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

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Life Insurance with Ovarian Cancer. 

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 Ovarian Cancer.

Questions that will be addressed will include:

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

Yes, women who have been previously diagnosed with Ovarian Cancer can and often will be able to qualify for a traditional term or whole life insurance policy. The only problem is that the “rate” and “price” that one may have to pay for that coverage can vary rather significantly based on the severity of one’s Ovarian Cancer and the last date of treatment for the applicant.

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

Any time an individual has been diagnosed with a pre-existing medical condition, it’s a pretty safe bet that an insurance company will care about it. This is particularly true when that condition is one that can be as serious as Ovarian Cancer.

You see…

While it is true that those who can diagnose their Ovarian Cancer early on do benefit from very high survival rates ranging somewhere between 70-90%, it is also true that those who aren’t as lucky and don’t diagnose their condition early on will face a much more difficult battle.  

This is why…

Most of the best life insurance companies are going to want to ask any applicant who has been diagnosed with Ovarian Cancer a list of questions so that they can get a better idea of how “serious” your condition might be (or might have been) before they will be willing to make any decision about your 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 Ovarian Cancer?
  • What led to your diagnosis? Were you suffering from any symptoms?
  • What “stage” of cancer were you diagnosed with?
    • Stage 1: Cancer is 100% confined to one’s ovaries.
    • Stage 2: Cancer has begun to spread to one’s pelvic area.
    • Stage 3: Cancer has begun to spread throughout the abdominal cavity.
    • Stage 4: Cancer has begun to spread throughout the entire body.
  • Are you currently receiving treatment for your Ovarian Cancer or have you gone into remission?
  • If you are in remission when was your last date of treatment?
  • What treatment options were used to treat your Ovarian Cancer?
    • Surgery?
    • Chemotherapy?
  • Have you been diagnosed with any other pre-existing medical conditions?
  • Are you currently taking any prescription medications?
  • How often do you see your primary care physician?
  • Are you currently working now?
  • In the past 12 months, have you applied for or received any form of disability benefits?

Then, with this information in hand, both the insurance companies and us here at IBUSA will generally have a pretty good idea about what “kind” of life insurance policy you might be able to qualify for as well as what “price” you may be expected to pay.

What rate (or price) can I qualify for?

As one can see, many factors can come into play when trying to determine who will and won’t be able to qualify for a traditional life insurance policy. This is why it’s pretty much impossible to know what kind of “rate” you might be able to qualify for without first speaking with you directly.

That said however…

There are a few “assumptions” that can be made about those that have been diagnosed with Ovarian Cancer that will hold, which we don’t mind sharing since they may provide you with a better idea about what “kind” of rate you might be able to qualify for.

For example…

If you are still being treated for Ovarian Cancer or recently entered into remission (two years or less), chances are you will not be able to qualify for a traditional life insurance policy. Instead, you will either need to wait until you have been cancer-free for at least two years or you may need to pursue an alternative product such as an Accidental Death Policy or a Burial Life Insurance Policy.

As for those…

Who has been in remission for at least two years, what you’re typically going to find is that you may be able to qualify for coverage only now, the best rate you’ll likely be able to qualify for will be a Standard rate (with some exceptions). Which when you think about it, it isn’t all that bad considering a Standard rate is considered “normal.”

The only problem…

When it comes to those who have been diagnosed with Ovarian Cancer is that oftentimes some insurance companies will charge a “flat extra” rate on top of ones standard price until they have remained cancer-free for at least 5 years and maybe more depending on what stage of cancer you survived.

For this reason…

While it is true that you may be able to qualify for a traditional life insurance policy after only being cancer-free for two years, it may be much more cost-effective to wait longer before purchasing a 20 or 30-year term. This is why sometimes individuals will choose to purchase a shorter term, such as a 10 or 15-year term, until the “flat extra” fee is no longer applicable.

This brings us to the last topic that we wanted to take a moment and discuss here today, 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.

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