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    Life Insurance For Cancer Patients And Survivors.

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    Being recently diagnosed or treated for cancer will typically impede your ability to buy traditional life insurance.

    “Concerning the form of cancer and when it spreads to other areas of the human body, you may not manage to get a conventional term or life insurance coverage for several years,” says Zachary Pugh, chief underwriter for Legal & General America.

    Can You Get Life Insurance if You’ve Been Diagnosed With Cancer?

    You should buy some life insurance if you have cancer, but it may be limited and expensive.

    “It depends on the type of cancer,” says Jeremy Hallett, founder of Quotacy, a national online life insurance agency based in Minneapolis. “Non-melanoma skin cancers usually don’t affect the buying price of life insurance, while a pancreatic cancer diagnosis might make it extremely hard to obtain coverage. A cancer diagnosis will typically prevent your ability to get a policy.”

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    Travis Price, an unbiased senior market insurance agent in Manton, Michigan, agrees that many insurers do not place limits on basal cell carcinoma (skin cancer).

    “However, if you had small cell lung cancer, there will be a high probability that they would never place life insurance with you because of the nature of cancer,” says Price.

    What Will be the Types of Life Insurance For Cancer Patients?

    “Carrying out a cancer diagnosis, you will more than likely manage to qualify for guaranteed issue, group life and final expense life insurance coverage, which supplies coverage for final expenses and funeral costs,” says Mark Friedlander, a spokesperson for the Insurance Information Institute (Triple-I). “However, the two most typical forms of life insurance—term and whole—may not be available to you after having a cancer diagnosis.”

    You generally can’t be rejected for these kinds of life insurance, and the applications don’t need a life insurance medical exam or any health questions.

    One trade-off is that coverage amounts may be low. Another downside is that guaranteed, and final expense life insurance usually has graded death benefits; when you pass away within 2 or 3 years of purchasing the policy, your beneficiaries won’t get the entire payout. (The exact timeline depends on the policy and will be spelled out.)

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    Wilson Coffman, an unbiased life insurance agent in Huntsville, Alabama, was identified as having colon cancer four years ago while trying to acquire his life insurance. Coffman cautions that guaranteed issue life insurance policies only provide low payouts, usually from $5,000 to $25,000.

    “The specifics of your diagnosis may also factor into what coverage you could qualify for,” says Friedlander.

    How Long Does it Try Qualify for Life Insurance After Cancer?

    While every insurance company is different, Friedlander of Triple-I says that you typically must be in cancer remission for at least five years to qualify for newly issued term life insurance, lifetime insurance, and other forms of coverage.

    A waiting period for life insurance after cancer may differ based on the cancer type, invasiveness, and opportunity for recurrence.

    Pugh of Legal & General has an example: “Our company can typically cover breast and prostate cancer survivors if they’re four years post-treatment, although the cost may be significantly higher.”

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    Waiting periods for life insurance after cancer vary from insurer to insurer. “Some insurers have stricter underwriting standards for several cancers that would require remission for the very least 10-year period,” says Friedlander.

    Life insurance waiting periods after different cancer types

    Here are sample waiting periods for various forms of cancer from Trusted Choice, a network of independent insurance agents:

    • Bladder cancer: 2 years
    • Bone cancer: 5 years
    • Breast cancer: 2 years
    • Cervical cancer: 1 year
    • Cancer of the colon: 2 years
    • Kidney cancer: 3 years
    • Leukemia: 10 years
    • Lung cancer: 3 years
    • Lymphoma: 2 years
    • Metastatic cancer: 5 years
    • Ovarian cancer: 3 years
    • Prostate: 1 year
    • Rectal cancer: 2 years
    • Skin melanoma: 1 year

    What May be the Best Life Insurance After Cancer?

    “When you have been in remission for at least five years, traditional life insurance could be an option,” says Friedlander of Triple-I. Here are a few possible options.

    Term life insurance

    If you qualify for term life insurance, it’s generally the most affordable way to purchase coverage. You’ll likely need to have a life insurance medical exam and anticipate answering questions about your previous cancer diagnosis and treatment.

