Life Insurance for Cancer Patients

Facing a diagnosis of cancer can be a devastating life experience.  However, for those who survive the disease, sometimes there is often an uphill battle faced when buying life insurance.  The challenge of finding low cost life insurance after a cancer diagnosis can be difficult, but it is not impossible.

The Cancer Diagnosis and Life Insurance

One of the top criteria that insurance company underwriters look at is the type of cancer.  The stage and grade of cancer will also be factored into the insurance premium costs.  In addition, they will also examine the treatment plan and its success rates.  If the prognosis is good and there has been a long period of remission, insurance companies will look more favorably on the application.

How Life Insurance Companies Build Their Guidelines

Most insurance companies base their underwriting on the National Cancer Institute’s Surveillance, Epidemiology and End Results database.  This system reports on over three million cancer patients by submitting reports from oncologists, doctors and medical researchers into a database.  This information includes data on demographics, diagnosis, treatments, morphology, tumor locations and follow-ups.

Saving and Using Cancer History Medical Records

It is common knowledge that life insurance companies provide the best low cost life insurance to those with the medical records unblemished by illness. For cancer patients who have completed treatment with a good prognosis, life insurance is still attainable.  With a poor medical history though, it is still possible to get inexpensive premium rates. To get a low cost life insurance policy after cancer, it will help to have all medical reports available before applying.  These records should include the treatment plan and its success rates.

Extra Charges Life Insurance Companies Charge

While most insurance companies will not offer life insurance to cancer patients currently undergoing treatment, some companies will, but only with an added surcharge.  This is also called a temporary flat extra.  This may be charged for two o five years depending on the type of cancer and the treatment schedule involved.  These charges generally disappear after a set amount of time however.  Common types of treatable cancers may also receive the standard low cost life insurance rates.

Life Insurance When There is a Difficult Prognosis

For those who have forms of cancer that are more difficult to treat, it will be harder to get life insurance.  Leukemia or colon cancer patients will often receive sub-standard insurance premium rates.  The earlier the cancer is discovered and the better the prognosis, the less the life insurance payments will be.  If the cancer has metastasized, it is unlikely that any life insurance company will provide coverage.

Getting several life insurance quote can also ensure that you receive the best low cost life insurance rates.  Our website can provide several quotes from some of the top life insurance companies available.  In addition, if you are denied coverage, it is possible to request a re-evaluation after the cancer treatment and a period of remission may result in lower insurance prices.

Be Sociable, Share!

Comments are closed.