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What Are the Funeral Coverage Options for Cancer Patients?  

The insecurity among insurance providers is making the final expense insurance a difficult task for people with cancer or other terminal disease. However, there are some plans that provide a cover for funeral-related expenses at affordable premiums. Learn about the most common types of cancer and best options to get a final expense insurance.
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Ryan@123 Ryan@123 on Thursday, January 18, 2018, 1 Year Ago

What Are the Funeral Coverage Options for Cancer Patients?

Having an insurance for funeral expenses is gradually becoming popular among the people, however, everyone doesn’t get it easily. Customers with a pre-existing illness like AIDS, Alzheimer, Cancer, Stroke etc. find it tough to get a final expense insurance for them as insurance companies hesitate to provide an insurance plan to someone who isn’t likely to live for long. Fortunately, there are some insurance plans that make it possible for the customer with a terminal illness. In this article, we are going to talk about some of the most preferred option to get the best final expense insurance.

Cancer Stats in the US

Men are considered more vulnerable to terminal diseases rather than women. Similarly, men with a serious illness are considered at a greater risk to insurance. For terminal diseases including, AIDS, Cancer, Alzheimer, stroke and other disorders. Insurance companies also look at those customers with a sense of greater risk to insure. On an average, 1.5 million patients are diagnosed with cancer every year and men have a share of more than half among the same.

There are numerous types of cancer people are getting diagnosed with. Here are a few most common types of cancer:

  1. Breast Cancer, Prostate Cancer, Lung Cancer
  2. Bronchus Cancer Colon Cancer, Pancreatic Cancer
  3. Bladder Cancer, Melanoma Cancer, Rectum Cancer
  4. Kidney Cancer, Renal Pelvis Cancer, Thyroid Cancer,
  5. Leukemia and Non-Hodgkin Lymphoma

However, this is also important that around 14 million cancer patients have lived beyond the expectation of their doctors and this is that statistics for only for the patients with cancer. The stat for patients with other terminal illness might be higher. This has helped insurance companies to provide insurance plans at comparatively more affordable prices.

Funeral Coverage Options for Cancer Patients

Despite the uncertainty of cancer patients, fortunately, there are various insurance options that provide a decent cover of the expense related to the funeral ceremony. Below, I am going to talk about various insurance plans that provide coverage for such customers.

Permanent Life Insurance

These policies are designed to cover you for life. Thant means whenever you pass away, your beneficiaries will receive a lump sum amount to take care of funeral expenses, medical treatment expenses, pending financial debts, life insurance for children, college fees, and other essential expenses. The offered plan proves very helpful when someone passes away suddenly, and their loved ones need to make the funeral arrangements immediately. They rush to the nearby funeral home immediately and the funeral homes charge a very expensive amount for immediate services. They also manipulate the loved ones to buy the most expensive casket and other accessories for the deceased and get trapped by them easily. Having a funeral expense plan in place save the loved ones for this additional burden and unnecessary expenses.

Term Life Insurance

Usually, the term insurance plans are made to protect you for a limited period, maximum up to 30 years and if the policyholder passes away within this period, the insurance company provides an accumulated cash amount to the loved ones and help them take care of their essential expenses including the expenses related to the funeral ceremony. These plans provide a great option to get final expense life insurance for seniors. Once the policy expires, you can extend the same for next 30 years. However, the renewed term life becomes come with a bit more expensive premium.

Graded Death Benefit

Graded death benefit insurance plans are designed to provide a cover for funeral expenses of the policyholder. The policyholder needs to pay a fixed premium every month and the insurance provider will pay for their all funeral-related expenses. However, these insurance plans have a waiting period of 2 to 4 years. That means if the customer buys a graded death benefit and passes away within that waiting period, their loved ones may not get the complete coverage for the burial expenses. However, it’s still a good option if you can’t go with a life insurance plan, due to some reasons.

Final Expense Insurance

The offered insurance plan is the best option to receive a cover for burial expenses. These policies are specially made to protect the loved ones of the deceased from the additional burden of funeral arrangements.  Under these plans, the insured needs to pay a fixed monthly premium to the insurance provider and they take care of all the expense related to funeral ceremony including the casket, headstone, flowers, embalming, transportation as well as the wake ceremony. Just filling an online for the insurance portal can get you loads of final expense insurance quotes as per your requirements. Depending on the coverage you need and the premium you can afford, you can choose a plan that suits your requirements the most.

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