Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
While trying to purchase a life insurance policy with a history of cancer can prove challenging, even if the cancer has been effectively treated and eliminated, it is possible in fact possible to get term life insurance with a cancer history.
The rates for a life insurance policy is determined by the risk classification you qualify for. For example, a person who qualifies for a standard risk class would be viewed as having a normal life expectancy, while someone who only qualifies for a substandard rate (also known as a table rating and designated with letters A-J or 1-10) is considered to have a shorter than normal life expectancy. Since the life expectancy would be considered shorter for someone with a history of cancer, a table rating may be assigned and a higher premium charged.
Every life insurance company has their own underwriting guidelines so some companies may respond with a more favorable risk class offer than others even though they're based on the same exact medical profile. There are several key items that insurance companies will look at to determine the risk classification assigned for your policy. Some of those items include:
1) Type of cancer - colon cancer, breast cancer, lung cancer, prostate cancer, melanoma, ovarian cancer, skin cancer, or other internal cancers.
2) Stage of cancer - Stage 0, Stage 1, Stage 2, Stage 3, or Stage 4. Stage 0 is carcinoma in situ and means the cancer likely has not spread to other organs. Stages 1, 2, and 3 indicate more extensive disease with larger tumors or spreading. In Stage 4, the cancer has spread to other organs and life expectancy is usually very short.
3) If there was melanoma only, the "Clark Level" would be considered the same way the above stages are.
4) Course of treatment – how was the cancer treated? Did you go through chemotherapy or radiation? Surgery only? Immunotherapy? Bone marrow transplant? something else?
5) How long since the treatment was completed/last date of treatment? - cancer that was found and treated 5 or more years ago will be seen more favorably than cancer diagnosed only 1-2 years ago. The longer it's been since the cancer was treated/eliminated/went into remission, the less likely it is considered to come back.
6) Have you been treated/are being treated for any other health conditions such as heart disease, diabetes, high blood pressure, high cholesterol, abnormal lab test results, etc.
The best way to obtain term life insurance with medical history including cancer is with the help of an independent life insurance agent that represents many of the top insurance companies. They will be able to shop your full medical history for the best possible offer before applying for a policy. That way, you know what the most likely outcome will be before ever starting the process of filling out formal paperwork and taking an exam. Not only that, but there are no charges or fees for using the help of an agent (agents are paid by the insurance companies). The insurance cost is exactly the same as if purchasing directly from the company. By law, the insurance company cannot charge you less for applying directly.
I hope the information is helpful - please feel free to contact me for assistance with your life insurance coverage needs, including shopping the case, providing quotes, and comparing options, and if you have any other questions. Thanks very much.
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The rates for a life insurance policy is determined by the risk classification you qualify for. For example, a person who qualifies for a standard risk class would be viewed as having a normal life expectancy, while someone who only qualifies for a substandard rate (also known as a table rating and designated with letters A-J or 1-10) is considered to have a shorter than normal life expectancy. Since the life expectancy would be considered shorter for someone with a history of cancer, a table rating may be assigned and a higher premium charged.
Every life insurance company has their own underwriting guidelines so some companies may respond with a more favorable risk class offer than others even though they're based on the same exact medical profile. There are several key items that insurance companies will look at to determine the risk classification assigned for your policy. Some of those items include:
1) Type of cancer - colon cancer, breast cancer, lung cancer, prostate cancer, melanoma, ovarian cancer, skin cancer, or other internal cancers.
2) Stage of cancer - Stage 0, Stage 1, Stage 2, Stage 3, or Stage 4. Stage 0 is carcinoma in situ and means the cancer likely has not spread to other organs. Stages 1, 2, and 3 indicate more extensive disease with larger tumors or spreading. In Stage 4, the cancer has spread to other organs and life expectancy is usually very short.
3) If there was melanoma only, the "Clark Level" would be considered the same way the above stages are.
4) Course of treatment – how was the cancer treated? Did you go through chemotherapy or radiation? Surgery only? Immunotherapy? Bone marrow transplant? something else?
5) How long since the treatment was completed/last date of treatment? - cancer that was found and treated 5 or more years ago will be seen more favorably than cancer diagnosed only 1-2 years ago. The longer it's been since the cancer was treated/eliminated/went into remission, the less likely it is considered to come back.
6) Have you been treated/are being treated for any other health conditions such as heart disease, diabetes, high blood pressure, high cholesterol, abnormal lab test results, etc.
The best way to obtain term life insurance with medical history including cancer is with the help of an independent life insurance agent that represents many of the top insurance companies. They will be able to shop your full medical history for the best possible offer before applying for a policy. That way, you know what the most likely outcome will be before ever starting the process of filling out formal paperwork and taking an exam. Not only that, but there are no charges or fees for using the help of an agent (agents are paid by the insurance companies). The insurance cost is exactly the same as if purchasing directly from the company. By law, the insurance company cannot charge you less for applying directly.
I hope the information is helpful - please feel free to contact me for assistance with your life insurance coverage needs, including shopping the case, providing quotes, and comparing options, and if you have any other questions. Thanks very much.