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Life insurance and Breast Cancer
In this article, we are going to discuss life insurance and breast cancer. There are typically three types of applicants. Those who have been recently diagnosed, those that have gone into remission and those who have been cancer-free for several years.
Where you are in this process will affect your ability to get life insurance along with how much you will pay for life insurance.
Can I get life insurance with breast cancer?
As briefly mentioned, your ability to qualify for insurance is going to depend on if you have recently been diagnosed or if you have been cancer-free for a significant amount of time.
If you are currently undergoing treatment you have other options such as a guaranteed issue life insurance policy. This policy will let you obtain life insurance without a medical exam or medical questions. As long as you meet the age requirements and the coverage amount you can qualify for life insurance. It is important to note that these amounts of coverage are generally much lower than traditional life insurance, however, it is a great way to guarantee that you get coverage if you are currently in treatment for breast cancer.
If you are now cancer-free and have been for several years you will likely have more options than if you were recently diagnosed or still undergoing treatment. In some cases, you will be able to qualify for the traditional forms of life insurance.
Depending on where you are in your fight against breast cancer, it will also determine the types of life insurance you can qualify for. While in some situations it may be more difficult to qualify, you still have life insurance options.
How much will life insurance cost with breast cancer?
This is likely going to depend again on whether you have been recently diagnosed and are undergoing treatment or if you have been cancer-free for a few years.
As mentioned earlier if you are undergoing treatment you may only be able to qualify for a life insurance policy that doesn't require medical information such as the guaranteed issue policy. This policy is typically much more expensive for a lower amount of coverage than a more traditional policy.
If you have been cancer-free for several years you could qualify for a more traditional life insurance policy, but you will most likely pay more for that policy than someone who has a history of perfect health.
The exact amount that you will pay for a policy will depend on your unique situation. It is important to shop around to find the best policy for you.
If you have already been denied life insurance that doesn't mean you are out of options. You may have applied for a type of life insurance that you wouldn't qualify for.
If you aren't sure what to do next we recommend speaking with a licensed life insurance agent. They can help guide you in the right direction and help you know all of your options. If you don't already have an agent, give us a call.
Your best option is to work with what is known as an independent life insurance agent. This just means they have the ability to sell for multiple life insurance companies so they can shop around to help you find the best coverage at the best price for you.
While it can be difficult to qualify for life insurance if you have breast cancer, you do have options. If you have been cancer-free for a few years you may have a few more options than those who are still undergoing treatment.
If you aren't sure what the right decision is for you give us a call today to speak with a licensed agent. They can help guide you to the right options for your needs.