Applying for life insurance with a pre-existing medical condition, such as breast cancer, does not always indicate that you will be denied coverage. When assessing an application from a breast cancer survivor, many life insurance companies now evaluate several variables.
How Has Breast Cancer Insurance Changed?
While the search for a cure for breast cancer continues, therapies have come a long way in the last decade.
Every day, researchers worldwide are working hard to develop new methods to prevent, diagnose, and cure breast cancer and improve the quality of life for patients and survivors.
Because of medical improvements, many life insurance companies now have underwriting standards that allow breast cancer survivors to get life insurance.
RELATED: 5 Keys To Breast Cancer Survivorship
Getting Ready for the Application Procedure
Before looking for the right life insurance company, you must prepare for the application process.
Because the insurance will want data regarding your illness, you must obtain crucial health information, which may include:
- A synopsis of your disease: This often includes the date of diagnosis, the kind of cancer you were diagnosed with (with stage and grade), and how it was treated.
- An overview of your present health: Include some good and proactive aspects of your condition, such as being a nonsmoker or nondrinker, having healthy eating habits, and exercising often.
- A list of doctors: Include doctors and other medical experts who have treated you and are still treating you.
- Your treatment strategy: Provide a list of previous therapies as well as any prospective treatments. This might contain the start and end dates of your chemotherapy treatment.
- Any current drugs you are taking: Some pharmacies may supply you with a quick printout.
While this is not an exhaustive list, it may aid you with the life insurance application process.
It’s worth noting that each life insurance company has its unique underwriting rules for determining whether or not to grant you coverage.
Choosing the Best Life Insurance Provider for You
People living with breast cancer should consider certain factors while negotiating with a life insurance company.
Work with a registered state insurance department agent/life insurance business. You should also investigate the financial soundness of the insurance you are contemplating.
When contemplating coverage, fully grasp the life insurance company’s rules and processes. Make a point of clarifying anything that is unclear to you.
Inquire about pre-existing conditions and any potential waiting periods.
Check your application for faults thoroughly. Any erroneous information that constitutes a major misrepresentation may result in the rejection of benefits or the cancellation of your insurance.
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The following advice may further assist you in obtaining life insurance after breast cancer:
- Recognize that your situation is unique: Not every insurance company will see you and your diagnosis in the same light. Companies often treat applications on a case-by-case basis since breast cancer contains many variables (e.g., tumor size, location, invasiveness).
- Avoid going it alone: When you were diagnosed, you sought the advice of specialists to guide you through your journey. Similarly, when it comes to purchasing life insurance after breast cancer, deal with an experienced agent. They are responsible for getting you the best coverage at the best price—one that works inside your budget.
- Submit the pathology report to your agency: Insurance firms charge different fees for their products. An agent may submit your pathology report to multiple insurance companies simultaneously and request a “fast quotation” to determine whether the firm would give insurance and, if so, at what (estimated) price.
- Purchase as much insurance as you can afford: If it’s in your budget, buy a term life insurance policy for the highest sum. The insurance company will provide you with long-term coverage for 20 or 30 years. Although getting coverage after breast cancer is more costly, insurance will be worth the expense to safeguard people you love and have peace of mind while raising a family.
The main point is that obtaining life insurance as a breast cancer survivor is not tricky. There are several life insurance firms available today that can assist you in selecting the best sort of life insurance coverage for your specific requirements.