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When should cancer survivors consider getting life insurance?

Not everyone needs life insurance or can afford to purchase a policy -- especially if the cost is higher because of a cancer diagnosis. However, survivors may be willing to pay higher costs if they:
  • Have young children that will need to be provided for
  • Are married and the spouse will need help financially
  • Are supporting an elderly parent or other dependent
  • Have a mortgage or other major financial obligations
If you have loved ones who live with you, it may be a good idea to hold a life insurance policy that would cover the mortgage. For example, if you have a 30-year mortgage for $250,000, consider getting a 30-year term policy to cover the amount of the $250,000 mortgage. If there is another wage earner in the household, he or she should also purchase the same type of policy for this amount, if possible. That way, if either of you dies, the mortgage will be paid in full.

If you have been in complete remission for at least five years, you may be able to again get reasonably priced life insurance. Even if you are single and have no dependents, you may want to consider purchasing a life policy. If you wait and another serious medical problem occurs, that is likely to affect your ability to get life insurance coverage that is affordable. 

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Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.