    With term life insurance, you lock in rates for a specific period, such as, for example, 10 or 20 years.

    Permanent life insurance

    Permanent life insurance types may be an option, such for example life insurance and universal life insurance. These policies provide life insurance provided that your home is, assuming you pay the premiums.

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    Simplified issue of life insurance

    While there’s no medical exam with simplified issue life insurance, you could have to complete a brief health questionnaire.

    Based on Friedlander, “If you should be cancer-free but not in perfect health, the simplified issue could be a good choice.”

    Guaranteed issue of life insurance

    You can’t be rejected for guaranteed issue life insurance without a medical exam, health questions, or medical history requirements. That sounds appealing; however, you will face a higher cost for the total amount of coverage you obtain, and the policy could have graded death benefits.

    Burial life insurance

    For lifetime insurance buyers over age 50, burial insurance is supposed to cover end-of-life costs, such as funeral expenses and outstanding medical bills.

    “No medical exam is required to obtain this coverage,” Friedlander points out.

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    How Does Cancer Affect Life Insurance Cost?

    Most life insurance companies work with a classification system to determine the rates for life insurance for many policies, including those for cancer patients and survivors. Based on Triple-I, the most frequent tiers in this rating system are:

    • Super preferred
    • Preferred
    • Standard
    • Substandard

    “Policyholders designated as ‘standard or ‘substandard’typically pay the greatest rates,” Friedlander explains.

    Depending on your age and form of cancer, you may pay four times more for a life insurance coverage for quite a while, depending on how long you’ve been cancer-free, Pugh cautions.

    “I’d a $500,000 life insurance coverage before my cancer diagnosis. It cost me $100 monthly, despite being diagnosed and treated for cancer,” says Coffman. “I got quoted for another identical $500,000 life insurance coverage after having cancer, but the cost went to $800 per month, which could have been unattainable to purchase.”

    Hallett of Quotacy agrees that five years after a cancer diagnosis and successful treatment, you are probably able to expect to pay two to four times more for term life or life insurance coverage compared to a healthy individual without cancer.

    What May be the Best Life Insurance for People With a Family History of Cancer?

    When buying life insurance, your family’s medical history is frequently a factor in the quotes. (This means your parents and siblings.) If your family has a history of cancer, however, you don’t, there’s no specific life insurance coverage is more recommended than another, according to Coffman.

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    “But be aware that with traditional life insurance, which requires you to fairly share your family medical history, a previous cancer diagnosis in the household could affect your rates and eligibility,” says Friedlander.

    Generally, the best form of life insurance for you is the type of policy that covers your needs.

    “Could it be coverage that needs to last an entire lifetime? If that’s the case, purchase your whole life. Could it be the coverage you will need to protect your family because they mature? Then buy term insurance,” suggests Hallett.

    Suggestions to Increase Your Likelihood of Getting Life Insurance After Cancer

    Most of all, assist a skilled independent life insurance agent. Independent agents assist several insurance companies and will know those that tend to be more prepared to ensure cancer survivors. Particularly, look for an unbiased agent devoted to impaired risk underwriting.

    Regardless of whether you qualify for life insurance after cancer, you might find cheap life insurance with your strategies.

    Boost your general health by eating healthy and exercising.

    • Don’t use tobacco. Life insurance quotes for smokers typically are much higher.
    • Work in a low-risk profession. Friedlander says, “Police officers, firefighters, pilots, and construction workers are one of the occupations that will experience higher premiums.”
    • Don’t do risky hobbies like climbing, skydiving, and scuba diving. These will factor into your quotes and cause higher rates.
    • Keep a clean driving and criminal record. “DUIs, previous arrests, and other criminal convictions may affect your rate and disqualify you from coverage,” says Friedlander.

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    Business

    There Are Many Types Of Business Insurance.

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    For businesses, the suitable types of insurance.

