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A life insurance plan can help your loved ones cover expenses in the event you unexpectedly pass away. If you already have a policy and receive a cancer diagnosis, you’ll likely be covered. However, cancer patients may also be able to qualify for some life insurance policies. This means your beneficiaries will receive the death benefit if you pass away due to cancer and your policy is still active. Let’s dive deeper into how life insurance works and how it relates to cancer.
A life insurance policy is a type of contract between you, the policyholder, and the insurance company. If you continue to make premium payments and your policy is valid, it will pay a death benefit to your beneficiaries upon your death. Your beneficiaries can then use the funds to help cover out-of-pocket expenses so they can focus on grieving. Aflac offers term life insurance policies that last for a certain period, like 10 or 20 years, and whole life insurance, which offers lifelong coverage.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
In most cases, life insurance covers these types of deaths:1
Not all insurance carriers cover all these and limitation and exclusions apply.
Yes, you will be covered if you purchased a life insurance plan before you receive a cancer diagnosis and are up to date on your premiums2 Typically, life insurance covers most types of death. This means you’ll likely be protected, even if you’re diagnosed with a life-threatening condition, such as cancer.
It can be difficult to lock in life insurance after a cancer diagnosis, but it’s still possible. Keep in mind that you may pay higher premiums.3 Additionally, some insurers require you to be in remission for at least five years to get approved for a policy. This is because cancer is considered a pre-existing condition or a health issue you have before you secure a life insurance policy. Many insurers will consider your age, cancer type, and stage to determine whether to approve you for coverage.3
Here are some types of life insurance policies that you may be able to qualify for as a cancer patient:
Guaranteed issue life insurance is typically available to individuals regardless of their health status, meaning you may still get approved if you have cancer. These policies typically have no medical exam, lower coverage amounts, and higher premiums.
A simplified issue life insurance policy doesn’t require a medical exam, but includes a few health-related questions in the application. It offers quick approval and generally has a lower death benefit than traditional life insurance policies.
Final expense insurance is a small permanent policy that can help cover end-of-life expenses such as funeral costs and medical bills. You typically won’t need to take a medical exam, and can receive a lower coverage amount. Aflac offers final expense insurance that can provide you and your loved ones with peace of mind.
Since life insurance is flexible, there are several ways you can use it to help cover costs associated with cancer treatment, such as:
If you accumulate cash value on your whole life or universal life insurance policy before you receive a cancer diagnosis, you can use your policy to cover several medical costs or replace lost income. You can withdraw from the cash value, get a life insurance loan, or surrender your policy in exchange for its cash value minus surrender charges.
A rider is an optional add-on or provision that you can use to supplement your life insurance plan. While some riders cost extra, others are included in your premium payments. Optional riders might come in handy after a cancer diagnosis. It can allow you to collect part of your death benefit while you’re still alive.
Cancer insurance is a supplemental policy that can help you cover treatment costs in case you get diagnosed with cancer. It offers coverage for various expenses that may not be fully covered by primary health insurance, such as deductibles, copayments, and out-of-pocket costs related to chemotherapy, radiation therapy, and surgery. Aflac’s cancer insurance can alleviate the financial burden associated with cancer care, allowing you to focus on your recovery without the added stress of overwhelming medical bills.
Life insurance can help give you financial security in several ways if you receive a cancer diagnosis. You may use the cash value or a life insurance rider to help pay for the medical and non-medical expenses you’ll likely incur. And if you pass away, the payout can help loved ones remain financially stable. Fortunately, Aflac offers life insurance policies with easy applications and premiums that fit most budgets. You can choose a term life or whole life policy, or final expense policy, depending on your coverage needs. Start chatting with an Aflac agent today to learn more and get a life insurance quote.
1 Policygenius - What Does Life Insurance Cover? Updated August 24, 2023. https://www.policygenius.com/life-insurance/what-does-life-insurance-cover/. Accessed October 21, 2024.
2 Bankrate – What does life insurance cover? Updated July 10, 2024. https://www.valuepenguin.com/life-insurance-cancer. Accessed October 21, 2024.
3 ValuePenguin – Life Insurance for Cancer Patients & Survivors. Updated August 2, 2024. https://www.valuepenguin.com/life-insurance-cancer. Accessed October 21, 2024.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
Cancer/Specified-Disease: 72200: In Delaware, Policy A72200. In Idaho, Policy A72200ID. In Oklahoma, Policy A72200OK. In Virginia, Policy A72200VA. 75000: In Virginia, policies A75100VA–A75300VA. B7000: In Delaware, Policies B70100DE, B70200DE & B70300DE. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK.
Life: B61000: In Arkansas, Idaho, Oklahoma, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000: In Arkansas, Idaho, Oklahoma, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 (whole): In Arkansas & Delaware Policy Q60100M. In Idaho Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Q60000 (term): In Delaware, Policies Q60200M. In Arkansas, Idaho, & Oklahoma Policies ICC18Q60200M, ICC18Q60300C, ICC18Q60400C.
Coverage underwritten by Tier One Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance does business as Tier One Insurance Life Insurance Company (Tier One NAIC 92908). Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company.
Cancer/Specified-Disease: In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, Policy T70000OK. In Virginia, policies T70000VA & T70000GVA. Not available in NY.
Final Expense: Arkansas, Delaware, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Cancer insurance is also known as specified disease insurance in some states.
This is a brief product overview only. Coverage may not be available in all states, including but not limited to, DE, ID, NJ, NM, NY, VA or VT.
Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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