Affordable life insurance for Cancer patients in many cases can be successfully purchased especially if your in remission
Shopping for life insurance for Cancer survivors can be a little intimidating. Purchasing life insurance for Cancer survivors is usually a very simple process if you have been free for 10 years or more. If you currently have a form of Cancer or ever had it in the past. Life insurance for cancer patients and survivors can be available to you depending on your current medical condition. The most accurate way to see if you qualify for coverage and at what cost. Is contact an experienced independent life insurance agent and have him run a medical pre-screen.
There is a medical questionnaire to complete which takes five minutes. Then your agent can contact the most applicable life insurance companies and run a pre-screen. I have seen many cases where a cancer patient was able to purchase life insurance policy at a very affordable premium. It is going to depend heavily on what form of Cancer did you have and what was the stage it was in when first diagnosed.
Comparing multiple life insurance companies is the best way to get the lowest premium
To be the most effective, your agent should have a number of carriers to choose from to run a medical pre-screen with. Then see what company comes back with the most positive offer as far as premium and acceptability goes. You can then proceed with the application process. There were over 1000,000 cases of Cancer reported in the year 2018 and more to be expected in 2019. Approximately 4 out of every 10 Americans will be reported as having this disease.
The rate of people being diagnosed with Cancer has been going up steadily. The success rate in treating this medical condition has been going up also thanks to medical advancements and research. Finding the best life insurance for Cancer survivors with the lowest rates is much easier than in the past.
Important concerns when pre-screening Cancer would include what are the size of the tumors
What was the grade and stage of the Cancer when first discovered? Also did the Cancer cell reach the lymph nodes? If your Cancer treatment have ended, when was the last day of treatment. The insurance carriers will also need to know if you ever had a Cancer recurrence. Also, what medication did you take and are you still required to continue taking it. Life insurance for Cancer survivors can be more affordable than you may think.
Common Types of Life Insurance Coverage
Term Life Insurance
Low cost term life insurance covers only a specific period of time before it terminates on the anniversary of the policy. It can vary from 5, 10, 15, 20, 25 or 30 year intervals of time. Once these time periods have occurred, the policy is no longer active. Due to the limited time periods on these types of policies, they are the least expensive life insurance options. At the end of each time period, the policy can be renewed but it is usually too expensive. Since you do not know what the future has in store. It is a good idea to apply for the longest term period if at all possible. Term life insurance has the best rates of all plan designs.
Universal Life Insurance
The premium remains the same for the lifetime of the policy, as long as payments are made. Universal life insurance has taken over as the go to policy design for people that want permanent coverage. Having life insurance designed to last the rest of your life gives peace of mind and long term financial protection. Universal life insurance is a product you should definitely consider when shopping for life insurance.
Whole Life Insurance
Whole Life insurance is very similar to Universal Life insurance only in the way it is a permanent plan design. The owner of the policy cannot change the amount of the premiums to change the amount of coverage. There is also a cash value attached to Whole Life based on an interest rate. You can actually borrow money on a Whole Life policy. If you do borrow money, the amount obtained after the insured’s death will decrease. Whole life is much more expensive than term life insurance.
Guaranteed Issue Life Insurance
Guaranteed Issue Life Insurance is usually a last resort type policy. It is for people with serious pre-existing health conditions. Typically only $25,000 for death benefit is available but it can also be partially withheld. This is if the policyholder dies within two to three years of purchasing the insurance. This type of life insurance is in the high risk life insurance category.
Each policy design it’s different pros and cons that you have to take in consideration. There is no one perfect plan design for everyone. Everyones situation is a little different for their need for life insurance.
Getting the very best rates possible
Even if you are a cancer survivor, life insurance shouldn’t cost an arm and a leg. You should be able to get affordable coverage that you and your family deserve and can easily afford. There are several great ways that you can lower your monthly premiums.
Similar to being classified as overweight or obese. Being categorized as a smoker is going to cause your rates to go through the roof as much as over 300%. This is totally regardless of your current health history. Smoking cigarettes will immediately cause your rates to become very expensive. If you want to lower your life insurance costs and save money on your new policy. Stop smoking as soon as possible and clean up your health. Your overall health and your wallet will thank you for it.
One sure fire way is to concentrate on your health. This is could mean doing several different thinks to help. Being overweight or obese is going to be one of the fastest ways to pay more money for life insurance. Before you consider applying for life insurance. Exercise and eat a good careful diet and lose some weight if you are considered overweight.