    Business owners have many options when it comes to insurance. Insurance protects your company against various risks that could arise during normal business operations. We can help you choose the right business insurance.

    Many business owners begin with a Business Owners Policy (BOP) for small business insurance. It provides three essential coverages:

    1. General liability insurance
    2. Insurance for commercial property
    3. Insurance for business income

    Our BOP is customizable so that you can add additional business insurance coverages. If your business offers professional services to customers, you might want to consider professional liability insurance. This insurance policy can protect your business against claims that it has made mistakes in providing professional services.

    Every business is unique. We understand that every business is unique. Our team can help you find your company’s right type of insurance.

    8 Insurance Policies For Small Businesses

    Depending on your industry, you may need different types of insurance. Because every business is different, there are unique risks and challenges.

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    There are many types and options for insurance, but here are eight policies that small businesses can take out to protect themselves from a range of risks.

    1. General Liability Insurance (GLI).

    General liability insurance protects your business against any claims it may have caused.

    1. Bodily injury to another person
    2. Property damage to the belongings of another person
    3. Personal injuries, such as libel and slander

    2. Commercial Property Insurance

    Commercial property insurance protects your rented or owned building and any equipment you use to operate your business.

    This insurance does not cover flood damage or earthquake damage. To protect your business against these types of claims, you will likely need to purchase a separate policy like commercial flood insurance.

    3. Business Income Insurance

    Business income insurance is available to replace lost income if your business cannot operate due to covered property damage. This coverage can pay your ongoing expenses like rent, utility bills, or payroll. This insurance policy is also called business interruption insurance.

    4. Professional Liability Insurance

    Professional liability insurance covers lawsuits that claim you made mistakes in your services. This insurance type is also called errors and omissions insurance.

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    5. Workers’ Compensation Insurance

    Your employees can get workers’ compensation insurance to provide benefits if they are hurt or become ill at work. These benefits are available to help:

    • Their medical bills should be paid
    • If they are unable to work, replace most of their wages
    • If they are killed in an accident or illness at work, you can pay for their funeral expenses
    • You can pay for your ongoing care, like physical therapy.

    Many states require workers’ compensation insurance to be purchased by businesses that employ employees. If you do not comply with the law in your state, you could face penalties, fines and even criminal charges.

    6. Data Breach Insurance

    If your company is affected by a data breach, you can get insurance to cover the costs. This coverage may be called cyber insurance by some insurers.

    Insurance for a data breach can pay the costs of:

    • Notify affected individuals
    • Provide identity theft monitoring services
    • Public relations campaign

    7. Commercial Umbrella Insurance

    Commercial umbrella insurance covers some of your liability policies beyond the limits. Your umbrella insurance may help cover any claim exceeding your policy’s limits.

    8. Commercial Auto Insurance

    Commercial auto insurance can protect you and your employees if you own company vehicles. This insurance can cover bodily injury and property damage from an accident that your company causes. This is because personal car insurance policies won’t cover third-party injuries resulting from an accident you caused with a business-owned automobile.

    What are the Different Types Of Insurance Small Business Insurance Requirements?

    You may need certain types of insurance depending on the business you run and where you live. Most states require that employers have workers’ compensation insurance. Some states have specific laws regarding business insurance. Professional liability insurance may be required for accountants.

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    It is essential to be familiar with the state’s business insurance laws. To ensure compliance, you can consult an agent. They can help you create an insurance policy that suits your budget and meets all of your needs.

    Get recommendations on which types of business insurance you may need.

    Business insurance is essential, regardless of how big your company is and what industry trends you are following. Startups can benefit from business insurance coverage when they open their doors. It’s also essential for business owners who are already experienced. Your business and the type of insurance you choose may affect your policy requirements.

    Our company is backed by over 200 years of insurance experience. We have helped more than 1,000,000 small business owners. Our experts want to help you. We will work with your company to find the right type of business insurance. Get a quote for business insurance today to learn more about how we can assist you.

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    Here Are Seven Ways Business Insurance Can Save Your Company.

