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Qualifying for Life Insurance with Leukemia
If you have had leukemia in the past, then you’ve faced a ton of difficulty already. Unfortunately, getting life insurance with leukemia on your medical records isn’t going to be all that easy, either.
The good news is that…
We here at TermLife2Go, love a good challenge, which is why we’ve built our life insurance brokerage around helping folks just like you find an affordable life insurance policy that you can qualify for.
To you is that we’ll do whatever we can to make the “process” of qualifying for life insurance after being diagnosed with leukemia as smooth and painless as possible. We’ll start by giving you the basic information you need to know about applying with leukemia, and from there share with you some key “tips” we have discovered over the years which could mean the difference between getting insured vs being denied. So, without further ado, let’s dive right into it!
What is Leukemia?
Leukemia is a cancer of the blood. It can impact one’s:
- Bone marrow
- Blood cells (white or red)
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Types of Leukemia.
There is more than one type of leukemia. So, knowing which type of leukemia you’ve been diagnosed with will be one of the first things we’ll want to know when trying to determine what “type” of life insurance policy you’ll be eligible for.
So, do you have…
- Acute Leukemia?
- If so, you’ll generally begin suffer from symptoms almost immediately.
- Or do you have Chronic Leukemia?
- Where symptoms will usually take a longer time to set in.
There are various treatment options for people with leukemia, including:
- Stem cell treatment
This is usually when we like to remind folks that we here at TermLife2Go are not doctors, nor should you think of us as medical professionals. In fact, all we are is a bunch of life insurance agents who are really good at finding coverage for folks who have been diagnosed with a pre-existing medical condition.
If you’ve been diagnosed with leukemia and have questions about your condition, or you think you might “have” leukemia… STOP reading this article and call your doctor.
That being said however…
If you’ve already been diagnosed and are not seeking a life insurance policy, well then, you’ve come to the right place because nothing would make us happier than to be able to help you and your family out!
Qualifying for life insurance after being diagnosed with Leukemia.
When it comes to helping out folks who have been diagnosed with leukemia, what you’re generally going to find is that there are going to be 3 types of client.
Those who are:
- Currently treating their leukemia.
- Those that have just recently gone into remission.
- And those who have been cancer free for several years.
So, let’s just take a moment and briefly describe what each “type” of client should expect when applying for a traditional term or whole life insurance policy.
Those currently treating their leukemia...
Unfortunately, anyone who is currently treating their leukemia, will find that they will not be eligible for a traditional term or whole life insurance policy, until they have beaten their cancer and have gone into remission.
Now there are…
Alternative life insurance products such as guaranteed issue life insurance policies which will insure individuals over the age of 50 without inquiring about one’s current health. However, these “types” of life insurance policies will only provide about $25,000 in coverage and will contain a Graded Death Benefit. For more information about guaranteed issue life insurance policies, we would recommend that you give us a call so that we can go over both the Pros and Cons of these types of insurance policies.
Now if you have recovered from your leukemia…
Then you can possible qualify for term or whole life insurance. There’s still a lot a life insurance company will want to know before they underwrite a policy, though. They will want to know things like:
- What kind of treatment did you have?
- How long did you have cancer?
- What stage cancer?
- Have you had other complications due to your leukemia?
These things will all impact your chances of having a term or whole life insurance policy underwritten. But, the most important thing will probably be how long you’ve been in remission.
If you recently recovered from leukemia…
Then a life insurance company may still reject your policy. The reason being is that the more time that’s gone by – and you’ve been healthy – then the less chance of leukemia reappearing.
If you recovered more than 12 months ago…
You can possibly qualify for a Table Rate D-J. Table rates are lower than the standard rate, but you have to understand – you have recovered from a very serious illness and it still puts you at risk of premature death. That’s why a life insurance company can offer you Table Rate D at best.
What’s Table Rate D?
Just after the standard rate comes Table Rate A, then B…all the way down to J. Each letter down is a little more expensive than the last. That means D is better than E, F, G, H or J.
It’s also important to keep in mind…
That not all life insurance companies will offer you the same rate. If you have recovered from leukemia, one life insurance company may offer you a Table Rate D whereas another will offer you an H.
Each life insurance company assesses risk differently. Plus, they consider a whole lot more than just your leukemia – other things can make you fall down a letter.
We can’t just tell you the “best life insurance companies for leukemia”…
Because of these other factors. One life insurance company may consider you more of a risk because you have slightly elevated blood pressure. Another life insurance company may not. It’s all very dependent on your individual health information.
The best thing you can do is to get personalized recommendations. Even if you and another friend with leukemia both want life insurance – the chances are there could be a “right” life insurance company for your friend and a right life insurance company for you – and they won’t be the same.