In this article, we wanted to take a moment to answer some of the most common questions we get from folks applying for life insurance after being diagnosed with Colon Cancer.

Questions that will be addressed will include:

• Can I qualify for life insurance if I have been diagnosed with Colon Cancer?
• Why do life insurance companies care if I’ve been diagnosed with Colon 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 Colon Cancer?

Yes, some individuals who have been previously diagnosed with Colon Cancer can and often will be able to qualify for a traditional term or whole life insurance policy. The only problem is that knowing that someone has been diagnosed with Colon Cancer in the past isn’t going to be enough information for a life insurance agent or underwriter to know whether or not you might be able to qualify for coverage.

After all…

There are eight different types of Colon or Colorectal Cancer that an individual can be diagnosed with, including:

• Adenocarcinoma,
• Gastrointestinal Stromal Tumors (GIST),
• Lymphoma,
• Carcinoids,
• Turcot Syndrome,
• Peutz-Jeghers Syndrome (PJS),
• Familial Colorectal Cancer (FCC)

And Juvenile Polyposis Coli not to mention the different stages that each of these cancers may develop or progress into!

Why do life insurance companies care if I’ve been diagnosed with Colon Cancer?

If an applicant has been diagnosed with a pre-existing medical condition, it’s pretty safe to say that most life insurance companies are going to want to learn a little more about that condition before making decisions about their application.

Now…

When the pre-existing medical condition in question just happens to be called CANCER, well then, you no longer need to wonder whether or not an insurance company is going to want to learn more about your condition because until they do, that’s pretty much all they’re going to want to talk about.

The good news is…

That when diagnosed early, most “forms” of Colon Cancer are quite treatable, which is why when individuals diagnosed with early stages of Colon Cancer often experience 5-year survival rates in the high 90’s.

Where individuals will…

Begin to run into trouble is when their Colon Cancer is diagnosed late after it has had an opportunity to spread/metastasize to other parts of the body. In cases like these, what you’re likely to find is that the 5-year survival rate will drop down into the high 60’s which is undoubtedly worrisome but still better than many other types of cancer diagnosed in their later stages.

This disparity between…

The survival rates are however one of the main reasons why a life insurance company is going to be so “nervous” about the fact that someone has been diagnosed with Colon Cancer and why they’re going to want to ask you a wide range of questions before they will be willing to decide on your life insurance application.

What kind of information will the insurance companies ask me or be interested in?

Common questions you’ll likely be asked may include:

• When were you first diagnosed with Colorectal Cancer?
• What led you’re your diagnosis? Were you suffering from any symptoms?
• What “kind” of Colon Cancer were you diagnosed with?
  • Adenocarcinoma,
  • Gastrointestinal Stromal Tumors (GIST)?
  • Lymphoma?
  • Carcinoids?
  • Turcot Syndrome?
  • Peutz-Jeghers Syndrome (PJS)?
  • Familial Colorectal Cancer (FCC)
• What stage did your Colon Cancer advance too?
  • Stage 0: Cancerous cells only exist on the surface area of the colon and has not spread into the deeper areas of the mucosa.
  • Stage 1: Cancer has advanced into the mucosa layer of the colon and also possibly into the submucosa layer as well. It has not affected any nearby lymph nodes.
  • Stage 2: Cancer has now grown throughout all of the layers of the colon, but has not spread to any other parts of the body.
  • Stage 3: Cancer has now begun to spread to nearby lymph nodes but has not metastasized to other organs or other parts of the body.
  • Stage 4: Stage 4 Cancer is marked by the presence of one’s Colon Cancer in at least one distant organ such as the liver or lung. Cancer may also be present throughout the lymphatic system.
• Are you still treating your Colon Cancer? If not, when was your last date of treatment?
• What treatment options did you pursue?
  • Chemotherapy?
  • Radiation?
  • Surgery?
  • Etc…
• Have you been diagnosed with any other pre-existing medical conditions?
• Are you currently taking any prescription medications?
• 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, most life insurance companies will generally have a pretty good idea about what “kind” of insurance an individual may be able to qualify for as well as what “price” they may be expected to pay for such a policy.

What rate (or price) can I qualify for?

Now, as one can see, there are a lot of factors that can come into play when determining what “kind” of rate an individual might be able to qualify for after they have been diagnosed with Colon Cancer. This is why it’s almost impossible to know what kind of “rate” you might qualify for without first speaking with you directly.

That said however…

There are a few “assumptions” one can make about someone who has been diagnosed with Colon Cancer that will usually remain true, allowing us to provide you with some “general ideas” about what someone in this situation might be able to qualify for.

For example…

If you are currently treating your Colon Cancer right now, or you have just become “cancer-free” (two years or less), chances are you will NOT be able to qualify for a traditional life insurance policy right now.

Instead…

Your application will either be DENIED life insurance coverage or POSTPONED coverage until you have been cancer-free for a minimum of two years and, maybe even longer, depending upon what stage of cancer you have recovered from. Individuals who find themselves in this situation may want to consider purchasing an Accidental Death Policy while they wait to “become eligible” or a Final Expense Insurance Policy if they are only looking to purchase an amount of coverage (think $25,000 or less).

Now as for those who…

Have been cancer-free to at least two years, what you’re likely going to find is that you may be able to qualify for a traditional life insurance policy the only problem is that you’re probably not going to be able to qualify for anything better than a Standard or “normal” rate.

Which when you really think about it isn’t so bad, because the truth is, this is actually the same rate most folks qualify for anyways even if they haven’t been diagnosed with cancer in the past!

But…

We should warn you that these “Standard” rates for Colon Cancer survivors are usually reserved for those who diagnosed their condition early on (stage 1 or maybe 2) and usually five or more years removed from their last treatment date.

For everyone else, what you’re likely going to find is that you may still be able to qualify for a traditional life insurance policy only now you may have to settle for a “sub-standard” rate.

This brings us to our next topic, which is…

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?
• 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.

So, what are you waiting for? Give us a call today and experience the IBUSA difference.