Life Insurance with Breast Cancer.
In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after they have been diagnosed with Breast Cancer.
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Breast Cancer?
- Why do life insurance companies care if I’ve been diagnosed with Breast Cancer?What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance if I have been diagnosed with Breast Cancer?
If you are currently receiving treatment for Breast Cancer or you have just recently gone into remission, it’s pretty safe to say that you will not be able to qualify for a traditional term or whole life insurance policy.
That said however…
If you are someone who has previously been diagnosed with Breast Cancer and have made a full recovery, you may be able to qualify depending upon how long ago you went into remission and the final “stage” that your Cancer reached before it being “cured”.
Why do life insurance companies care if I’ve been diagnosed with Breast Cancer?
Most top rated life insurance companies are going to “care” if an individual has been diagnosed with Breast Cancer because let’s face it, it’s a pretty serious medical condition to be diagnosed with.
This, and the fact…
That most life insurance companies are going to want to gain a complete understanding of where you are with regards to your treatment and whether or not you remain completely Cancer free today.
After all, there is a big difference between those who are lucky enough to catch their Breast Cancer early on in stages 0, 1 or 2 vs. those who only begin noticing signs of their disease in Stages 3 and 4.
Not all Breast Cancers are the same. For example, non-invasive Breast Cancer that is completely located within the breast, itself has an almost 99% five-year survival rate as opposed to those who are diagnosed with Breast Cancer that has already traveled to one’s lymph nodes which reduces one’s 5-year survival rate to approximately 86%
A rate that…
Is even reduced further to approximately 27% when one’s Breast Cancer has been able to travel to more distant parts of the body.
This reason alone is why most doctors will recommend that women ages 45-54 should receive a mammogram each and every year!
Which is why…
Even though you may have been cured of Breast Cancer decades ago, one should be prepared to answer quite a few questions about their Cancer during their life insurance application.
What kind of information will the insurance companies ask me or be interested in?
Typical questions you’ll likely be asked once it has been determined that you have been previously diagnosed with Breast Cancer may include:
- When were you first diagnosed with Breast Cancer?
- What led to your diagnosis?
- A routine mammogram, or did you notice any symptoms?
- What Stage of Breast Cancer were you diagnosed with?
- Are you currently treating your Breast Cancer now? If not, when was the last date of treatment?
- What treatment options did you receive? A lumpectomy, mastectomy, chemotherapy, radiation, etc…
- Was your Breast Cancer contained within your breast tissue, or did it travel to other parts of your body?
- How large was your breast tumor?
- Have you been diagnosed with any other pre-existing medical conditions?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
With this information in hand, we’ll now have a better idea of what “kind” of life insurance policy you may be able to qualify for as well as what “type” of rate you may be expected to pay.
What rate (or price) can I qualify for?
As a general rule of thumb, what you’re most likely going to find is that those who were diagnosed at a “lower-stage” and have been in remission will generally have a much better chance at qualify for a traditional term or whole life insurance policy.
Some folks may even be able to qualify for a Preferred rate assuming that they were diagnosed with a “non-invasive” cancer (Stage 0) and have remained Cancer-free for several years. In cases like these, one generally won’t be “automatically” disqualified from being able to qualify for a Preferred rate.
It’s safe to say most applicants won’t qualify for a Preferred rate simply because these “types” of rates are difficult for just about everyone to qualify for, not just those who have beaten Cancer!
As for those who may be in remission after being diagnosed with a more “invasive” form of Breast Cancer, it’s still quite possible that you too may be able to qualify for coverage only now, it’s probably safe to say that you WON’T be able to qualify for a Preferred rate and will most likely need to settle on a Standard or Sub-Standard qualification.
The good news is…
That you may still be able to qualify for traditional life insurance coverage, the bad news is that you’re probably going to need to pay a little bit more for your coverage and you’re going to need to be more “selective” with which life insurance company you choose to apply with.
What can I do to help ensure that I get the “best life insurance” for me?
In our experiences here at IBUSA, we’ve found that usually, the “best” approach in helping someone find the “best” life insurance policy for them is to first:
- Fully understand what an individual is trying to achieve by purchasing their life insurance policy.
- Are you looking to:
- Cover the cost of a mortgage?
- Replace lost wages?
- Protect a child or spouse?
- Or just cover one’s final expenses?
- Are you looking to:
- Then provide one with plenty of options to choose from so that you’re not limited to just one or two different options.
This is why…
We here at IBUSA choose to work with so many different life insurance companies so that when it comes time to help you decide “which” life insurance company is going to be the best for you, we don’t have to apply a…
“One Size Fits All”
Approach. Instead, we can make dozens of different life insurance companies compete for your business.
Now, will we be able to help out everyone who has been diagnosed with Breast Cancer?
No, probably not. But what we can tell you is that in addition to offering a wide variety of different term and whole life insurance policies, IBUSA has also worked very hard to establish relationships with many of the Best Final Expense Insurance Companies as well so that if someone isn’t able to qualify for a traditional life insurance policy, chances are there may be some other “type” of product that you CAN qualify for!