If youâ€™re a cancer survivor, you know how much your diagnosis â€“ no matter how long ago â€“ changed your life. The good news is, more people than ever before are cancer survivors, living rich, full, healthy, active lives. Unlike years ago, when a cancer diagnosis made it nearly impossible for cancer survivors to find life insurance coverage, today you have options.
The number of survivors from all forms of cancer is steadily growing. In the United States, it’s around 15 million and is expected to reach more than 20 million survivors in the next seven years.
Just like continued checkups and care are necessary for your health as a cancer survivor, taking care of your financial peace of mind is also important. Unlike years ago when a cancer diagnosis made it nearly impossible to find life insurance coverage, today you have options.
Life Insurance Coverage for Cancer Survivors
Here are some basics to consider as you look for an affordable life insurance policy as a cancer survivor:Â
- The longer youâ€™ve been in remission, the easier it will be to get lower rates for life insurance.
- Insurance companies will consider your date of diagnosis, the type of cancer, how treatment progressed, any complications from treatment and whether youâ€™re free from cancer now.
- Some types of cancer can qualify you for a standard life insurance policy if you have passed a certain period with no recurrence. For example, most types of skin cancer can be easily diagnosed and surgically removed. Breast cancer and prostate cancer survivors in remission also have a very good chance of obtaining quality life insurance at affordable rates. These are just a couple of examples.
- Be completely honest in reporting your cancer history in your insurance application. Reveal all of your medical records, including names of physicians, hospitals and clinics; dates of treatment; pathology reports; and doctorsâ€™ narrative explaining treatment outcomes.
- The more information you can provide upfront, the quicker your application will move through the underwriting process. Withholding medical information will get your application â€“ or even worse, any insurance payout â€“ denied.
- Depending on the type of cancer, you may face a waiting period for coverage, based on when you last received cancer treatment.
- Your overall health also matters. If you have no other issues such as diabetes, high blood pressure or obesity, it will be easier to find life insurance coverage. For those who are overweight, take steps to get into a healthy weight range. And if youâ€™re a smoker, enroll in a program that will help you quit. If you have diabetes or high blood pressure, work with your doctor to get your numbers stabilized in the normal range.
Weigh Your Options When Applying for Life Insurance
Once youâ€™re ready to apply for life insurance, do the following:
- Work with SelectQuote to explore multiple options to find the best policy at the best rate. Different insurance companies have different quote protocols.
- Inform your agent upfront about your particular kind of cancer and how long youâ€™ve been in remission. Each type of cancer has a different percentage for a full recovery or a relapse. Insurance underwriters use those statistics to determine eligibility and premium rates.
- Work with an impaired risk specialist at SelectQuote. It is an insurance professional who focuses on helping people with health conditions find affordable and good life insurance coverage.
Take Action by Calling SelectQuote Today
If youâ€™ve been hesitant about applying for life insurance because of your history with cancer, donâ€™t be afraid to apply. With more people than ever before surviving cancer and living healthy lives for years, finding qualify coverage at a price you can afford is getting easier all of the time. You may find yourself pleasantly surprised at your options.
The best time to search for an affordable life insurance policy is now. SelectQuote knows the best companies to shop to find the right policy and price for your particular circumstances.
Discuss your history, needs and concerns with a licensed SelectQuote life insurance agent today.
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