Life Insurance With Breast Cancer

Breast Cancer Pink RibbonAs a breast cancer survivor, it is possible to still get life insurance coverage. It is a common misconception that a cancer diagnosis automatically disqualifies an individual from obtaining a life insurance policy.

In reality, there are several insurance providers that offer coverage specifically for people who have had cancer. Do not assume that you are automatically ineligible for life insurance because of your cancer history – it is worth exploring your options.

Women survivors of breast cancer will find that it is a bit more difficult to get life insurance coverage, but it is possible under certain circumstances.

Of course, the longer you wait after you go into remission, the easier it will become, but that will not change your status of high-risk, which translates to higher insurance premiums.

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What Is Breast Cancer?

Breast cancer is a type of cancer that affects the breast tissue, and it is the most common cancer among women in the United States. It is second only to lung cancer in terms of cancer deaths.

Breast cancer is often detected through mammography (a breast X-ray) or through a biopsy of any palpable abnormal masses found in the breast.

The stage of breast cancer is determined through a system called TNM (tumor, node, metastasis) classification, which looks at the size of the primary tumor, the involvement of other tissues, the status of the lymph nodes, and the presence or absence of metastasis (spread of the cancer to other parts of the body).

The prognosis for breast cancer is typically better for non-invasive cancers and for smaller tumors, and the presence of involved lymph nodes tends to worsen the prognosis.

Can a Breast Cancer Survivor Get Life Insurance Coverage?

The risk of death from breast cancer can vary depending on the stage of the cancer. This means that the availability and cost of life insurance can depend on the stage of the breast cancer and the amount of time since recovery.

In addition to factors such as lymph node involvement and tumor size, other prognostic indicators that can impact the underwriting process for life insurance include the quality of follow-up care, the presence of hormone receptors, the grade of the cancer, and the age at diagnosis.

Cancer has always been one of the high-risk categories for insurance companies, and breast cancer is no different.

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Applying For Life Insurance Coverage

Before applying for life insurance, it is important to prepare for the application process by gathering relevant health records. The insurance company will need to know specific details about your health, so make sure to have the following documents on hand:

  • At a minimum, the summary of your illness should include the date of your cancer diagnosis, the specific type of cancer, and the treatment you received.
  • Your current health status.
  • It is important to list all of the doctors and other medical professionals who have treated you in the past, including specialists, primary care physicians, and any other healthcare providers involved in your care.
  • List of all of the treatments you have received in the past, as well as any treatments that you may receive in the future.
  • What medications you are currently on.

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What If You Are Declined Coverage?

It's possible that you get declined for life insurance coverage, but all is not lost, you can still get a no-medical exam or guaranteed issue policy.

A guaranteed issue life insurance policy is a type of policy that does not take your health into consideration when determining eligibility. This means that you can obtain coverage even if you have been denied in the past due to a pre-existing condition, such as cancer.

However, there are some drawbacks to consider with this type of policy. For example, many insurance companies that offer guaranteed issue policies have limits on the death benefit, which is typically between $10,000 and $30,000 based on your age. It is important to carefully weigh the pros and cons of guaranteed issue life insurance before making a decision, but if you have been denied a conventional policy, this may be your only option.

What life insurance companies are the best for breast cancer survivors?

Banner Life, AIG, and Pacific Life are some of the top options to consider for life insurance for breast cancer patients. These companies offer higher maximum coverage levels, competitive rates, and strong financial ratings with A.M. Best. If you are a breast cancer survivor looking for life insurance, it may be worth considering these companies as you compare your options.

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