In this article, we’re going to discuss three different “types” of breast cancer life insurance applicants. There will be those who have just recently been diagnosed with breast cancer, those that have recently gone into remission and those who have been cancer free for several years.
We want to…
Break our article up this way so that not only can you get a general idea about what it will be like to apply for life insurance after having been diagnosed with breast cancer but also so that you can gain a better understanding of how life insurance underwriters will view applications from breast cancer survivors over time.
Now with that said…
The first thing that we want to say is that if you’ve just been diagnosed with breast cancer and are just beginning to your fight… Hang in there!
Attitude is everything!
Which is why it’s not only supper important to have a great doctor, it’s also super important to have a great support group. If you don’t have one, you may want to visit: Cancer.net which can help you locate a cancer support group in your area.
We don’t want you to get to upset when you learn while “in treatment” you will not be eligible for a traditional term life insurance policy or a whole life insurance policy. Now the reasons for this are pretty obvious in that life insurance companies number one goal in underwriting a life insurance policy is to avoid “unacceptable” risks.
Now this doesn’t mean…
That you will always be ineligible for a traditional term or whole life insurance policy, it just means that until you’ve beaten your cancer, you won’t be able to qualify for a life insurance policy that is going to require you to be able to “medically” qualify.
So now that we’ve gotten the bad news out of the way, let’s start focusing on the positive! Let’s start talking about what is possible once you’ve beaten your cancer and you’re now a cancer SURVIVOR!
First thing’s first…
Having been diagnosed with Breast Cancer won’t automatically disqualify you from being able to qualify for life insurance forever.
Though a lot of people think anyone who has had breast cancer in the past is automatically ineligible for a traditional term or whole life insurance policy, that simply isn’t the case.
With the advent of new testing procedures and modern technology, breast cancer is often caught a lot earlier than it was just a few years ago. Which is great because a lot of times, the sooner you diagnose your condition, the easier it will be to treat! It’s also why many life insurance companies are becoming a lot more “open” to accepting applications from breast cancer survivors.
Life Insurance After Breast Cancer: When to Apply?
When to apply for life insurance after breast cancer really depends on which “stage” of breast cancer yours reached.
One thing’s for sure…
As a breast cancer survivor you’ll typically have to wait at least two years after your last date of treatment before you can get underwritten for a traditional term or whole life insurance policy.
Stages of Breast Cancer.
Stage Zero Breast Cancer
You might not have ever heard of stage zero breast cancer, but it is a thing. The term Stage zero refers to non-invasive breast cancers (i.e. they are not life-threatening). This treatment is a lot easier and can be done quite quickly.
Qualifying for Life Insurance with Stage Zero Breast Cancer.
You will likely be able to get life insurance after two years of stage zero breast cancer – possibly sooner. Remember, your life insurance eligibility is contingent on your overall health (not just breast cancer).
Stage One Breast Cancer
Breast cancer survivors who have their breast cancer diagnosed early and contain it to a stage one “type” of cancer, can often become eligible for a traditional term or whole life insurance policy 2 to 5 years after the date of their last day of treatment. Prior to this “waiting period” it is unlikely that you would be able to qualify for a traditional term or whole life insurance policy.
Stage Two Breast Cancer
Qualifying for Life Insurance after being diagnosed with stage Two breast cancer is also possible however, most (if not all) life insurance companies are now going to require that you wait 5-10 years before being eligible.
Stage Three Breast Cancer
There are three categories within Stage Three breast cancer. However, the basic thing about stage three is that the cancer has moved beyond the first region of the initial tumor and is probably in the lymph nodes or other nearby tissue.
Qualifying for Life insurance after Stage Three Breast Cancer.
You can still qualify for a traditional term or whole life insurance after having stage three breast cancer. However, your waiting time before you will be underwritten for a policy is going to be quite a while. Most people will have to wait 15 years after having stage 3 breast cancer to qualify for a traditional term or whole life insurance policy.
