If you are a breast cancer survivor, it is important to know that you may still be eligible for life insurance coverage. Many people assume that their cancer diagnosis automatically disqualifies them from being approved for a policy, but this is not always the case. There are many life insurance companies that specialize in providing coverage for people who have been diagnosed with cancer.
- What Is Breast Cancer?
- Life insurance coverage for breast cancer survivors
- Life Insurance Underwriting Factors
- Applying For Life Insurance
- What If I’m Declined Coverage?
- Need Help Getting Life Insurance Coverage?
- Frequently Asked Questions
What Is Breast Cancer?
Breast cancer is the most common cancer in women in the United States and is second only to lung cancer as a cause of cancer deaths.
Some cancers are discovered when a woman finds a palpable mass in her breast. Most cases are diagnosed by screening mammography (breast X-ray). The diagnosis of breast cancer is made by biopsy.
Staging is done to determine the prognosis, direct therapies, and report results in treatment research studies. The staging system of the American Joint Committee on Cancer Staging uses TNM (tumor, node, metastasis) classification.
The primary tumor is evaluated by size, the involvement of other tissues, status node, and presence or absence of distant metastasis.
Non-invasive cancer has a better prognosis than invasive tumors. Tumor size is an independent prognostic factor. Each involved node worsens the prognosis.
Life insurance coverage for breast cancer survivors
Researchers are working hard every day to find a cure for breast cancer. The treatments have advanced over the past decade. Breast cancer can now be prevented, detected, and treated better. There is also an effort to improve the quality of life for patients and survivors.
Thanks to advances in treatment, many life insurance companies now have underwriting guidelines that make it possible for breast cancer survivors to get life insurance.
Life Insurance Underwriting Factors
For breast cancer, the mortality risk varies with the stage of cancer. This means getting life insurance coverage depends on the stage of Breast Cancer and the amount of time after recovery. Other prognostic factors besides lymph node involvement and tumor size that can affect the underwriting rating include adequate follow-up care, hormone receptor status, grade, and age at diagnosis.
Decision Factors for Coverage
- The age at diagnosis
- Breast cancer type, stage, and grade
- Date of surgery, chemotherapy, and/or radiation treatment ended
- Any treatments
- Estrogen receptors, positive or negative
- Recurrence or spreading of the cancer
- Your compliance with routine surveillance testing
Breast Cancer Guidelines
- Most early-stage breast cancers that are effectively treated can be considered at least two years after treatment is completed and depending on the cancer type.
- Advanced breast cancers would require a longer waiting period to be considered for coverage.
- If any recurrence or distant metastasis will typically be declined.
Applying For Life Insurance
Before looking for a life insurance company, you need to get ready for the application process. The insurer will need to know specific information about your health, so make sure to gather any important health records you may have, including:
- The summary of your illness includes the date of diagnosis, the type of cancer, and how it was treated.
- The status of your current health
- You will want to list all of the doctors and other medical professionals who have treated you in the past. This will include both doctors and other medical professionals.
- Here is a list of the treatments I have received in the past and the treatments that I may receive in the future.
- What medications are you currently taking? Some pharmacies can provide you with a printout of this information.
You can do some things to help the life insurance application process. But it’s important to know that every life insurance company has its own rules about who they will and will not offer coverage.
What If I’m Declined Coverage?
Even if an insurer declined your life insurance application, you could still purchase life insurance through a guaranteed issue policy.
What Is A Guaranteed Issue Policy?
A guaranteed issue policy is life insurance that does not depend on your health. This means that you will be able to get life insurance even if you have had a stroke and have been declined before. However, there are a few drawbacks that you should consider before getting this type of policy.
Many insurers that offer guaranteed issue life insurance policies have a limit on the death benefit. This amount is usually between $25,000 and $30,000, depending on your age.
If you die from natural causes, your family will have to wait for two or three years before the company will pay the full death benefit. Most companies, however, will pay a benefit equal to the total premiums paid plus 5 to 10 percent.
Since the insurer is unsure how healthy you are, they will charge you more for your life insurance policy than someone healthier.
Although there are some disadvantages to guaranteed issue life insurance, it is still a better option than asking your loved ones to pay your final expenses.
Need Help Getting Life Insurance Coverage?
If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure that you get coverage so that you don’t get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before you can get any life insurance.
Frequently Asked Questions
Who are the best life insurance companies for breast cancer patients?
Because of their higher maximum coverage levels, affordable rates, and strong financial rating with A.M. Best, Banner Life, AIG, and Pacific Life are the best life insurance companies for breast cancer patients.