Life Insurance with A Family History of Cancer – What you Need to Know

What is cancer?

We can best describe cancer as the abnormal division of cells in a living organism which destroys the normal body tissue. This uncontrolled cell division causes the formation of lumps which are known as tumors. A tumor can be malignant which means it can spread to the other parts of your body. There are exceptions where tumor formation is not to be seen. Benign tumors, for instance, will grow but will spread. These tumors are not life-threatening.

How do people get Cancer?

Medical research confirms that some behavioral and environmental changes caused in the body pushes the body cells into a cancerous stage. For example, excessive smoking causes lung cancer. Too much exposure to the sun increases the ratio of skin cancer to a very high level.

What are the different Types of cancer?

The most common types of cancer in men, women, and children are:

1. Men:Prostate Cancer, Lung Cancer, and Colorectal cancer

2. Women:Breast Cancer, Colorectal Cancer and Lung cancer

3. Children: Leukemia, Brain tumors, and Lymphoma

• Breast Cancer: This is the abnormal growth of cells in the breast which in turn forms lumpsthereby changing the shape or texture of the nipple and breast.
• Prostate Cancer: Prostate cancer affects one out of nine men. This form of cancer is the main cause of fatalities among men in the United States. It changes the prostate gland which produces seminal fluid.
• Lung Cancer: It is also known as lung carcinoma. This is a malignant lung tumor which is characterized by uncontrolled cell growth in the lung tissues.
• Colorectal Cancer: This is also known as colon cancer which is caused due to lifestyle factors, genetic disorders and so on.
• Leukemia:Also known as blood cancer, it affects the body’s immune system by changing the composition of the blood.
• Lymphoma: This is the most common childhood cancer that starts with the white blood cells or lymphocytes.
• Brain Tumors: This may be as a result of cancer elsewhere in the body which has spread to the brain, or it can originate in the brain itself.

Life Insurance with a Family History of Cancer

It is a well-known fact that insurance companies always look for healthy people to sell their products. People with a history of cancer are taken very seriously. This will definitely affect anindividual’s policy with higher loading than life insurance before cancer diagnosis as any life insurance agent will tell you.

Cancer is one of the most dreadful diseases of our time. The mortality rate for this is very high. A person in his or her lifetime is very likely to know a friend or family member who has fought cancer at some point in their life.

The rates of your insurance premium will get affected by a family history of cancer in line with term life insurance for cancer survivors.

At this juncture, you might think that since you don’t have any control on your family medical history, why should you be penalized for no fault of your own? This unfavorable fact puts your rates on par with rates of life insurance with cancer cover.

Always remember that life insurance is a business and they will not leave any stone unturned to mitigate the risk factor. That is the truth. So, youhave to either take it or leave it.

But the silver lining on the cloud is that there are companies which do not even consider the family history at all and also those who provide best life insurance for cancer survivors.

Cost of insurance with Family History of Cancer

Most of the insurance companies will be in pursuit of your family history. The most critical information they require is whether your family has any history of siblings dying of cancer or anybody who has been diagnosed with cancer.

Once the above details are verified then comes the type of cancer which was diagnosed. This is because 5% to 10% of cancers are genetically transferred. There are other types of cancer which run in the family like breast cancer and colorectal cancer.

It is not always true that since your parents were diagnosed with cancer, you are also prone to it. Your health and the genetic makeup will undoubtedly play a pivotal role in defining this. It is a possibility that you are not at risk of getting it duringyour lifetime and in such a scenario, you may NOT be looking at rates of life insurance after cancer diagnosis.

The gender factor also is looked into like if your mother was diagnosed with breast cancer; this will have a minimal impact on your premiums in case of a male applicant. Similarly, if you are a female applicant and your father had prostate cancer you will receive minimum impact.

It is imperative that you compile a detailed as possible medical history, which will help your children and grandchildren in getting their insurance done.

Five points to look for before you buy an Insurance Policy

1. Buy a plan with a robust sum insured.
2. All stages to be covered
3. Look into the Waiting Period Clause.
4. Try to get a waiver of premium or an income benefit.
5. Longerpolicy term

As confirmed earlier there are a few companies which provide affordable rates despite having a family history of cancerand do not focus on the best life insurance for cancer survivors. Instead, they emphasize more on your cardiovascular health rather than searching history on cancer while they assess the risk to insure.

Always be aware that rules do change while underwriting policies. Please consult your insurance agent to get the best available rates in the market. Insurance companies offer prices that are competitive but still that may consider your history of cancer if evidence shows a strong hereditary link.

The insurance world is undergoing a changeevery day and evolving into better and more viable options. You cannot guess when a carrier may focus on the aspect of family history with cancer. It is essential to go over your options with your insurance agenton how to get the best possible quotes. Shopping around a bit will help you get the best life insurance for cancer survivors, even if you are not one yourself.

The approval of an insurance policy depends on a competent insurance agent. Your agent should be a person who understands the complicated rules and will fight for you to get the lowest rates possible. Your insurance agent is the correct person who will portray you to the company under the most favorable light.

There is not much that you can do regarding your family history, but you can take certain steps to get better quotes. You have to knock out a few of your habits to get into good shape,cut down on cigarettes to maintain a healthy weight,exercise regularly and maintain a healthy diet. This will ensure that you get insurance that will cover the risk of your family.

The Right Approach Can Secure Your Family’s Future

It isunfortunate that due to the high mortality rates in cancer it is a daunting task to find the right type of product. However, this does not mean that there are no alternatives. There are products which are less known to customers and agents.Policies like accident policies and graded and guaranteed products are still available in the market which are more commonly purchased and can even get you reasonable coverage.