Stage Four Breast Cancer
This is breast cancer that has gone beyond the immediate area and has infected another organ/organs. You could now have cancer in the brain, liver, lungs, bones, or other. Which obviously complicates your treatment and you’re eligibility for life insurance.
Getting Life Insurance after Stage Four Breast Cancer.
If you have recovered from stage 4 breast cancer, congratulations! This is a really big thing. That’s the good news, the bad news is that you’ll most likely no longer be able to qualify for a traditional term or whole life insurance for at least 15 years at which point you may be eligible but cases like these will be handled very carefully by the insurance underwriter and will typically take a while to be approved.
Now at this point…
We like to remind folks that we here at TermLife2Go aren’t doctors. And we’re not life insurance underwriters either. All we are is a bunch of life insurance agents who just happen to be really good at help folks with pre-existing medical conditions like breast cancer find life insurance that they can qualify for.
Which means that…
While we’re not going to be able to answer any medical questions that you may have, and it’s going to be difficult for us to “know” for sure when you’ll be able to qualify for a traditional term or whole life insurance policy after being diagnosed with breast cancer.
What we can say for sure…
Is that our only goal here at TermLife2Go is to help you find the best life insurance policy that you can qualify for. This is why we’ve partnered up with dozens of different life insurance companies so that when it comes time to helping you find a life insurance policy that you can qualify for, we won’t have to rely on just one or two different options. We can “shop” your application to dozen!
Now will we be able to help everyone?
No, there are some people that we simply won’t have a “True” life insurance policy (See: Accidental Death Insurance which only cover accidents and are not true LIFE insurance policies).
Some folks will simply never qualify for a traditional term or whole life insurance policy, while others may have to wait 15 years before they’ll be eligible.
In cases like these…
We usually like to take a look at some “alternative” life insurance policies that are out there that will eventually cover an individual from “natural” causes of death in addition to accidental causes of death as well. These “types” of life insurance policies are called guaranteed issue life insurance policies and while they are a great option for some, they are not always a good option for everyone.
Guaranteed Issue Life Policies.
Guaranteed issue life insurance policies are life insurance policies which will offer coverage to an individual regardless of their current health status. In fact, as long as you:
- Are a US citizen,
- Live in a state where guaranteed issue life insurance policies are offered,
- And you meet the minimum age requirements,
You should be able to qualify for a guaranteed issue life insurance policy.
But just because…
You “can” purchase a guaranteed issue life insurance policy doesn’t mean that you should purchase a guaranteed issue life insurance policy!
Guaranteed issue life insurance policies also have several significant disadvantages associated with them which could be cause for you to determine that they are not right for you. Disadvantages such as:
- Low coverage amounts. Most guaranteed issue life insurance policies cap out at around $25,000 dollars in coverage.
- Given the amount of coverage that these types of policies provide, they can be a bit “pricey”.
- Graded Death Benefits. Guaranteed issue life insurance policies will contain a graded death benefit.
Graded Death Benefits.
Graded death benefits are “clauses” written into guaranteed issue life insurance policies which will create a “waiting period” before your guaranteed issue life insurance policy will begin covering you for NATURAL causes of death.
Graded death benefits represent a SIGNIFICANT disadvantage to purchasing a guaranteed issue life insurance policy and will vary depending on which life insurance company you choose to purchase your guaranteed issue life insurance policy from. This is why it is very important to fully understand what the graded death benefit is before deciding on which insurance company to choose.
Don’t be, we can help with this.
Now you may be thinking to yourself….
“Wait a minute! These guy’s haven’t told me anything!”
And in a way, you’re right!
But we’re trapped. You see, there are just TOO many variables that will come into play when it comes to underwriting a life insurance application from someone that has been diagnosed with breast cancer.
We’ve been able to communicate the fact that we here at TermLife2Go aren’t afraid to take on a “challenging” case. And, we’ve been able to communicate the fact that we’re here to help and that we’ll do everything that we can to help you find the best life insurance policy that you can qualify for.
Of where you are in your FIGHT, give us a call or just visit our Life Insurance Quotes page and see what we can do for you!