1. 712 POINTS
    John Cole
    Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.
    No Life carriers will not cancel your policy if you have cancer there's two things they will look for did you lie about your health when you purchased the policy and if the policy premiums are current and paid to date don't forget these are legal binding contracts the insured will be held accountable and the insurer will be held accountable. See my profile if you should need help.
    Answered on September 5, 2014
  2. 230 POINTS
    Wayne Morris
    Owner/Broker, USA Insurance Brokers, Arizona
    No. Life Insurance Carriers will not cancel your policy after developing Cancer or other serious medical conditions. They may cancel for non-payment of premiums or failure to disclose, if it was a preexisting condition. However, if you have a Term Life policy that expires after 10-30 years, it may not be possible to qualify for new coverage.
    Answered on September 5, 2014
  3. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A life insurance policy is a contracted based upon “representations.” If medical information was provided truthfully the company hasn’t any grounds to deny coverage. When you stop and think about it that is the way most death claims are handled. A person buys a policy and later dies of a disease. That is the basis of life insurance, we don’t know when we will die.
    Answered on September 5, 2014
  4. 21750 POINTS
    Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! One of the best things about life insurance is that once the policy has been approved and issued, the only way that the contract can be broken is if you had misrepresented the facts about your health, decide to stop paying, or to cancel it. If there is reason for the insurer to believe that you had prior knowledge of your cancer when you applied for it, and said nothing about it, they can drop you. There is a two year window at the beginning of the policy that allows them that right. After that two year window, you are covered regardless of what turns your health may take. I pray that your cancer is easily beaten, and that you live a long and rewarding life. Thank you for asking!
    Answered on September 5, 2014
  5. 63333 POINTS
    Peggy Mace, Certified Senior Advisor (CSA)®PRO
    CEO, Outlook Life, Inc, Most of the U.S.
    When you buy life insurance, your premiums are based on your health at the time you applied. These premiums are locked in for as long as your policy states. E.g. If you buy 10 year term life insurance, the contract may state that the premiums are guaranteed not to go up in price for 10 years.
    Let's say you get cancer at year 8. You don't even have to tell the insurance company that you got cancer. Your rates are still locked in for the remaining 2 years. However, at the end of the original 10 year term, most policies will let you pay a much larger premium, and then raise that premium every year. If you have terminal cancer, it may be worth it to you to continue to pay the larger premium, because it may be impossible for you to get a new policy at that time.
    So the answer is no, you cannot be dropped in the middle of an existing policy if you are diagnosed with cancer. But it can be harder to get a new policy after a cancer diagnosis.
    Answered on October 21, 2018
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