Here are some specific forms of Cancer and how they are normally viewed by the life insurance companies
These forms of cancer each have their own specific medical underwriting factors which a life insurance carrier will review. Purchasing life insurance for Cancer survivors is a much easier process that it was years ago. But remember, high risk life insurance for Cancer survivors can still be very affordable.
Skin Cancer: Basal Cell and Squamous Cell Carcinoma types
Basal cell and Squamous cell Carcinoma are by far the most common types of skin cancer. It is diagnosed in approximately 90% of skin cancer patients. These skin cancers grow very slowly and are easily removed which is a very important and positive factor. If you’re in good health except for the Cancer, you will be likely be approved for standard term life rates. The same will hold true for universal life insurance also. Many times the best life insurance companies usually have the best life insurance rates as well.
Skin Melanoma
This can normally be a more dangerous form of the skin Cancer family. Melanoma cancers only appear in about 5-8% of all skin cancer cases diagnosed. But can unfortunately account for the most skin cancer deaths. However, if it is diagnosed and treated early enough, there is a good chance of a totally full recovery. The main issue with melanoma is that it can metastasize. It can spread to other locations in the human body, including the lymph nodes and many of the major organs.
If the cancer has been completely removed by means of surgery, and you have been cancer free for one or two years. You may be approved for a term life insurance policy or one of the permanent plan designs such as universal life. You can also receive some of the best life insurance rates with no medical exam.
If the skin Cancer has spread
If the skin Cancer has had time to spread and has been treated with either chemotherapy or radiation treatments. Then it is possible you may have to be Cancer free for as long as 10 years. You can be eligible for a life insurance policy in less time but you will most likely have to pay a higher life insurance premium. Many cases of skin Cancer can be successfully treated and allow you to receive very affordable rates. Life insurance for Cancer survivors is based on a case by case basis.
Breast Cancer
If you are a breast Cancer survivor, the life insurance companies will need to know whether you are in a full state of remission. The life insurance companies will ask you questions such as the date you were first diagnosed with the Cancer. The types of medical treatments you received, how regularly you’ve been re-tested. Also how long you’ve been free of Cancer. The longer that you’ve been cancer free, the better your chances of getting approved. It does not cost a penny to apply for life insurance products. The life insurance companies are the ones who pay for the complete application process.
Prostate Cancer
This is another very common form of Cancer in the US. The two main issues that a life insurance company will want to look at include your (PSA) levels. As well as your Gleason score too. The Gleason score determines how likely it is for the cancer to spread. If the level is low, the likelihood of the cancer spreading is much less which is great news.
The most important issue life insurance companies will be looking at is how long you’ve been cancer-free. Especially since your most recent surgery or other medical treatment. If you’ve undergone regular testing and you are under the care of a doctor. If you also have a clean bill of health, you may be eligible for life insurance with very affordable rates.
Sometimes the wisest thing to do, is wait it out
Attempting to apply for life insurance as a Cancer patient will normally not be successful. All you can do is wait until you have completed your treatment and then apply for a policy. If you can remain Cancer free, you may be able to lower your life insurance rates over time a period of time. However, your rate depends on the type of cancer you have, and how long you’ve been in remission. When shopping for life insurance for cancer patients. The most important thing you can do is provide the company with as much information as possible
Good strategy to get lower life insurance rates for Cancer patients
Have your agent request term life Insurance quotes from different companies. No two insurance companies are going to underwrite the same. Make sure you connect with an independent agent who can shop the complete market for you. He can compare rates and options on your behalf unlike a captive agent who only show you one company.
Don’t apply until after all of your tests. Life insurance companies want to know that your health is stabilized. If your tests show that you are in complete remission. You can potentially qualify for lower life insurance rates. Give it some time. The longer you have been in remission, the more likely you will receive the best life insurance rates. It can definitely pay to wait before you submit an application.
Important information to know about life insurance for Cancer survivors
The first and most important thing is to try not be discouraged, even if you do have Cancer. If you’ve been denied coverage before you’ve gotten past the waiting period, apply again after the waiting period. If you are a cancer survivor and have been in remission from your Cancer for several years. There is an excellent chance that you can find an affordable term policy.
Our final note
Contact us with any questions you may have. We can perform a pre-screen and take the mystery out of shopping for life insurance for cancer survivors and patients. We can find the lowest rates for you because we specialize in high risk life insurance. If you’re a cancer survivor and need to get affordable life insurance, don’t hesitate to call us today.
All the best,
Jack Venturi
Cancer related technical information thanks to our friends at: WebMD, American Cancer Society, Cancer Treatment Centers of America
