Life Insurance with Skin Cancer – Useful Facts you need to Know

Skin Cancer is more Common than you Think

Skin cancer is one of the most common types of cancer that affects Americans every year. In fact, the number of skin cancer cases reported in a year outnumber all the other kinds of cancers put together. Most common categories of skin cancers are basal cell carcinoma, squamous cell carcinoma, and malignant melanoma.

Yes, You Can Get Insured with Skin Cancer

If you are suffering from skin cancerand are looking for a life insurance policy, the two central questions on your mind would be can you get life insurance if you have melanoma?And if you do, what is the cost of skin cancer insurance coverage? The good news is, yes, you can not only qualify for skin cancer insurance but also get skin cancer insurance coverage at an affordable price. You need to find the right insurance agent with experience in this field who will focus on finding the right company that will deem you qualified to be insured.

Every insurance company has different policies and guidelines they follow around how they approach melanoma life insurance underwriting. Some companies automatically categorize people with certain pre-existing health conditions as high-risk applicants, while others have proven expertise in working with applicants with skin cancer and can secure an affordable policy.

Remember that having a pre-existing condition should not deny you from getting an insurance policy that you and your family deserve. You just need to do more in-depth research to understand your chances of getting good rates.

Insurance Companies’ Views on Different Types of Skin Cancer

Let’s look at some specific skin cancer types and how different insurance companies treat the applications.

1.      Basal Cell Carcinoma

Basal cell carcinoma is not only the most widely occurring form of skin cancer, but it is also one of the more easily treatable cancers by surgery. It does not spread to other tissues which make insurance companies view it more favorably. In fact, many life insurance companies offer preferred rates if the applicant has completed their cancer treatment. However, if the patient is young and cancer reoccurs, preferred rates may no longer be available.

2.      Squamous Cell Carcinoma

When compared to basal cell carcinoma, squamous cell carcinoma is a lot more aggressive.  It is the second most common type of cancer, and an estimated 700,000 Americans are diagnosed with squamous cell carcinoma each year. This type of cancer is more widely seen in the elderly, usually over 70 years of age, and men are at two times the risk of getting affected by this than women. It rarely occurs in people under 50 years of age.

Getting a reasonable rate with this pre-existing condition will largely depend on the stage and grade of squamous cell carcinoma. The number of reoccurrences also play an essential part here.

3.      Malignant Melanoma

Malignant melanoma is not the most common type of skin cancer, but it causes the highest number of cancer-related deaths. When diagnosed and treated early, the chances of total recovery are pretty high. If not diagnosed or treated early, cancer can spread to other parts of the body making treatment very difficult and, in many cases, eventually lead to death. All of this makes it a big concern for life insurance underwriters.

Given the high risk associated with insuring a patient of malignant melanoma, you can expect to be quoted higher rates and a better life insurance payout for skin cancer, if you are suffering from this condition. As with any other pre-existing disease, the specific details of your skin cancer will decide the rates you will qualify for, and this can vary between different insurance carriers.

When working with your insurance agent, you should consider providing the pathology report apart from the details that are needed to evaluate your application.

Details to Share in your Insurance Application

When an insurance company evaluates an application, it is going to look at many other factors apart from skin cancer details to complete melanoma life insurance underwriting. A few of them are listed below and will be accounted for when determining both eligibilities as well as the amount of premium to be paid

Cancer Related Details

An experienced insurance agent will gather as much detail as possible about your condition as they evaluate your case. Here are some of the details the agent would want to know upfront:

1. The date of diagnosis
2. The original diagnosis of the type of cancer
3. Grade and stage of the disease
4. Number of reoccurrences if any, dates and other relevant details
5. Full details of treatment received and results
6. The frequency of doctor visits

Overall Health

When evaluating an application, an insurance company will want to look at the whole picture of health apart from details of specific pre-existing medical conditions. You also need to provide your lifestyle habits like frequency of exercise, smoking, drinking, etc. General health condition is a significant factor in calculating how much of risk you can be to get insured. If you are deemed as higher risk, you will end up paying more for insurance coverage.

Medical Exam

Unless you choose a no medical exam life insurance policy (which also will attract a higher premium rate), you will need to take a medical exam before your application is approved. The medical exam will involve checking general vitals like height and weight, heart rate, blood pressure, etc. The paramedic will also draw a blood sample and get a urine sample from you to test for any unknown pre-existing medical conditions. They will also ask for your immediate family’s medical history during this process.

Financial Details

Apart from health details, the insurance company will also record details like your marital status, annual income, net worth, and details of your employer.

Coverage of Insurance also Matters

Your insurance agent is going to be instrumental in not just getting the life insurance that you can afford, but also get you a good skin cancer insurance coverage for your family. It is important to focus as much on the size of the policy as it is on the rates,or you stand a chance of leaving your loved ones in massive debts with no money left over to clear them.

There is a methodical way of determining the amount of insurance you want to buy. To start with, evaluate all your debts that need to be paid and add them up. After that, add up your monthly bills like a credit card, car repayments, mortgage, etc.

Now as an additional component, add your paycheck amount, especially if you are the primary breadwinner in your household. The total of all of this should give you an idea of the amount of coverage you should be aiming for which will save your family from falling into major financial troubles after you are gone.

Get the Right Insurance Agent

To maximize your chances for getting the best possible rates, work with an experienced insurance agent who has specific experience underwriting this particular risk. This is important as the rates you will be eligible for will significantly vary depending on some factors such as the type of cancer, severity and reoccurrence risks. Only an experienced agent will be able to make a case for a favorable result carefully.