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Life Insurance with Lung Cancer. Everything You Need to Know at a Glance!


Life Insurance with Lung 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 Lung Cancer.

Questions that will be addressed will include:

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

Yes, individuals who have been diagnosed with Lung Cancer are sometimes able to qualify for a traditional life insurance policy. That said, however, it’s safe to say that getting approved for coverage isn’t going to be “super easy,” and before getting approved for coverage, most the best life insurance companies are going to want to ask you a series of questions about your Lung Cancer as well as probably review any medical records your doctors have pertaining to your treatments.

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

The main reason most life insurance companies are going to “care” if an individual has been diagnosed with Lung Cancer, is because it’s a very serious disease. One that unfortunately affects way too many people within the United States.

In fact, it is estimated that just over 154,000 people died of Lung Cancer in 2018 alone, causing it to become the leading cause of cancer deaths among both men and women worldwide. Two statistics that certainly aren’t going to make most life insurance companies all that “comfortable”.

But never the less…

Some life insurance companies will still consider some folks who have been diagnosed with Lung Cancer after they have made a full recovery and are pronounced “officially” cancer-free. That is, of course, after they learn all about how “serious” your Lung Cancer was and, in some cases, are able to determine “why” you developed Lung Cancer in the first place.

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

Typical questions that most life insurance companies are going to ask of someone who has previously been diagnosed with Lung Cancer may include:

  • How old where you when were first diagnosed with Lung Cancer?
  • Are you currently treating your cancer? If not, what was your last date of treatment?
  • How often do you see your oncologist for checkups?
  • What treatment options did you receive:
  • Surgery,
  • Radiation therapy,
  • Chemotherapy,
  • Etc…
  • What “stage” of Lung Cancer were you diagnosed with?
  • Stage 1: the cancer was confined to the lung itself.
  • Stage 2: the cancer remained small and was confined to the chest area.
  • Stage 3: the cancer tumors were larger in size while still remaining confined to the chest area.
  • Stage 4: the cancer has spread (metastasized) to other parts of the body.
  • How large was your tumor(s)?
  • Was a “potential” cause of your lung cancer determined?
  • In the past 12 months, have you used any form of tobacco or nicotine products?
  • Do you suffer from 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, we’ll now have a better idea of understanding what “type” of life insurance you might be able to qualify for as well as what “kind” of rate you may be able to qualify for.

What rate (or price) can I qualify for?

Like most cancer types, your ultimate approval will usually depend upon how “severe” your cancer was and how long ago you went into remission. This means that if you are currently treating your cancer or have recently gone into remission (2 years or less), you will not be able to qualify for a traditional life insurance policy.

In cases like these…

You will probably have to either purchase an Accidental Death Policy or a Guaranteed Issue Life insurance policy or wait until you eventually become eligible for coverage (if that is a possibility in the future).

As for those…

Who have gone into remission, the two most important factors that will come into play will be “when” did you first become cancer-free, and “what” stage did your cancer develop into prior to being cured? These two factors will usually determine whether or not you will be able to qualify for coverage and what rate you may be able to qualify for.

Generally…

What you will find is that those who were able to diagnose and treat their cancer earlier on (think stage 1 and 2) and have been completely cancer free for a minimum of two years, will be the first who will be able to qualify for a traditional life insurance policy. Folks in this situation may even be able to qualify for a Standard rate.

For individuals who survived Stage 3 and 4 Lung Cancer, you too may still be able to qualify for coverage. Only now, you may need to wait a minimum of 5 years before being considered eligible for coverage, and even then, you may not be able to qualify for a Standard rate.

We should also…

Note that there are no life insurance companies that will be willing to insure someone who has been previously diagnosed with Lung Cancer who also currently uses any form of tobacco or nicotine or who has received a lung transplant as part of their treatment program.

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.

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