Life Insurance and Cancer
Recent advancements in the treatment of cancer have had a major impact on the way life insurance companies underwrite cancer survivors. Many forms of cancer are very treatable in the early stages and insurance companies have adjusted their pricing accordingly.
In certain instances cancer survivors can qualify for traditional life insurance. It is very important to work with a broker who has experience working with higher risk applicants. The claims experience and underwriting practices can vary sharply from one insurance company to another. Be careful: the wrong broker could cost you thousands of dollars.
A very exciting recent trend in the industry has been the increase in non medical life insurance providers. The term “non medical life insurance” is sometimes mis-used, while it’s true the insurance company does not require a medical on these plans they still do ask a series of health questions. Many of policies have a 2 year waiting period, meaning if the insured dies in the first 2 years by a non accident the death benefit is limited to a return of premium plus interest.
Assumption Life recently lowered the rates on its Golden Protection plan. This plan is available without a medical and cancer survivors will qualify as long as they were diagnosed with cancer over 2 years ago and have not had a change in medication over the last 2 years.
One big caveat in qualifying for this and other non medical plans – the insured can not have been declined in the last 2 years. My advice to many cancer survivors looking at life insurance use this plan as your worst case scenario and than apply to another carrier to see if you can get a better rate.
If you would like discuss your particular situation in more detail please do hesitate to call me at 1.866.899.4849.