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Breast Cancer and Life Insurance

Many women with a history of breast cancer never look for a life insurance policy because they assume they are either uninsurable or think they could never afford the premiums. But times are changing.

Author: Denis Mancini
Date: Nov 14, 2011 - 3:55:54 AM

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If you’re a breast cancer survivor – congratulations! You’ve been through some rough times and while you may never have thought of life insurance before, the ordeal of dealing with cancer and the brevity of life may have forced you to think more intensely than ever before about the possibility and consequences of your own death and the difference a life insurance policy could make for your family. While the loss of losing a loved one can never be compensated, you have the opportunity to provide them with the finances necessary to fulfill their goals, dreams and ambitions. In fact, buying a life insurance policy may be one of the most practical ways you can say “I love you”.

Breast Cancer and Life Insurance Quandaries

Many women with a history of breast cancer never look for a life insurance policy because they assume they are either uninsurable or think they could never afford the premiums. But times are changing.

There are several life insurance companies that understand your appreciation for the value of life and the necessity of having a life insurance policy in place. Based on recent scientific studies and statistics, these life insurance companies have changed their underwriting systems to reflect the new results found in these studies.

New Research Shows Long Life Spans for Breast Cancer Survivors

Breast cancer survivors were once considered a high mortality risk and therefore could be denied coverage or made to pay two to six times the standard rates. For several years, research has shown that breast cancer survivors are living longer. Studies explicitly show reduced mortality rates and this, in turn, has resulted in reduced life insurance rates for breast cancer survivors.

Now, there’s a good chance for breast cancer survivors, particularly those with early stage diagnosis and treatment, to get at least standard rates. Some may be able to qualify for better rates, depending on their individual bout with breast cancer and prognosis. While standard rates are not the cheapest, it is still better than paying two to six times the standard rates which are what is typically charged by most life insurance companies. In fact, most life insurance companies still club breast cancer survivors with other chronic illnesses such as congestive heart failure.

In view of the research studies underlining the good prognosis for survival for breast cancer patients, a few life insurance companies have now begun offering reasonably priced policies based on individual breast cancer history and other factors! Early detection and modern advances in treatment play a key role in the underwriting process. For more advanced stages, some companies will offer you coverage in three years after your cancer shows signs of remission.

What you can expect from the underwriting process

Underwriters want to know as much about your breast cancer history in order for them to assess the risk of insuring you. You can expect questions related to when you were diagnosed with breast cancer, what type of cancer you had, the stage, type of tumor, whether lymph nodes were affected, the type of treatment you underwent, when treatment finished, and whether you have had any relapses.

How to find life insurance companies that offer more favorable rates to breast cancer survivors?

Life insurance companies will base your rates on the type, stage, grade and treatment plan of the breast cancer. Here are a few tips for breast cancer survivors to get low-cost life insurance from the best life insurance companies:

• Shop around for life insurance. The more companies you shop with the more likely you are to find the best life insurance rates for yourself. Since each company uses their own underwriting system, you’ll find variations in their ratings you could use to your advantage.

• Be truthful and honest on your application form. If a life insurance company finds out that you have misrepresented any information, they could rescind the policy within two years from the date it was issued. Life insurance companies take this seriously.

• Use aggregator websites that specialize in standard and non-standard policies.

• Get all your medical documents together. The more medical information you can provide life insurance underwriters the better your chances are for favorable rates. You will need to provide your first pathology report, medical documents, diagnostic reports, treatments taken. If you have these documents before applying for life insurance, it will reduce the processing time and ensure speedy coverage.

• Provide proof that you follow up on your treatment plan. The fact that you are taking the necessary precautions, showing up for follow-up appointments and taking the necessary diagnostic tests, show underwriters that you are a responsible patient.

If you’re a breast cancer survivor, you should know that there are several life insurance companies who are willing to offer you the best life insurance rates you can get. Don’t hesitate to get life insurance for yourself. If you’ve never had breast cancer, but have family members who do, consider buying a policy when you are young and healthy.

About AccuQuote:

AccuQuote is a leader in providing term life quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers.

View all articles by Denis Mancini

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