In mid-February, my husband and I were talking about getting term life insurance. I stay at home to take care of our three children, who are between 2 and 6 years old. My husband works as a firefighter and also runs a successful electrical business.
Currently, he only has minimal life insurance through the fire department. Ironically, about a month after we discussed getting more insurance, my 32-year-old husband was diagnosed with cancer. The doctors say his chances of recovery are good, but he has a tough road ahead. With three young children, we’re concerned about our financial security.
Will insurance companies hesitate to insure us now? Will the rates be very high? And how do we even start the process of getting life insurance now, especially since we both need coverage?
Usually, you need to be in remission for at least five years to get regular life insurance. However, for some cancers like skin cancer, prostate cancer, and lymphoma, the wait might be shorter.
Yes, it is possible to get life insurance if you have cancer, but also again you should also remember that, while obtaining life insurance with a cancer diagnosis it can also be difficult but it is not impossible. Guaranteed issue and simplified issue policies are more accessible but come with higher costs and lower benefits. Consulting with an insurance professional can help navigate your options and find the best policy for your circumstances.
You make $200,000 a year, all right? Since you are the primary provider for your three children and the breadwinner, you should acquire a policy that covers between $2 and $3 million. Your wife will receive 10 years of your salary to help with other expenses like a mortgage, college, and simply spending time with the family grieving.
Given that you do not require full life, it sounds like your financial counsellor might be a salesperson.
Usually, companies won’t consider someone who is currently being treated for cancer. Once in remission, they can get insurance again, but how long they need to wait depends on the type of cancer, treatment, and how advanced the cancer was.
For instance, early-stage thyroid and testicular cancers are very treatable and have a low risk of coming back, so people can apply for insurance 6-12 months after remission.
Some cancers require a longer wait, and some aggressive or advanced cancers that spread may never be insurable.
If you share more details, I can give a better idea of the waiting period. You can send a private message if you prefer.
In the meantime, your husband should use any group coverage available through his work (open enrollment periods are starting).