Health Questions
• 30 Day Free Look Period
• Rates start as low as $8.84 per month
• A.M. Best rating: A+ (Superior)

AAA Life Insurance Company

• Coverage for individuals age 45 to 85
• Up to $25,000 of coverage
• Whole Life Insurance
• Level Premiums
• No Medical Exam
• No Health Questions
• $60 annual fee if not AAA member
• A.M. Best rating: A (Excellent)

How Much Life Insurance Coverage Can I Buy?

With a coverage limit of up to $25,000, guaranteed life insurance is meant to cover end of life expenses such as funeral costs, medical bills, and leave some additional resources for loved ones.

There is no rule limiting you to buying coverage from only one company, you may purchase from two companies if your financial need is greater.

Age Requirements for Acceptance?

Acceptance age range varies across states. Usually, the policy can be bought by anyone aged 45 to 85 years.

Exceptions include states such as NY, where the acceptance age bracket is adjusted to 50-75 years. Check the specifics with your chosen company to understand your coverage prospects better.

Limitations of Coverage

There are some limitations to this insurance policy to be aware of.

Often referred to as graded death benefits, for the initial two years of the policy, the payout in case of death is not the full amount. It's usually limited to the premiums paid plus interest. If death occurs due to an accident, however, the full amount is paid out from day one.

How Much Does It Cost?

Despite its advantages, guaranteed life insurance does cost more compared to regular life insurance coverage, chiefly due to the risks associated with insuring cancer patients.

To get an idea of your potential cost, most companies provide a free premium quote. We advise comparing multiple quotes to obtain the best deal for your circumstances.

How to Buy Guaranteed Acceptance Life Insurance

Let's go through a detailed step-by-step guide explaining how to buy guaranteed acceptance life insurance. This process aims to make purchasing a policy a hassle-free experience even for individuals who've been turned down for life insurance in the past.

Start by filling out the simple application provided by the insurance company. The form typically requires basic information about the applicant.

Since there's no medical exam and no health questions, the next step involves understanding the details of the coverage. Providers like the Mutual of Omaha and AAA Life offer different plans with varying benefits, it is wise to thoroughly understand these specificities.

Once you’re comfortable with your chosen plan, next up is choosing your coverage amount. As we mentioned earlier, you can typically choose coverage up to $25,000 - a sum offering sufficient financial safety for your family’s needs after your demise.

After defining your coverage limit, you'll receive the premium quote. Taking your budget into consideration, gather multiple quotes and draw comparisons to ensure you're making the most financially sound decision.

Upon finalizing your insurance company and plan, complete the remaining paperwork. This process is typically fast with no delays, given the lack of a medical examination.

After your application has been submitted, and your first premium paid, your insurance policy will typically be in effect within one to two business days, providing quick financial security for your family's future.

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What if I Change My Mind?

A noteworthy aspect of guaranteed life insurance is the 30-day free look period.

This is a provision wherein, after receiving your policy, you have 30 days to decide whether you wish to keep it. If you change your mind during this period, you can cancel the policy for a full refund, making your purchase essentially risk-free.

Is Guaranteed Life Insurance Right for You?

When mulling future plans and security for loved ones, choosing guaranteed life insurance can prove to be the right decision. A chronic illness or a less favorable prognosis shouldn’t obstruct your pathway to financial security for your family after you’re gone.

As a cancer patient, considering one's mortality can be difficult, making denial of insurance coverage feel like an added blow. Hence, guaranteed acceptance life insurance is a lifeline, providing assurance that your loved ones won't have to bear financial burdens on top of their grief when you're gone.

This insurance plan also provides a sense of peace, tranquility, and stability. It allows you to prepare wisely for your family's future, knowing they are financially covered, and can fulfill your final wishes without monetary strain.

The financial provision of the plan may also reassure loved ones of their financial stability preemptively, reducing anxiety and helping them focus more on their quality time with the policyholder.

By all accounts, the process of purchasing guaranteed life insurance for cancer patients is designed to be smooth and user-friendly, providing much-needed support during a challenging time.

Summary

In conclusion, if you've been diagnosed with cancer and are between 45 and 85, or 50-75 in NY, and are concerned about your financial legacy, a guaranteed cancer life insurance policy presents a worthwhile insurance choice.

It provides a safety net for your family's future, a way to cover funeral costs, and ensures peace of mind during your journey. And remember, it only takes one simple step to start – request a free quote for your guaranteed acceptance life insurance coverage today.

Guaranteed Issue Life Insurance Quotes

Top Pick – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people ages 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. Start Here to get a FREE Quote. 

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee

Guaranteed Life Insurance for Cancer Patients