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    You have many hats as a business owner. Most likely, you are responsible for making the final decisions about any business matter relevant to your company. Decision fatigue can quickly drain your energy and make it difficult to make another decision.

    Although you might not want to consider business insurance until you need it, procrastinating about this crucial decision could cost you.

    Experiential entrepreneurs know that business insurance is as essential as a business plan, marketing strategy or product development when it comes to ensuring a company’s long-term health and longevity. Although the primary purpose of business insurance protects a company’s stability in times of crisis or disaster, there are seven other ways business insurance can help you to secure and preserve your business.

    1. Business insurance helps to reduce financial risk

    It can be like jumping off a cliff to start a business. Is my parachute going to open? Will the wind lift me or smack me into the ground? General liability insurance, a type of insurance that covers business risks, protects against commonplace accidents that occur every day.

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    Your company’s general liability covers you in the event of any lawsuits for damages that are not your responsibility. Your company may be responsible for any damages caused by an employee who drops large equipment that causes a fire hydrant to burst, flooding a home. Your company is protected by general liability insurance.

    2. It protects your property

    Your business could be affected if it depends on inventory or equipment to meet daily demands. Fire and other natural disasters are also possible at any business.

    You can be confident that you will receive help if you have insurance against property damage. Insurance coverage can protect your company from future disasters, even if you have invested years of savings in your business.

    3. It allows you to care for your employees

    Your business’s success depends on you, the owner. However, your employees can also make a difference. Employees can be considered family members, and you want to protect them.

    You have options for insurance to protect your employees during distress, such as workers’ compensation and group health insurance. You can provide coverage to employees that allow them to return to work faster and more healthily without straining your bank account.

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    4. There are ways to reduce the financial burden after a disaster.

    What is considered a disaster? Anything that could threaten the survival of your business. Depending on your work, it could be a claim that you have caused harm to a client or that your company didn’t perform its contracted services. Or an unplanned event that requires the relocation of your company.

    Professional liability insurance is a great option. Business interruption insurance is a good choice in the second and third cases.

    5. It protects assets

    Certain types of insurance may provide financial protection for your business and pay the costs and damages on your behalf. This will protect your income. If your business is a sole proprietorship, you won’t have to give up personal assets like property or college savings accounts to pay the payment.

    6. It allows you to support your community

    Clients and service personnel may visit your business even if your business doesn’t have a physical location. You will be glad you have the right business insurance to protect your guests and protect them from injury. Your actions will create a protective shield for your community by responsibly purchasing this coverage.

    7. It allows you to plan with confidence for the future

    Although there are no guarantees in life, proper planning and management and using established tools such as insurance can help you create a solid plan for the future. You can be confident that your strategy will pay off.

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    Insurance eliminates uncertainty, so business owners can focus their efforts on building their businesses and not worrying about devising strategies for responding to unforeseeable events. Business owners who purchase the proper insurance invest in the continuity and longevity of their businesses.

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    Insurance

    Why is it important to have life insurance?

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    Life insurance can protect your assets or provide a death benefit to your heirs. It protects your help before and after your death.

    Pre-planning for your financial future and tax-free support can significantly impact your ability to live after you die. Life insurance allows you to take advantage of benefits for medical expenses and extra support for retirement. You can also borrow against your policy.

    Life insurance policies protect your life and allow you to live a comfortable life. We’ve listed the benefits of a life insurance policy for you.

    Why is it important to have life insurance?

    All human beings are subject to death. Can you imagine what that might look like? But what will happen to your heirs, who depend on you for their needs? You should consider life insurance if you genuinely care about them.

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    There are many insurance policies that you can choose from. You can pick the most convenient for your budget and salary. You can get any life insurance policy that is easy to manage if you are healthy.

    We recommend immediate life insurance coverage for seniors, people with severe illnesses and anyone who views medical tests as a burden.

    This policy allows your inheritors to pay the funeral expenses with their own money.

    Life Insurance: The Value of Life Insurance

    Our lives are unpredictable, and we don’t know what dangers may be lurking around the corner. Life insurance can protect us from the risks that may arise. Let’s take a look at the many benefits of life insurance.

