Can I find affordable life insurance after cancer?
As you might expect, finding affordable life insurance after a diagnosis of cancer can be difficult. But, if you know some of the secret tips you can increase your odds of finding the most affordable plans available.
This article will help you navigate the best way to go about finding the best coverage.
Who will insure me?
Unfortunately, cancer is very prevalent in our society. It is estimated that in 2018 over 1.7 million people in the United States will be diagnosed with some form of cancer. Fortunately, with early diagnosis and treatments, people are living longer than ever before. From a life insurance point of view, the underwriting company must evaluate the risk of each proposed insured based on a number of factors. It is important to remember that every life insurance carrier evaluates your health and lifestyle differently. The secret is to apply with a carrier that will underwrite your coverage the best.
Underwriting factors- Below are some of the important factors that an underwriter will look at in order to evaluate your risk:
- Type of Cancer
- Stage of Cancer or Tumor Grade
- Last date of treatment
- Type of treatment
- Any other ongoing medical issues such as diabetes, heart disease, etc.
- Any history of tobacco use
- Family history of cancer
- Amount of coverage needed
Finding the right insurance carrier
In the life insurance marketplace the insurance companies that underwriter cancer the best are known as special risk insurers. These companies typically don’t shy away from being aggressive in offering policies for those with a history of cancer. With over 1,000 life insurance companies in the United States, it is oftentimes difficult for the average person to know what carrier underwrites cancer the best.
This is where an agent or agency with experience and expertise in the special risk marketplace can save you countless hours and potentially hundreds if not thousands of dollars in a premium over the life of your policy.
These agents already know what carriers typically offer the lowest rates for prospects with a history of cancer. They also may offer policies that are guaranteed issue or ask a few medical questions.
A special risk agent is able to go into the marketplace and shop your coverage only with those companies that might offer you coverage. Typically this can be done on an informal basis without the insured having to complete multiple applications and multiple exams for each carrier. This not only saves you time and aggravation but also keeps your name out of the medical information bureau.
Once your agent locates the carrier with the best possible rate – will you then and only then formally apply for coverage and go through the exam process.
The fact is most people know and understand the important role that life insurance plays in protecting families. But, for those with a history of pre-existing medical conditions they may think the coverage is not available or perhaps will cost too much. Often times, they simply don’t know who to turn to or how to start the process of finding the best rates…..Now your know-how!
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