For those who are currently having a difficult time getting approved for life insurance, you also may want to read the following articles which focus on difficult to place insurance policies: TermLife2Go’s All-Star Life Insurance Companies, Avoid the Needle! Best No Medical Life Insurance Companies as well as our Just Enough Life Insurance to Bury Me Please!
When we’re approached by a client how is currently taking Arimidex (Anastrozole) or has been prescribed Arimidex in the past we’re generally going to need to get more information about when and why the client received their prescription before we can make any type of accurate predictions when it comes to their life insurance application.
What Is Arimidex (Anastrozole)?
Arimidex (Anastrozole) is a prescription medication that is used to treat breast cancer in postmenopausal women. It works by lowering estrogen levels, which may slow the growth of certain types of breast tumors that need estrogen to grow.
How Arimidex will affect your application.
Currently using Arimidex.
In general, if you are currently receiving treatment for breast cancer, you’re going to need to apply for a life insurance policy that will not ask any medical questions or require a medical exam simply because you currently won’t be eligible for a traditional term life insurance or whole life insurance policy right now.
These types of policies are known as “Guaranteed Issue Life Insurance policies, and can be a great option for some.
Guaranteed issue life insurance policy.
Guaranteed issue life insurance policies are typically smaller life insurance policies that max out right around $25,000 dollars in coverage. The advantages of choosing a guaranteed issue life insurance policy include:
- You won’t be required to take a medical exam or answer any health related questions.
- These types of policies are usually whole life insurance policies.
- And provided that you’re a US citizen, and meet the age requirements you can’t be denied coverage!
Now there are some disadvantages to these types of policies as well. In general, guaranteed issue life insurance policies will:
- Be more expensive than non-guaranteed issue life insurance policies (policies that will ask medical questions or require a medical exam).
- Max out at $25,000 dollars in coverage.
- And these types of policies will contain a clause know as a Graded Death Benefit.
Graded Death Benefit.
Since the only requirements of eligibility for a guaranteed issue life insurance policy is US citizenship and meeting the age requirements, insurance companies that offer a guaranteed issue life insurance policy won’t have any idea about the actual health of the insured.
For this reason, insurance companies will add a clause known as a graded death benefit which will basically state that in order for the guaranteed issue life insurance policy to payout for a death caused by “natural” causes, the applicant must live for at least 2 years (sometimes 3 depending on the carrier) after the policy has gone into effect. Accidental causes of death however will be covered immediately.
No longer using Arimidex.
The Good news is that for those who are no longer using Arimidex and have gone into remission, you may now be eligible for traditional term or whole life insurance policy or may become eligible soon!
As a general rule of thumb, the longer you’ve been cancer free, the better your chances are for getting approved. That being said, questions that will be asked during your application will include:
- How old were you when you were first diagnosed?
- How long ago was your last date of treatment?
- What stage of cancer and grade of cancer did you have?
- What was the size of the tumor?
- Did your cancer include any lymphatic areas?
- Did your cancer metastasis?
- Have you experienced any relapse?
- How often do you see your oncologist for follow up visits?
As you can see, there will be a lot of factors in play when it comes time to getting coverage after beating breast cancer. For this reason, it’s important to not only work with a life insurance brokerage that is going to have access to dozens of different life insurance companies, you’re also going to need to find an agent with both the experience and expertise to get the job done right, in other words, you’ll want to speak to us here at TermLife2Go.
So what are you waiting for? Give us a call today and see what we can do for you!
Lastly, for those who would like to get an idea about how much their life insurance might cost before speaking with an agent, we would recommend that they check out our Term Life Insurance Quotes page when the have a few moments to spare.