Life Insurance for breast cancer survivors – Important Facts You Need to Know

Although there is a much awareness about breast cancer today than there was any time before, many people still forget to take the necessary action to detect the disease at an initial stage. As per the data of the American Cancer Society, one out of eight women will be identified for breast cancer at least once in their lifetime. Despite such staggering numbers, it is extremely worrying that a relatively large percentage of women still remain underinsured or even uninsured!

According to research by Genworth Financial, there is a dire need for life insurance among women. Here is some data that shows how pressing this need is.

1. Almost 50% of childless married mothers don’t have life insurance.
2. Nearly 43% of married mothers don’t have life insurance.
3. Almost 60% of single mothers don’t have life insurance.

With such an alarming condition worldwide, there is no reason why you should delay buying life insurance.

There is a general perception among people who suffer from breast cancer that they won’t be able to get affordable life insurance. Well, you might be delighted to know that it’s not entirely accurate. With technological advances in medical treatment and increasing awareness, there is a spike in the number of cancer survivors applying for life insurance. Consequently, many insurance companies have revised their guidelines for coverage and it is possible to get life insurance for breast cancer survivors. What is even more encouraging a few life insurance companies offer very lucrative rates if the disease is identified at an early stage and treated adequately. Although some carriers may still decline, there are plenty of life insurance agents that look quite favorably at breast cancer.

Role of the Agent

Each life insurance company has a unique approach to look at your breast cancer history, and each of these approaches will have varying degrees of favorability. This is where the role of an agent becomes critical. They are expected to utilize their experience, skill set, and resources to secure the most lucrative coverage. To make sure that the insurance agent does his job well, you will need to find answers to the below-mentioned questions. It is understood that you need to be entirely honest with your answers to ensure a fair analysis of the situation you are currently in.

The questions that you would typically need to answer are as follows:

1. What was the type of breast cancer?
2. What was the stage of the breast cancer?
3. What was the grade of the breast cancer?
4. When was the cancer diagnosed?
5. When did the treatment of the cancer conclude?
6. Has there been any history of metastasis?
7. Has there been any past record of lymph node involvement?
8. What were the dimensions of the tumor?

Without detailed and accurate answers to these questions, it would be challenging for your agent to spot a company that would be most appropriate for you. In fact, we recommend you to share a copy of your most recent pathology report and allow the agent to cull out the details that are essential to him to initiate the process of breast cancer life insurance underwriting.

The Process Explained

The general principle is that the lower the stage and grade of the cancer and the longer the amount of time elapsed since the treatment concluded, the better the likelihood there exists of qualifying for covering at affordable rates.

Preferred rates, by which we are referring to the best possible rates for breast cancer survivor life insurance, are also available in some cases but they are very few. Individuals with noninvasive cancer (stage zero) and appropriate cancer treatment usually qualify for preferred rates.

Another case where an individual can qualify for preferred rate is the one in which more than 20 years have passed after completion of treatment. Those who are not eligible for preferred rates can still be eligible for the standard rates.

Another critical fact to mention here is that most insurance companies will prefer that a reasonable amount of time has elapssed since your last treatment. We are going to discuss some terms that you should update yourself with if you are likely to buy life insurance for someone with breast cancer. If all this jargon is too confusing for you, we advise you to give us a call, and we will share the rates over the phone.

Multiple outcomes are possible depending on the criticality of the disease.

1. Ideal Case: Standard rates for carcinoma-in-situ are offered after 2-3 years have passed since treatment.
2. Most Common Case: Unable to consider the individual for insurance until 2-3 years after completion of treatment (be it chemotherapy or radiation)
3. Worst Case: This is usually the stage 4 of cancer. It is highly advisable to start looking for graded death benefit policies in such a scenario.

There are also some instances where insurance companies add a temporary extra fee to standard rates for a fixed number of years. This is referred to as flat extra.

Do not worry if your application gets rejected for coverage by one insurance company. The process of underwriting is different among different insurance companies, and this is why it is critical to get quotes from several insurance companies.

Multiple factors can affect the way an insurer looks at your application. It is always a good practice to share your pathology report with your insurance agent so that he can be accurate with his findings.

The Bottom Line

Please don’t be afraid to apply for life cover if you have once been diagnosed with breast cancer. In addition to taking adequate care of your health, you must also realize the importance of your financial health for yourself and your near and dear ones. No matter what stage your cancer is, we encourage you to reach out to us for help and guidance concerning breast cancer survivor life insurance.

We understand that going through a disease like this is already very taxing emotionally and physically and want to ensure that you don’t have a tough time looking for life insurance. You can reach out to us directly by giving a call on the number mentioned on our website, or you may write to us at our official email ID.

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