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Nobody wants to think about anything bad ever happening to them, but the truth is, you never know what life is going to throw at you. It’s important that you have the insurance protection in place. Cancer life insurance is one of the additional insurance policies that you should consider buying.
Cancer life insurance is a very specific type of life insurance. We are more than able to help you get quotes by filling out the form on the side of this page or you can keep reading to learn about the advantages and disadvantages of cancer insurance.
Other than providing a benefit to your heirs in the case that you were to pass away from cancer, cancer life insurance has one very big advantage over other forms of life insurance; it is very inexpensive. In fact cancer insurance will be the least expensive purchase if you are currently in good health. For this reason, you will see group policies and standalone policies offer cancer insurance as a rider usually for just a few dollars extra per month. So if you have a family history that includes cancer then it will not cost you a lot to make sure that this is covered.
The biggest disadvantage of cancer life insurance is how narrowly focused the insurance is. For instance, if you were to contract cancer and were dying but happened to get killed in an auto accident first it would not cover you. The cause of death has to be cancer and nothing else. This is the main reason that any life insurance agent worth their salt will recommend you look at term life insurance as the main part of your insurance coverage with cancer insurance just being a rider or extra coverage on top of your policy. Term life insurance is more expensive because it covers every type of death instead of just cancer. Obviously you have a better chance of just dying that of specifically dying of cancer so as a result you will pay a bit more. The truth is, that if you are in good health you will not pay much for term insurance either. Some people can get a large policy for as low as $25 to $35 per month. So it is definitely worth getting some quotes to see what you qualify for. While cancer life insurance is not a bad idea it is not really full coverage for anyone who has a spouse, children, or someone who relies on their income.
There is nothing wrong with buying a cancer life insurance policy, but it isn’t going to give you the insurance protection that your family deserves. Instead, you should look at getting a traditional insurance plan. If you’re looking to get the cheapest life insurance, a term plan is going to be the best option. There are several different choices that you can pick from when shopping for life insurance.
Every family is different, which means that no policy is going to work well for every client. It’s important that you find a plan that’s going to meet your needs and give your family the protection that they need. Each kind of plan has advantages and disadvantages that you’ll need to weigh based on your specific situation. The two main types of coverage are term life insurance and whole life insurance, and inside of those, there are several other subtypes of policies that have unique benefits.
The most common type of life insurance is a term insurance policy. These plans are bought with an expiration date on them, which means that they are going to become inactive in the future. Because they are not permanent, these policies are going to be the cheapest option for insurance protection. One of the benefits of term plans is that you can buy a plan that matches the length of your needs for life insurance. You can buy a term plan in a variety of lengths, anywhere from 5 years to 30 years.
The other popular option is a whole life insurance policy. Unlike term insurance, these plans are permanent coverage, which means that they are never going to expire. As long as you continue to pay the monthly premiums for the plan, you’ll have life insurance coverage. Whole life plans are an excellent option for anyone that doesn’t want to worry about not having life insurance in the future. One benefit of these plans is that they will also build cash value. The longer that you pay the premiums, the more value that is inside your policy, and you can use that value to borrow against or pay the premiums for the policy.
One of the most popular subtypes of life insurance is a no exam policy. These policies are exactly what they sound like, life insurance without the health exams. These plans sound like the best option on the surface. Who wants to have blood drawn and go through the hassle of the medical exam? There are some serious disadvantages to these plans.
The most notable drawback of no exam life insurance is that it’s going to be more expensive than a traditional life insurance plan that requires a medical exam. The purpose of the health tests is to see how much of a risk you are to insure, but without that information, the company is taking a much greater risk to give you life insurance. They are going to offset that risk by charging you much higher insurance premiums.
Another notable pitfall of these policies is that you’re going to be limited on how much life insurance protection that you can buy. Most insurance companies are only going to sell you around $250,000 worth of insurance protection, and for most families, that isn’t going to be enough life insurance. Not having enough coverage is going to be the worst mistakes that you can make.
One reason that a lot of applicants will choose a cancer insurance plan instead of a typical life insurance policy is because they are going to be more affordable, but a term life insurance policy can be much cheaper than you would assume. There are several ways that you can lower your premiums, which is going to mean more money in your pockets.
If you want to save money on your life insurance, it’s time to kick your bad habits once and for all. If you’re listed as a smoker when you apply for coverage, regardless of which company that you choose, you’re going to pay much higher rates for your plan. In fact, smokers are going to pay at least twice as much for an insurance plan versus what a non-smoker is going to pay for the same policy.
Another way to secure lower premiums, is by improving your overall health. Before the company gives you life insurance, they’re going to require that you take a medical exam (unless you buy a no exam policy) and the results of those tests are going to play an important role in how much you’re going to pay every month. If you want to get lower premiums, you’ll need to be in better shape when you apply. The two easiest ways that you can do that are by getting regular exercise and cutting out the junk food. Going to the gym and sticking to a diet can help you lose weight, lower your blood pressure, and reduce your risk of being diagnosed with health complications. Being at a healthy weight can reduce your life insurance premiums by 50% or more.
The best way to ensure that you’re getting the best insurance premiums is to compare dozens of quotes before you decide which one is going to work best for you. Every insurance company is different, which means that your quotes will vary drastically depending on which company that you contact. Instead of spending hours to call dozens of companies, let one of our independent insurance brokers do all of that work for you. We work with dozens of highly rated companies across the nation, which means we can bring all of the best insurance plans directly to you.
To sum it up cancer life insurance is not a bad idea but you should look at getting full coverage. If you need any help our team at TermLife360.com is available to answer any questions you may have and provide you with free detailed quotes to let you know what your best options are.