There is life insurance for cancer survivors.
The rate you pay 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 sub-standard rate is considered to have a shorter than normal life expectancy.
For instance, someone with cancer would be classified as a sub-standard rating.
Since life expectancy would be considered shorter for someone with a history of cancer, a sub-standard rating may be assigned and a higher premium charged for the applicant.
There are several key factors that life insurance companies will look at to determine the risk classification assigned for your life insurance policy. Some of those factors may include:
Type of cancer – colon cancer, skin cancer, breast cancer, lung cancer, prostate cancer, melanoma, ovarian cancer, or other internal cancers.
If there was melanoma only, the “Clark Level” would be considered the same way the above stages are.
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 of the cancer. In Stage 4, the cancer has spread to other organs and life expectancy is usually a very short period of time.
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, or went into remission, the less likely it is considered to return.
Course of treatment – how was the cancer treated? Did you go through chemotherapy or radiation? Surgery only? Immunotherapy? Bone marrow transplant? Was some other type of treatment used on your cancer?
Have you been treated, or are you currently being treated for any other health conditions such as heart disease, high blood pressure, high cholesterol, diabetes, etc.
Here’s how you can learn more about getting life insurance for cancer survivors.