Life Insurance And Breast Cancer: What Coverage Is Offered?

Life insurance is a tricky topic, and it can be even more complex when you throw a critical illness like breast cancer into the mix. When it comes to life insurance for breast cancer survivors, there are many factors that come into play, including the type and stage of cancer, the treatment received, and the time since the end of treatment. While some insurance companies may be hesitant to offer coverage or charge higher premiums, it is still possible for breast cancer survivors to find life insurance policies that meet their needs. The availability and cost of life insurance for these survivors depend on a variety of factors and can vary significantly between providers.

Life insurance for breast cancer survivors

If you're a breast cancer survivor, you may be wondering about your options for life insurance. The good news is that many life insurance companies are happy to insure cancer patients and survivors. However, it's important to understand that your cancer history will likely impact the cost and availability of coverage.

Impact of Cancer History on Life Insurance

When it comes to life insurance, insurance companies consider various factors, including your cancer history and its specifics. They will look at the type and stage of cancer, as well as your overall health and demographic factors. The survival rates and expected life expectancy for different types of cancer also play a role in their decisions.

In general, the longer you've been in remission, the better your chances of obtaining life insurance with more favourable rates. For breast cancer specifically, some companies may offer coverage as early as three years after treatment, although the cost can be significantly higher than for someone without a cancer history.

Types of Life Insurance

There are two main types of life insurance: term and whole life insurance. Term life insurance covers you for a specific period, while whole life insurance has no end date and covers you for your entire life. Obtaining traditional term or whole life insurance policies may be challenging for cancer survivors, but it's not impossible.

Guaranteed issue life insurance is another option available to most applicants, including cancer survivors. However, the premiums for these policies tend to be surprisingly high, even for those with a history of cancer.

Finding the Right Policy

When it comes to finding the right life insurance policy as a breast cancer survivor, it's important to shop around and compare different companies. Working with an experienced independent insurance agent who specialises in impaired risk underwriting can be beneficial. They can help you navigate the process and find companies that are more willing to insure cancer survivors.

Additionally, consider your current situation and needs. If you have a large family, for example, you may require more coverage than the average person in your situation. The insurance marketplace offers a range of policies, so you can choose one that suits your specific needs.

Additional Considerations

While life insurance is an important part of financial planning, it's just one component. It's also crucial to maintain a healthy lifestyle, avoid risky hobbies, and keep a clean driving and criminal record. These factors can impact your insurance rates and overall financial well-being.

In summary, as a breast cancer survivor, you have options for life insurance. The key is to understand how your cancer history will impact your rates and to work with experts who can help you find the right policy for your unique situation.

Factors affecting breast cancer life insurance rates

Life insurance companies will consider several factors when determining the rates and coverage for breast cancer survivors. While it is possible to obtain life insurance as a cancer survivor, the rates and coverage specifics can vary significantly from case to case. Here are some factors that influence breast cancer life insurance rates:

• Cancer History: The type and aggressiveness of cancer, including the grade and stage, are crucial factors. Less treatable and more aggressive forms of cancer, such as pancreatic cancer, often result in significantly higher premiums for eligible patients.
• Time Since Diagnosis and Treatment: Life insurance underwriters will consider the time elapsed since the initial diagnosis, the age at diagnosis, and the time since the end of treatment. Most providers require a minimum of two years since the completion of treatment. The longer an individual has been in remission, the lower the risk level, which can lead to reduced premiums over time.
• Treatment Details: The specific treatments received, such as mastectomy, lumpectomy, or chemotherapy, can impact the insurance rates. The insurance company may request medical details and a medical examination to assess the applicant's current health status.
• Survival Rates: Different types of cancer have different survival rates, which play a role in the insurance company's assessment. The National Cancer Institute's SEER (Surveillance, Epidemiology, and End Results) database provides life expectancy information based on diagnosis and stage, influencing the insurance company's decision to offer a policy and determine the rates.
• Risk Factors and Demographics: Life insurance applicants are typically classified into four categories: Preferred Plus, Preferred, Standard Plus, and Standard. These categories are based on risk factors and demographic factors, including age and overall health. Younger and healthier individuals with a history of cancer may qualify for lower premiums after a few years of remission.
• Policy Type: Cancer survivors have the option to choose between guaranteed issue policies and whole/term policies. Guaranteed issue policies are often available to applicants but tend to have surprisingly high premiums. Traditional term or whole life policies may be more challenging to qualify for, but they offer lower premiums, and cancer survivors may become eligible once they achieve remission.

It is important to note that insurance rates and availability can vary across different providers, so it is advisable to review and compare policies to find the most suitable option. Additionally, consulting with an independent financial advisor or insurance broker can assist in navigating the available options and securing the most appropriate coverage.

Critical illness cover after breast cancer

Critical illness cover is available from a range of insurance providers, all offering different levels of cover for different conditions, including advanced forms of cancer, heart attacks, and Parkinson's disease, among others.

Non-invasive and in-situ breast cancers are not covered as a standard condition within modern critical illness insurance policies. However, many of the better critical illness policies available recognise the importance of these conditions and offer a partial payout following treatment (subject to eligibility).