    1. Take Care of Your Dependents

    You may depend on your family or close friends. What will happen to your family if you die? You should consider buying life insurance if you genuinely care about them.

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    This will ensure financial support for your loved one and save your assets for the final stages of your life. How? It is straightforward. This company can provide support for you when you retire.

    2. Planned Child Education

    You have a dream of helping your child achieve their higher education goals. Life insurance planning is something you should look into.

    If they cannot pay for their education, your child could drop out of school. It is a brilliant idea to plan and make sure you have life insurance as a backup for your child.

    3. Take care of your business

    Any company may have you as an owner or share partner. To protect your business, you need to purchase life insurance.

    In the event of your sudden absence, the insurance will cover your portion of the contribution. Your business can go on for many years without taking out any debt.

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    4. How to Deal with Debt

    Nobody wants their family to take over their loan after they die. They make sure to plan for life insurance.

    Life insurance will take care of your debt. Your life insurance company will take care of any financial obligations you may have, such as a mortgage, home loan, or car loan.

    5. Get Extra Support On Retirement

    When you retire, there is no need to be worried. You can withdraw cash value from your insurance policy to supplement your retirement income. You can also borrow against this insurance.

    6. Get your Medical Fee Coverage

    The insurance company will pay for the costs of medical treatment if you are involved in an accident. These policies cover any client who requires emergency hospitalization.

    7. Enjoy the Benefits of Long-Term Care

    Nothing to be concerned about if your final years are filled with long-term care. If you have a chronic illness or critical illness.

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    Your insurance company will cover your nursing care and medical expenses. This is an essential benefit for your old age. If you don’t have life insurance, it can burden your family.

    8. Reduce Stress in Difficult Times

    A well-planned life insurance policy can be a lifesaver if you face unexpected financial difficulties. Your car could be damaged, and your house may fall apart.

    Or any other problems that could make your life difficult. If you have life insurance, you can rest assured that they will help you.

    9. Offering Confidence

    You don’t need to worry about your inheritance if you have life assurance. You can also protect their expenses that you might cover in your lifetime. You can still hope that they will continue paying their costs if you cannot do so.

    10. Tax-Free Benefit

    Life insurance is a way to leave a tax-free legacy for your beneficiaries. Life insurance provides a tax-free inheritance to the beneficiaries.

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    If you wish to provide tax-free benefits for your beneficiary, you should consider buying life insurance. They will be able to enjoy every penny that you have left them.

    Buying insurance is cheaper when you are younger.

    It is cheaper to buy insurance when you start young. Life insurance policies are more affordable for those who are more cautious about their lives.

    You already know the advantages of life insurance. It will be a brilliant idea to purchase life insurance if you notice that your parents have loans.

    If your parents die suddenly, you may be able to receive support through an inheritance.

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    You should also consider purchasing insurance if you have dependents, co-assigned home loans, or study loans with family members. Singles pay less for insurance coverage.

    Frequently Asked Questions

    Which type of life policy is better?

    It all depends on what type of policy you choose and your personal preferences. There are two types of whole-life policy: termed policy and whole policy. Both policies have the same premiums. A complete life policy is more reliable than a term policy.

    They will not only pay your money back but also take your debts if you die. However, if you have a term life policy, you will have to pay more for the next one once it matures.

    What Life Insurance Should I Purchase?

    The amount you leave to your beneficiary will depend on how much you decide. Insurance is generally purchased to protect their mortgage and other vital expenses.

    Before you decide on a policy, compare your assets and salary before making a purchase decision.

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    Is life insurance taxable?

    All policies now have tax-free life insurance. Your inheritance will receive the same amount as your policy if it is $10,000. You can speak with experts about this matter.

    Closing Thoughts

    Every person should have life insurance. The premium coverage for young people will be lower if they start their policies early.

    However, the premium coverage will increase with age. If you genuinely care about your family, get life insurance as soon as possible.

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