It's possible to buy life insurance after breast cancer, but breast cancer survivors face restrictions and high costs.
The long-term chances of beating breast cancer have increased for nearly four decades, and the 15-year survival rate for breast cancer is about 78 percent, according to data from the American Cancer Society.
See also: Traveling? Take 6 health insurance steps first
Learn how breast cancer survivors can best approach purchasing life insurance.
Underwriting factors companies consider
If you're a breast cancer survivor, it's possible to get life insurance, but it's also common to be rejected before getting approved for a policy you can afford.
Not every life insurance company has the same set of underwriting requirements. If you've been rejected, keep contacting insurers. Ask about the insurer's approval conditions first, and be honest about the state of your cancer and the treatment you received.
See also: Sleep disorders: What insurance covers
Getting approval depends largely on four factors, according to Chris Huntley, director of marketing at JRC Insurance, a San Diego-based agency that specializes in life insurance coverage.
- Stage and grade of the cancer.
- Type of treatment.
- Current treatment.
- Prognosis for the cancer.
Life insurance requirements
To be considered for life insurance, you must have gone through a full treatment program and the cancer must be in remission, says Huntley. But even then, expect more scrutiny -- insurance companies go over an extensive checklist before they insure you.
Here are some of the questions you can expect to answer during the application process:
- How long have you been cancer-free?
- When was the cancer diagnosed?
- What stage was the cancer?
- How large was the tumor?
- Did the cancer spread?
- When was the last treatment, and what type of treatment was it?
- Have there been signs of recurrence?
Typically, you will need to be in remission for a certain number of years before insurance companies will cover you. If you had stage 2 breast cancer, for example, you will have to wait about three to five years before getting coverage. If you had stage 4 breast cancer, the waiting period is usually 10 years.
Life insurance costs
Once you get approved, you'll still need to consider the cost of the policy.
"If your treatment has been successful, you could be eligible for a standard rate or less depending on your individual circumstances," Huntley says. Even if you're approved for a standard rate, you'll still pay more than someone who has not had cancer.
0 Yorumlar