October 2014 is breast cancer awareness month. It has brought a more focused approach to raising money for improving treatment, prevention and finding cure for breast cancer.
The cause raised billions of dollars that helped many people survive this disease. Chances of long-term survival of breast cancer survivors are much greater now and many of them apply and get approved for life insurance. Breast cancer survivors’ long-term survival chances now get calculated and priced.
Life insurance coverage for breast cancer survivors has not been popular in the past, but with the new developments in treatment of the once deadly disease, more and more people qualify for affordable life insurance coverage. The main factors insurance companies are looking at are: the time period during which the applicant had cancer and the stage it was in.
When a breast cancer survivor applies for life insurance coverage, he/she may be asked a lot of questions about medical history, such as:
- When were you diagnosed with breast cancer?
- What stage was the cancer in at the time of diagnosis?
- What treatment did you receive?
- When were you declared cancer-free?
- When did you stop cancer treatment?
- Do you take any medications?
- Did the cancer re-occur?
- Did the cancer metastasize?
Answers to these questions will determine the risk the insurance company will be assuming by issuing a policy. Consequently, the risk will have an impact on the life insurance cost.
If you are a breast cancer survivor and looking for life insurance coverage, compare quotes from many different companies. Your premiums may be higher than if you had never had cancer, but they should not be priced out of reach.
If breast cancer was non-invasive at the time of diagnosis, you may be required to wait for a certain period of time for approval to qualify for a standard rate.
In addition to the standard rate, many insurers require applicants with medical history to make an additional extra payment. If a cancer survivor stays cancer free for a certain period of time, this extra cost may be removed.
Age is also an important factor in pricing life insurance. Rates are generally less expensive for younger individuals. As you see, there are many different factors that go into life insurance coverage pricing. The good news is that breast cancer survivors get longer-term survival rates.
