Bad news. You have been diagnosed with cancer. Even more bad news, you are financially drained. From secondary procedures to cancer drugs, cancer treatment can be really expensive and will take a financial toll on anyone. This is especially the case if you did not have a medical cover. Well, there is light at the end of the tunnel. It is now possible to get burial insurance even after you have been diagnosed with cancer. Burial insurance ensures that your funeral expenses are covered in the event of your death. It is inclusive of a casket, headstone, embalming, and other costs that may be incurred.
How Does Burial Insurance Work?
Different insurance companies will have different policies with some plans offering up to $50,000 of coverage. Not bad, right? This money is awarded to your beneficiaries to use as they deem fit. There are several factors that insurance companies consider before insuring a cancer patient, as listed below:
- When were you first diagnosed with cancer?
- What type of cancer are you suffering from?
- What type of treatments have you undergone and when did they commence?
- Which stage of cancer are you in?
- Have there been cases of relapses or tumors?
- Would you be considered cancer free at the moment?
Once they have all this information, they can decide whether you qualify to be covered and by how much. Unfortunately, most insurance companies will not accept to cover patients who are still undergoing treatment. However, this does not mean that it is impossible to get insured if you are still being treated; it just means you will have to search a bit harder and the premiums will cost you more.
Do You Need Burial Insurance?
So, what could be some of the motivations to invest in burial insurance? Some factors are listed below:
- Prior to the diagnosis, you didn’t have a life insurance policy.
- Looking forward, you do not see any other alternative way of paying for your funeral expenses.
- Cancer treatment has eaten its way into your savings and now you are unable to clear all your debts and still pay for your funeral expenses in case of death.
- You are just looking for a different policy that will take care of your burial expenses.
Not to sound pessimistic but, once diagnosed with cancer, the first thing that comes to mind is death. There is always the worry that you will not be able to beat the disease. However, insurance companies have made it so that on top of your list of worries, you don’t have to worry about your funeral expenses. In the U.S., cancer affects over 900,000 men and more than 800,000 women each year. It is estimated that in the year 2018, there will be approximately 1.7 million new cancer cases diagnosed and approximately 609,640 cancer deaths. With these kinds of statistics, it comes as a relief to know that you can still get insured after you have been diagnosed with cancer. Burial insurance ensures that you do not leave unnecessary burden to your family once you are gone. We recommend talking to an insurance agent to evaluate your chances for qualification.
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