Breast Cancer Life Insurance
Breast Cancer Life Insurance
Applying for life insurance with a pre-existing condition like breast cancer doesn’t necessarily mean that an insurer will deny you coverage. Today, insurance companies have made policies much more lenient and attainable.
Preparing for the Life Insurance Application Process
Before you begin your search for the best insurance company to fit your needs, it’s important to be prepared for the quoting process. Because each insurer will require specifics about your condition, you’ll need to gather important health information such as the following:
- Type of breast cancer (stage and grade) – a copy of your surgical pathology report is optimal (see stages below)
- Date of diagnosis
- Treatment summary
- Summary of your current health
- Physicians list
- Current medications
- Family history of illness
It’s important to note that each life insurance company has unique underwriting guidelines when it comes to deciding whether to offer you coverage and/or at what rate they are willing to offer. In addition, the best type of life insurance for your needs depends on the stage of breast cancer and whether it is active, cured or in remission.
Breast Cancer Stages and Grades
Stage 0 can receive standard life insurance rates within a few months of the surgery.
Stage 1A, a breast cancer tumor that isn’t fully encapsulated but has only had microscopic invasion of the adjacent tissue with no lymph node involvement can receive nearly identical breast cancer life insurance underwriting consideration. Standard rates are available within 6 months of surgery if there isn’t any further treatment required (chemo or radiation).
Stage 1B is generally a life insurance postpone for two years from the end of treatment and then depending on the complete stage and grade will have a flat extra charge for the first 3 years of a policy, then a standard rate for the balance of the life of the policy. Example: A $100,000 policy could be approved after 2 years at a standard rate (let’s say $500 a year) and $5.00 per thousand extra for 3 years. The extra in this case would be $500 per year. At the end of the 3 years that $500 would drop off and the policy would be $500 a year total.
Stage 2 breast cancer would generally be a 5 year postpone and the larger flat extra for 5 years.
Stage 3 and 4 would be a 15 postpone.
Life Insurance for Current Breast Cancer Patients
If you are diagnosed with breast cancer and receiving treatment or if your cancer is in remission but not cured, you may want to consider a guaranteed issue policy. These policies historically have a graded period in which the insurer will only pay the full benefit (coverage amount) if you outlive a specific term, typically about 2 years. If you die during this term, your beneficiaries will receive any paid premiums plus an additional amount (depending on the specific policy).
Guaranteed issue policies have historically been limited to between $2,500 and $40,000, typically to cover funeral expenses. There is also no medical exam required, and approval is guaranteed if you meet the age requirements for the specified insurance company. Recently, in 2021, a Guaranteed Issue policy that will pay as much as $100,000 with no graded or waiting period.
Life Insurance for Breast Cancer Survivors
Life insurance is more expensive for cancer survivors. However, if you’re considered cured and have good overall health, you should be able to find coverage at affordable rates for traditional term or permanent life insurance, not just guaranteed issue. If your cancer is low stage and grade and has been successfully treated and cured, you’ll be able to qualify for term or permanent life insurance within 6 months to a year after treatment.
Contact Us for Affordable Breast Cancer Life Insurance
At Hinerman Group, we know that, when it comes to life insurance, there isn’t a “one product suits all” policy. Whether you’re a current breast cancer patient or in remission, we’ll work with you to find the right one.
More Questions? Check Out Our Blog!
The Hinerman Group knows that every situation is unique and it can be difficult finding the best answers. Be sure to check out our blog where you will find a comprehensive bank of topics covered regarding Life Insurance. The background covered in The Hinerman Group blog will point you in the right direction and help you get your family the coverage you need.
Want to talk? Call Ed directly at (719) 539-7914 for a FREE CONSULTATION. *Ed released the fish and it went on to have a full life.