New messages from Aflac |
View Notifications opens a dialog
Close X dismisses the notification alert
A life insurance plan can help your loved ones cover expenses in the event you unexpectedly pass away. If you already have a policy and receive a cancer diagnosis, you’ll likely be covered. This means your beneficiaries will receive the death benefit if you pass away due to cancer and your policy is still active. Let’s dive deeper into how life insurance works and how it relates to cancer.
A life insurance policy is a type of contract between you, the policyholder, and the insurance company. If you continue to make premium payments and your policy is valid, it will pay a death benefit to your beneficiaries upon your death. Your beneficiaries can then use the funds to help cover out-of-pocket expenses so they can focus on grieving. Aflac offers term life insurance policies that last for a certain period, like 10 or 20 years, and whole life insurance, which offers lifelong coverage.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
In most cases, life insurance covers these types of deaths:1
Not all insurance carriers cover all these and limitation and exclusions apply.
If you purchased a life insurance plan before you receive a cancer diagnosis and are up to date on your premiums, you most likely will be covered.2 Typically, life insurance covers most types of death. This means you’ll likely be protected, even if you’re diagnosed with a life-threatening condition, such as cancer.
It can be difficult to lock in life insurance after a cancer diagnosis. Many insurers require you to be in remission for at least five years to get approved for a policy. Additionally, you can expect significantly higher premiums.3
Some life insurance companies may even reject your application for a policy. This is because cancer is considered a pre-existing condition or a health issue you have before you secure a life insurance policy. Many insurers will consider your age, cancer type, and stage to determine whether to approve you for coverage.2
Since life insurance is flexible, there are several ways you can use it to help cover costs associated with cancer treatment, such as:
If you accumulate cash value on your whole life or universal life insurance policy before you receive a cancer diagnosis, you can use your policy to cover several medical costs or replace lost income. You can withdraw from the cash value, get a life insurance loan, or surrender your policy in exchange for its cash value minus surrender charges.
A rider is an optional add-on or provision that you can use to supplement your life insurance plan. While some riders cost extra, others are included in your premium payments. Optional riders might come in handy after a cancer diagnosis. It can allow you to collect part of your death benefit while you’re still alive.
Life insurance can help give you financial security in several ways if you receive a cancer diagnosis. You may use the cash value or a life insurance rider to help pay for the medical and non-medical expenses you’ll likely incur. And if you pass away, the payout can help loved ones remain financially stable. Fortunately, Aflac offers life insurance policies with easy applications and premiums that fit most budgets. You can choose a term life or whole life policy, depending on your coverage needs. Start chatting with an Aflac agent today to learn more and get a life insurance quote.
1 Policygenius - What Does Life Insurance Cover? Updated May 1, 2023. https://www.policygenius.com/life-insurance/what-does-life-insurance-cover/. Accessed May 25, 2023.
2 ValuePenguin – Life Insurance for Cancer Patients & Survivors. Updated March 28, 2023. https://www.valuepenguin.com/life-insurance-cancer. Accessed May 25, 2023.
3 Forbes - Life Insurance for Cancer Patients and Survivors. Updated June 14, 2022. https://www.forbes.com/advisor/life-insurance/cancer/. Accessed May 25, 2023.
Coverage underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
Cancer/Specified-Disease: In Arkansas, Policies B70100AR, B70200AR, B70300AR, B7010EPAR, B7020EPAR. Policy A72200AR. In Delaware, Policies B70100DE, B70200DE & B70300DE. Policy A72200. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. Policy A72200ID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK. Policy A72200OK. In Oregon, Policies B70100OR, B70200OR, B70300OR, B7010EPOR, B7020EPOR. Policy A72200ORR. Policies A78100OR–A78400OR. In Texas, Policies B70100TX, B70200TX, B70300TX, B7010EPTX, B7020EPTX. Policy A72200TX. In New York, Policies, NY78100–NY78400. Policy NYR72200. In Pennsylvania, Policy A76100PA. Policies B70100PA, B70200PA, B70300PA. In Virginia, policies A75100VA–A75300VA.
Life: 68000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400.65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series: Whole: In Arkansas, Delaware & Oregon, Policy Q60100M. In Idaho Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In Texas, Policy Q60100MTX.Q60000 series: Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C.
Coverage underwritten by Tier One Insurance Company: Cancer/Specified-Disease: In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, Policy T70000OK. In Virginia, policies T70000VA & T70000GVA. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
Final Expense insurance coverage is underwritten by Tier One Insurance Company. The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction. In AR, AZ, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
Coverage may not be available in all states including but not limited to DE, ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
The content herein is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees and other individuals should contact their own advisers about their situations.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999
NY | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
Z2301346
EXP 12/24
