Life insurance for breast cancer can be hard to obtain. But, a huge number of the patients are in need of it because they know their heirs will be in financial trouble without them. They know life insurance is the best tool to ensure financial protection to the dependents.
In the US, the disease remains to be the second most common cause of death among women, irrespective of their ethnic identities. In 2014, 236,968 women were diagnosed with breast cancer and 41,211 died of it.
While breast cancer is typically associated with women, reports of men being victims to it are eye-popping. Centers for Disease Control and Prevention (CDC) reports that a total of 2,141 men contracted breast cancer in 2014 while 465 died of it.
Obviously, the rest, the survivors should be looking for life insurance for breast cancer for a means of financial security.
Note it down that there are no specialized products you can call life insurance for breast cancer. That is to say, there exist no life insurance policies designed for people who have the disease.
So, what are your chances of getting life insurance when you have breast cancer?
Well, the good news is some of the carriers have lenient sign-up policies that pave the way for you to sign up for life insurance.
Surely, it is an advancement over the past in that life insurance for breast cancer patients used to be absolutely out of reach.
But don’t yet start planning. The path ahead may be rough.
The fact is …
You will not get approval for life insurance when you have an on-going malignant breast cancer. The door to chances of sign-up for you opens only when you have come back from the fight.
Or, the disease is benign.
So, as a survivor….
You need to know about the options that exist out there that would pave the way for the financial protection you want.
Also, you need to know about the blocks that prevent you from getting life insurance.
There Are Uncertainties
Despite all the hope-boards hung-up around, whether you will qualify for the so-called life insurance for breast cancer survivor or not still remains uncertain. This is especially true when you are looking for the regular term life insurance or whole life insurance policy.
For survivors too, sign-up can still be a pretty uphill journey.
An insurance underwriter, the person responsible for determining whether you qualify or not, will investigate into your case very carefully. You will get the yes card only if your history goes in your favor. He will make sure you are medically safe for the policy sign-up. You need to bid fair of your living out for a long enough span of time.
That means if there are any visible signs of threats on the wall, chances are you will get disapproval.
What Matters to the Insurer
Breast cancer or not, an underwriter collects a wide range of data before okaying your application for life insurance. When you are a breast cancer patient, he assumes a hawk’s eyes—becomes all the more serious. The reason is he categorizes you into the critical illness group of applicants.
As you have already understood, he will gather every possible detail of your medical history, minutely taking note of of your case. Typically, he will be looking to check the following 3 things:
The Diagnosis of the Disease
Diagnosis, the pathological ways to trace the breast cancer, is important for the insurance underwriter. Through the diagnostic reports he has a clear idea about the nature of your disease. This helps him understand the risks associated with the cancer.
The History of the Treatment
For someone desirous of purchasing life insurance for breast cancer after she has survived, the history of the treatment can be a determinant. The method of treatment sometimes puts you in the safest zone helping you to live life to a normal length.
The opposite also may happen.
Most prominently, the time you suffered for, the duration you have survived and the related questions count important to the underwriting process.
This is how your medical history needs to be with you to fetch the financial protection you call life insurance.
The Prognosis of the Breast Cancer
Prognosis, the prediction about (the possibility of recurrence of) the disease, is of the highest value to the underwriter. The lower the chances of recurrence, the more are your chances of getting insurance.
Conversely, the higher your chances of longevity are, the more are the chances of your getting approved for life insurance for breast cancer survivors.
The Rate and the Coverage Issue
Although your chances of getting your life insurance for breast cancer goes up with promises of good longevity, you are most likely to be discriminated against your next-door neighbor that without the disease. Presumably, your rate will go higher than that of one without the conditon.
On the other hand, you cannot buy a large coverage for yourself.
Why the Discrimination?
Although breast cancer can be cured and survival rates are growing noticeably with awareness and for new treatment methods, it still remains a huge medical concern for possibility of a comeback. Webmed says:
Breast cancer can recur at any time or not at all, but most recurrences happen in the first 5 years after breast cancer treatment.
Breast cancer can come back as a local recurrence (meaning in the treated breast or near the mastectomy scar) or somewhere else in the body. Some of the most common sites of recurrence outside the breast are the lymph nodes, bones, liver, lungs, and brain.
The inherent characteristics of recurrence make life insurance for breast cancer a huge blocker for the financial security you may be wishing to buy for your heirs.
The Type of Cancer Matters
Breast cancer, you know, is said to have 5 stages: from 0 to 4. The more obviously means the worse. As a matter of course, each advanced stage diminishes your chances of having approval for breast cancer survivor insurance.
When you are a 0-stage patient and have yourself had cured, you have the widest possibility of getting life insurance for breast cancer survivor. The reason is 0-stage cancer patients have the highest possibility of living a normal life. But remember that cancercenter.com reports that the survival rate of 0-stage (precancerous) persons is 93%. However, treatment can fully cure stage 0 and make you eligible for best rate for life insurance.
When you are a stage 1 breast cancer patient, your cancer is in the beginning level and treatable. If you have been cured, you are as lucky as the 0-stage person. You will have a competitive rate and better coverage.
At stage 2, your cancer has already formed. It poses risk to your long-time survival. Nearly 10% of stage 2 cancer patients run risks for a 5-year survival. So, getting a life insurance policy for a survivor can be a bit harder.
When you are a stage-3 patient, according to American Cancer Society, the possibility of 5-year survival for you is 72%. That means 28% of the breast cancer patients are risky buyers for the insurers. The result will naturally have negative reflections when they apply for life insurance.
The same source, American Cancer Society, states that the 5-year survival rate for stage 4 breast cancer patients is the lowest—only 22.
What You Can Do
Now that you see life insurance for breast cancer survivors can be quite difficult to get, you need to know what choice is left for you. There are two ways Life Insurance Mentors team would recommend you try:
There are brokerages or agencies backed up with knowledge of insurers that have lenient underwriting guidelines toward breast cancer survivors. A good approach for you can be to contact them. They can find you the best policy as well as best rates.
If the agency fails to get you a regular life insurance for breast cancer, you can fight your own fight. A guaranteed issue whole life insurance is the classic choice you can go for. It is not easy for us to say that this insurance is meant to pay for final expenses, but the amount you can sign up can be pretty useful. All you need to make sure is, you find the insurer that offers you better coverage on best rates. Although often the coverage for a final expenses life insurance a policy is $25,000 max, you will have companies out there offering twice this size. An independent agent with good experience can be useful for your purpose too.