Principal, LifeNet Insurance Solutions, Redmond, WA
The only type of coverage available to you now is a guaranteed issue policy that returns premium and interest to the owner/beneficiary during the first 2 years of the policy. Once your cancer has been treated and the biopsy results are available to an underwriter, the cost and application date in the future can be determined.
The amount of coverage is not dependent on the diagnosis in normal coverage types, only the cost of coverage.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Traditionally, you can get up to 20-30x your income level of life insurance. The medical history does not necessarily limit how much you can get. The medical history determines the risk classification which controls the premiums for the coverage you want to put in place. When it comes to breast cancer, the details of the medical condition will determine which carriers will offer coverage and what the risk classification would be (each carrier has different underwriting, you may not get the same risk class offer from each of them),
The best thing to do is to shop the case via an independent insurance agent/broker who can shop it to multiple companies. You do NOT want to apply to multiple companies as this can work against you due to the MIB (Medical Information Bureau) - from a company's point of view, it's sort of like a red flag if you will if they saw you applied to multiple companies which they can check the MIB for.
In order to secure the most accurate quotes for the coverage, a number of factors would need to be known such as when the cancer was diagnosed, what stage is it in/was it in, how was it treated, has treatment been completed, are there anymore tests scheduled or that need to be completed, are you being treated for any other conditions, what prescriptions do you take, family medical history, and other factors. If you have a copy of the pathology report, that will help with a lot of the input.
If cancer is current, guaranteed-issue whole life (GIWL) will be the only type of coverage available as it doesn't have any medical questions or exam requirements. However, the amount of coverage available under a single policy is $20,000-$25,000, depending on the carrier. To get more than that, you would need to stack multiple policies. Under GIWL policies, they traditionally feature a 2 or 3 year graded period - meaning you only have accidental death coverage during those periods, otherwise the carrier just returns the premiums paid into the policy if death occurs during the graded period. After the graded period expires, the full benefit is payable.
Carriers typically only issue fully-underwritten coverage if the cancer has been in remission/treatment completed for at least 2 years. Many carriers prefer 5+ years from the date treatment was completed for a more favorable risk class.
Send me a message via the "contact me" button by my profile picture if you would like me to assist with your coverage. My group is licensed with about 50 different carriers in numerous states.
I hope the information is helpful - please let me know how I can be of further assistance. Thanks very much.
If you have been recently diagnosed with breast cancer, you can get up to $25,000 of "guaranteed" issue coverage with one or more carriers. If you are over age 50, you could get up to about $100,000 that way, although it will be costly. Once you are 1 to 2 years since your past treatment, you can get more with "simplified" issue insurance. And once you are in remission over a year, you may be able to get a much larger amount of "medically underwritten" life insurance, depending on the stage of your breast cancer, treatment, etc.
That's a great question! I'm sorry to hear about your diagnosis, and pray that you are well, and healed. Here's what you need to know- no matter how long ago you were diagnosed, or in what stage the cancer is/was, there is a company that will write your insurance policy. Several, actually. What makes the difference is when you were diagnosed, and where you are with it now. Each company will have a period of time that they "look back" on health histories, and that amount varies between companies. An independent agent will be a blessing to you as you look, as they will be able to sort out which company will be best. As Jason wisely suggested, do not apply for more than one policy - only apply for the one that you want. Multiple applications are a huge red flag to insurers and they will refuse you just for that reason. If your diagnosis was 3-5 years ago, and you've been cancer free since, you shouldn't have any problems finding an affordable and "same day" coverage policy. If it's been a year or so, then it starts getting a little more expensive, and starts coming with conditions. If it was recently, then you can still get coverage, but it will be more expensive, and come with a period of time where the paid benefit is reduced.
Your cancer diagnosis won't keep you from finding coverage. Please contact an independent agent near you, or any of us here, and have that agent walk through this with you in a bit more detail. You've got enough to worry about as it is, and a good agent will sort out all the details so you won't have to. I pray for your health and wholeness. Thank you for asking!
Sorry to hear about your diagnosis. Depending on where you live and assuming you are over age 18, you possibly qualify for up to $50,000 of whole life coverage. It would be graded (as others mention above) but after the first year, 50% of the benefit would be available (as much as $25,000). The policy would be in full force after the 2nd year. It is an aggressive "phase in" for a graded plan and one that might suit you. I work with people in the situation you describe frequently and my heart goes out to you as you battle this condition. Please let me know if you would like more information. Best to you!
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The amount of coverage is not dependent on the diagnosis in normal coverage types, only the cost of coverage.
The best thing to do is to shop the case via an independent insurance agent/broker who can shop it to multiple companies. You do NOT want to apply to multiple companies as this can work against you due to the MIB (Medical Information Bureau) - from a company's point of view, it's sort of like a red flag if you will if they saw you applied to multiple companies which they can check the MIB for.
In order to secure the most accurate quotes for the coverage, a number of factors would need to be known such as when the cancer was diagnosed, what stage is it in/was it in, how was it treated, has treatment been completed, are there anymore tests scheduled or that need to be completed, are you being treated for any other conditions, what prescriptions do you take, family medical history, and other factors. If you have a copy of the pathology report, that will help with a lot of the input.
If cancer is current, guaranteed-issue whole life (GIWL) will be the only type of coverage available as it doesn't have any medical questions or exam requirements. However, the amount of coverage available under a single policy is $20,000-$25,000, depending on the carrier. To get more than that, you would need to stack multiple policies. Under GIWL policies, they traditionally feature a 2 or 3 year graded period - meaning you only have accidental death coverage during those periods, otherwise the carrier just returns the premiums paid into the policy if death occurs during the graded period. After the graded period expires, the full benefit is payable.
Carriers typically only issue fully-underwritten coverage if the cancer has been in remission/treatment completed for at least 2 years. Many carriers prefer 5+ years from the date treatment was completed for a more favorable risk class.
Send me a message via the "contact me" button by my profile picture if you would like me to assist with your coverage. My group is licensed with about 50 different carriers in numerous states.
I hope the information is helpful - please let me know how I can be of further assistance. Thanks very much.
Your cancer diagnosis won't keep you from finding coverage. Please contact an independent agent near you, or any of us here, and have that agent walk through this with you in a bit more detail. You've got enough to worry about as it is, and a good agent will sort out all the details so you won't have to. I pray for your health and wholeness. Thank you for asking!