“Can I get life insurance with cancer?” is a question many cancer patient life insurance shoppers ask. It is estimated that almost 1.7 million new cases of cancer will be diagnosed in the United States each year. Almost 600,000 people will die from cancer every year. These cancer statistics are very sobering.
The most common forms of cancer are (in alphabetical order): bladder cancer, breast cancer, colon cancer, endometrial cancer, kidney cancer, leukemia, lung and bronchus cancer, non-Hodgkin lymphoma, pancreatic cancer, rectum cancer, renal pelvic cancer, skin cancer, and thyroid cancer.
The number of new cancer cases reported is around 455 per 100,000 men and women per year (based on death information collected from 2008-2012).
The number of new cancer deaths is around 171 per 100,000 men and woman per year (based on death information collected from 2008-2012).
With that background information, let’s look at what it takes to get cancer history life insurance!
Can I get life insurance if I have cancer?
Yes, you can get life insurance if you now have cancer. You can also get life insurance coverage if you have had cancer in the past. Having cancer does not exclude you from qualifying for life insurance!
It will, however, make it more difficult to secure reasonable life insurance rates. Cancer is a high-risk life insurance factor, and your premium will be more expensive than a healthier person.
What do insurance companies look for when determining my premium?
One of the major aspects the insurance company will look at is the long-term prognosis of your cancer. Some insurance companies consider types of non-melanoma skin cancer as low risk. In these cases, a skin cancer diagnosis may have no negative impact on your life insurance rates.
More aggressive types of cancer will be viewed more negatively by the insurance companies. You will have more difficulty getting life insurance with these companies, and the cost will be much higher than with other lower risk cancer types.
What is the best rating I can get if I have had cancer?
If you have a more treatable form of cancer, such as breast, prostate, thyroid, and testicular cancer, you may secure a “standard rating” with many life insurance companies.
If you have had kidney or colon cancer in the past, you will likely fall into a “substandard rating” with many life insurance companies.
If you are undergoing treatment for cancer, most life insurance companies will not offer you a life insurance policy. We do, however, have access to guaranteed issue life insurance companies that will issue you a graded life insurance policy immediately.
Reach out to Life-Wealth-Win, and we can help you with this protection.
What are other options for life insurance?
If your employer offers group life coverage, take advantage of this employer benefit! Remember, this is a temporary benefit extended to you only if you work at the company. Once you leave your company, your life insurance goes away.
If your employer gives you the option of taking your life insurance with you when you leave, it will be converted to an individual policy, and your rates will skyrocket once you get out of the group plan. That’s why it is always best to have your own privately owned life insurance plan.
But for most people, once you leave the company, your life insurance protection goes away.
It is always best to have your own privately owned life insurance plan!
What life insurance companies offer the best rates?
Different companies look at cancer differently. It is not in your best interest if you are looking for high-risk life insurance to go with your auto or home insurer. These companies only offer their products with little to no underwriting flexibility. You will often be declared ineligible or declined after applying for their life insurance products.
An independent life insurance agent, such as Life-Wealth-Win, who has access to many different life insurance companies, will be your best bet in securing an affordable life insurance policy.
At Life-Wealth-Win, we can help you get the most insurance protection and the lowest rates.
What types of life insurance products are available for cancer patients?
There are two major types of life insurance policies for cancer patients and cancer survivors – term life insurance and permanent life insurance.
Permanent life insurance – Permanent life insurance is classified as either whole life insurance or universal life insurance. These insurance products combine a life insurance component and an investment component. They both accumulate a cash value within the policy that you can use as a death benefit to pay premiums or to withdraw money in the form of loans.
Term life insurance – Term life insurance is simply an exchange of money for an exchange of risk.
Example: You pay the insurance company $100 a month, and they agree to pay out $500,000 if you die within a 20-year period. Your death benefit is set for a specific number of years, and you pay a fixed premium for that time.
Beware of the life insurance companies advertising on TV for guaranteed issue life insurance. It is very expensive to advertise on TV, and these policies are often overpriced and restrictive!
Know what the industry rating is for your life insurance company. A- and higher insurance companies are always preferred! The company on TV may have a great commercial and a very poor industry rating!
There are many life insurance companies with A ratings that will not overcharge you or increase your life insurance rates every five years (as some companies do).
You can almost always get much better pricing than these television life insurance companies by working with an independent life insurance agent!
Some companies, such as AARP, will increase your premiums every five years for their term life insurance.
Will I pay higher life insurance premiums because of my condition?
Perfectly healthy people with no history of illness will always get the best life insurance rates. We can, however, help you get the best life insurance rate possible, based on the type of cancer you have, your treatment plan, or how long ago your cancer was diagnosed.
When is the best time to get life insurance?
Now is always the best time to apply for life insurance! Tomorrow is never guaranteed, and there’s no guarantee your health will remain stable.
If you do not have cancer, and you have a history of cancer within your family, get your life insurance protection now, while you are healthy!
If you have a medical history of cancer, the best time to get life insurance is now. Get the most life insurance you can afford, and we can help you can apply for more insurance later, as time goes on, and you remain healthy and cancer free.
Many insurance companies look at the number of years since your original cancer diagnosis and your positive medical outcome. They may then adjust your rates lower, which can save you a lot of money!
If you have had a past cancer diagnosis, the best time to get your life insurance is now.
If you have just been diagnosed with a severe form of cancer, then a guaranteed issue graded life insurance policy may be your best option until you arrive at a stable medical outcome for your cancer.
What other things can I do to have the best chance of getting life insurance coverage if I have had cancer in the past?
There are things you can do that will increase your chances of getting life insurance with reasonable premiums:
Follow your doctor’s orders – Visit your doctor regularly, don’t miss doctor’s appointments, and follow your doctor’s medical treatment plans. Life insurance companies will often deny or postpone life insurance applicants, who are not compliant with their medical treatment plans.
Do not apply too soon after finishing cancer treatment – Many companies will decline you if you apply within the first year following the end of your cancer treatment (this does not apply to guaranteed issue life insurance plans).
Do not apply while you are in treatment – Most life insurance companies will not accept you if you’re in treatment. The only exception would be guaranteed issue graded life insurance policies; we can help you if this is what you would like to do.
Time – The greater time since your cancer diagnosis and your treatment, and with no recurrence, the more likely you are to get a life insurance policy approval.
What kind of insurance rating should I expect if I’ve had cancer in the past, or I have cancer?
It is rare that you would be offered a “standard” life insurance rating with a health history of cancer. Most applicants will get a rate class that falls below this level. This means your life insurance will be more expensive than somebody in perfect health.
Get what life insurance you can afford now. We can always help you apply to a different life insurance company to help you get better life insurance rates.
We can help you get coverage if you have had cancer in the past. If you have cancer, we may also be able to help you. Just get in touch with us, and we can help you understand your options.
Life-Wealth-Win Life Insurance and Wealth Services would love to help you get your loved ones, family, and business protected! Call us or get your free life insurance estimate by clicking the link below.