I was recently diagnosed with breast cancer. I would like to buy life insurance to provide for my children if I die. Will any life insurance company sell me a policy?
Kate, Nevada
Unfortunately, most life insurance companies will not insure patients with a serious illness. Most policies require a lengthy application and a medical exam. However, you might be able to find suitable coverage with a "guaranteed issue" term life insurance policy. Also called "simplified issue" or "quick issue" policies, guaranteed issue coverage requires no medical exam and insures anyone who comes along. For this reason, guaranteed issue policies are riskier for the insurer than those with medical exams, and are thus more expensive than regular term insurance policies. However, you may want to look into this option as it is your best hope of obtaining life insurance. A life insurance broker can search the marketplace for a guaranteed issue policy that meets your needs.
Back to the Forum
Disclaimer: We are journalists, not financial planners or insurance brokers. Nothing we say should be interpreted as a recommendation to buy or sell any insurance product, or to provide other financial or legal advice. |
British Citizens:
Canadian Citizens:
