Applying for Life Insurance After a Breast Cancer Diagnosis

When you apply for life insurance, insurers will usually look into your driving record, credit history, and most importantly, your medical history to determine how much of a risk you are before they offer you a policy. And while they will be somewhat lenient with certain health conditions,  with others, they might offer you less coverage, higher premiums, or deny you altogether. Cancer is one of the medical conditions that is considered a red flag for life insurance companies. But even if you are diagnosed with breast cancer or have a family member who is diagnosed with it, it doesn’t mean that you or they can’t get life insurance.

How Breast Cancer Affects Life Insurance Eligibility

How a breast cancer diagnosis affects your eligibility for life insurance is often determined by what stage the cancer is in. If you have an early-stage form of breast cancer, you might be able to get a policy, but you will most likely have to wait several months to 10 years after completing your treatment before you are approved for a policy. And even if you do qualify by then, you will still most likely have to pay more for your coverage. Then, after you have been cancer-free for 5 years or more, you can qualify for a rate reduction.

hourglass on a calendar

If you have stage 3 breast cancer, it may take up to 10 to 15 years before you’re eligible for coverage. And if you have been diagnosed with stage 4 breast cancer, you will have to stick to a guaranteed issue life insurance policy, which maxes out at $50,000, another type of no medical exam policy, or final expense life insurance.

Applying for Life Insurance with a Breast Cancer Diagnosis

Because your case is unique when applying for life insurance after you have been diagnosed with breast cancer, there are a couple of steps and tips that you should follow, since not all insurance companies will look at your situation the same way. This is why it’s very important to compare policies from different life insurance companies.

When you apply, make sure that you have your pathology report ready because life insurance companies will ask for it, especially if it is an insurer that requires a medical exam. 

And the best way to get as much coverage as you can afford is by looking into different policies, such as a term life insurance policy. You can try and get a long-term policy of 20 to 30 years, but if that is not an option, look into no medical exam life insurance policies. These policies will not require a medical exam, but in return, you will have a smaller coverage amount and will typically pay more in premiums than you would with a permanent life insurance policy. The reason they are more expensive is that, with these policies, insurers will overlook your medical conditions and provide coverage even though you are a high risk.

Consider Your Optionsmany doors

There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

C0-written by Minerva Landon

Leave a Reply

Your email address will not be published.

Let's Chat