Although most people understand how important it is to have life insurance, very few of them actually follow through with getting insurance in place. In fact, many wait too long and end up getting very high rates because of health conditions like breast cancer.
Life insurance is substantially more affordable if you buy it when you are young and healthy. Fortunately, there are enough insurance products out there that will accommodate your situation so that you will not be the one who leaves the cost of final expenses to surviving loved ones.
Life Insurers Have Changed
It wasn’t that long ago if you told a life insurance agent you’ve had cancer, they would suggest that you wait at least ten years before applying for traditional life insurance. The good news is that is no longer the case.
Because of innovative medical technology and advancements many cancer patients are finishing their treatment with a favorable prognosis and an expectation of living full lives.
Breast Cancer is one of the fields where because of abundant resources and committed research, many women can find traditional life insurance that is affordable.
The Stage of Your Cancer is The Determining Factor
It’s highly unlikely that you’ll be able to purchase traditional insurance if you are currently being treated for cancer with chemotherapy or radiation or if your cancer is diagnosed with an advanced stage. In these cases, the insurer will typically require a waiting period of about 3 to 5 years after you’ve gone into remission.
If, however, your breast cancer is stage one, and your treatment is nearing completion, you’ll likely have only minimal challenges getting an affordable traditional life insurance policy. For patients with stage 4 breast cancer, their only option is going to be a guaranteed issue policy, and they’ll have to survive at least two years before the death benefit will be available.
Research and Advancements Leads to Favorable Rates for Cancer Survivers
New medical research has demonstrated that many breast cancer survivors can expect a mortality rate that mirrors the general population. This means that breast cancer survivors are not automatically considered high-risk applicants as long as the cancer was discovered early on and the appropriate treatment has been completed.
More often than not, early detection and treatment result in a positive prognosis, making it completely possible to qualify for traditional life insurance with favorable rates. For applicants that have seen the significant difference between standard and below standard rates, this should be very good news indeed.
How Can I find the Most Affordable Insurance Rates with Breast Cancer
First, let’s be clear your expectations when considering purchasing life insurance with breast cancer. Unless your treatment has been completed and your prognosis is positive, you will probably be better off going with guaranteed issue insurance. The best way to find the most affordable rates, however, is to contact and experienced insurance professional who specializes in high-risk cases.
An independent agent such as LifeInsure.Com will typically represent many of the top-rated insurance carriers and among them will be several companies that are known to look at former cancer patients in a more positive light. After consulting with your agent, he or she will be able to select the company that is likely to be the most favorable option. This alone will save you a lot of time and disappointment.
Independent agents spend a lot of time learning the underwriting guidelines for the carriers they represent, and can typically find a solution for your individual situation.
What is the Underwriting Process?
When your independent agent submits your application to the selected insurer, there will be medical requirements ordered by the underwriter. Not only will there be a lengthy questionnaire regarding your condition and treatment, but there will also be an insurance medical exam ordered along with blood and urine analysis.
The underwriter will also order attending physician statements from each of your doctors and are likely to ask for copies of recent tests that have been completed. Once all this information is received and reviewed, the underwriter will determine which classification you qualify for and then forward that information to your agent. Your agent will then offer you a formal quote so that you can decide if you want to proceed.
What Happens if I’m Declined for Coverage?
If, after reviewing all of the medical information about your breast cancer, your treatment, and your prognosis, the underwriter decides to not offer coverage, your alternative would be “guaranteed issue” life insurance.
Guaranteed issue life insurance is whole life insurance with no medical requirements but with some conditions attached:
There is typically a 2 or 3-year waiting period before the company will pay the full death benefit if you die from natural causes. Most companies will, however, pay a death benefit equal to the total premiums you’ve paid plus a small percentage of 5 or 10 percent.
If you should die within the waiting period as a result of an accident, most companies will pay the full death benefit to your beneficiary.
Most guaranteed issue insurance policies offer a maximum death benefit of $25,000 depending on your age.
Remember, guarantee issue life insurance is always going to be more expensive than traditional life insurance because the insurer is accepting an unknown risk. It is, however, better than having no insurance at all and leaving your surviving loved ones with the burden paying for your funeral and other final expenses associated with your passing.