Breast cancer cover is defined as Ductal Carcinoma in Situ of the breast (DCIS). It should be noted that most policies will pay out in full if the breast cancer is aggressive and advanced.

Each insurer has a different claims criteria for this condition. Some will pay only after a full mastectomy, while others will pay if surgery to remove the tumour has occurred. It is important to read the Key Features Document that accompanies your policy pack to ensure you are fully aware of the claims criteria your insurance provider uses.

If you are diagnosed with an early stage of breast cancer, this may not be payable under the critical illness policy. This is because this type of cancer does not fall under the category of "critical" as new medical technology can now provide effective strategies to treat the cancer, meaning you have a high chance of surviving.

Getting Cover When Breast Cancer Is a Concern

If you don't already have critical illness cover, one question you should ask is: "Is there a history of breast cancer in my family? This can affect the way your application is evaluated and how the critical illness policy will be issued. When you inform the provider that you have relatives with breast cancer, they may exclude coverage for breast and ovarian tumours and ductal carcinoma in situ and/or charge an additional premium.

Tips for Getting Critical Illness Cover After Breast Cancer

• Do your research and compare the different insurance policies in the market. Remember that various policies define various critical illnesses differently.
• Check whether your policy may pay partial lump sums for cancers that are not considered critical.
• Work with an experienced independent insurance agent. Independent agents work with several insurance companies and will know which ones are more willing to insure cancer survivors.
• Improve your overall health by eating healthily and exercising.
• Don't use tobacco. Life insurance quotes for smokers are typically much higher.
• Keep a clean driving and criminal record.

Income protection for breast cancer survivors

Income protection is an important consideration for breast cancer survivors, as it can provide financial support during diagnosis, treatment, and recovery. While critical illness cover is often seen as the most logical policy for cancer patients, income protection offers additional benefits that should not be overlooked.

Breast cancer survivors may face challenges in obtaining income protection insurance, but it is not impossible. The terms and rates offered will depend on various factors, including the time since the end of treatment, the aggressiveness of the cancer, and the type of treatment received. Underwriters will assess these factors when determining the eligibility and cost of coverage.

Income protection policies for breast cancer survivors can vary from standard terms to those with a cancer exclusion. The length of time since primary treatment completion and the aggressiveness of the cancer are crucial factors in determining the specific terms. Generally, underwriting for income protection is stricter than for critical illness cover, making it more difficult to obtain coverage for recent or aggressive cancers.

It is worth noting that income protection insurance for breast cancer survivors is constantly evolving. If you have been declined coverage or accepted on special terms in the past, it is advisable to review your circumstances periodically. Improvements in underwriting criteria and changing market conditions may increase your chances of obtaining income protection insurance or securing more favourable terms.

Breast cancer survivors should not underestimate the importance of income protection. It can provide essential financial support during a challenging time, ensuring that you and your family are protected financially as you focus on your health and recovery.

Applying for life insurance after breast cancer

If you're applying for life insurance after breast cancer, there are several things you should know and prepare for. While a cancer diagnosis does not automatically bar you from obtaining life insurance, it can make the process more challenging and expensive. Here are some key points to consider:

Waiting Periods and Remission:

Before applying for life insurance, it's important to understand that most insurance companies have waiting periods after cancer treatment. The waiting period can vary depending on the type of cancer and the specifics of your case. For breast cancer, the typical waiting period is around two years after completing treatment. It's crucial to be in remission and follow your doctor's recommendations for regular check-ups during this time.

Types of Life Insurance:

There are different types of life insurance available, and the options may vary depending on your situation. The two most common types, term life and whole life insurance, may not be available to you immediately after a cancer diagnosis. However, you may qualify for guaranteed issue life insurance, which provides coverage for final expenses and funeral costs. This type of insurance usually has lower coverage amounts and graded death benefits.

Application Process:

When applying for life insurance after breast cancer, be prepared to provide detailed information about your health and medical history. The insurer will likely request specifics such as the date of diagnosis, the type and stage of cancer, treatment plans and medications, and a list of treating physicians. It's essential to be thorough and accurate in your application, as incorrect information can result in denial of coverage or policy termination.

Cost of Coverage:

Life insurance after breast cancer can be significantly more expensive than for someone without a history of cancer. The cost will depend on various factors, including your age, type of cancer, and how long you have been cancer-free. Be prepared for higher premiums, especially if you are applying within a few years of your diagnosis and treatment.

Working with an Agent:

It's highly recommended to work with an experienced independent life insurance agent, especially one who specializes in impaired risk underwriting. They can guide you through the process, help you find companies that are more willing to insure cancer survivors, and potentially save you money by shopping around for the best rates.

Improving Your Chances:

To increase your chances of obtaining life insurance after breast cancer, focus on improving your overall health. This includes maintaining a healthy lifestyle, such as eating well, exercising, and avoiding tobacco use. Additionally, consider your profession and hobbies, as certain high-risk activities may impact your premiums.

In summary, while applying for life insurance after breast cancer can be challenging, it is not impossible. By understanding the process, preparing the necessary information, and working with the right professionals, you can secure the coverage you need. Remember that every situation is unique, and it's important to discuss your individual circumstances with your insurance company and financial advisors.

Frequently asked questions