Tags: breast cancer | life insurance | awareness

Life Insurance Increasingly Available to Breast Cancer Survivors

Life Insurance Increasingly Available to Breast Cancer Survivors
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Thursday, 05 October 2017 11:19 AM Current | Bio | Archive

In more than 50 years in the insurance business, one of the most interesting developments I’ve seen is the increased availability of life insurance to breast cancer survivors. In the past, purchasing life insurance for anyone that had survived cancer was often fiscally prohibitive, but thanks to substantial advancements in treatment and screening, we’ve seen the number of breast cancer survivors that can obtain life insurance rise significantly.

If you’ve survived this harrowing disease, there’s a good chance that you qualify for some of the newer life insurance products offered today. Each case is unique and requires input from insurance and medical professionals, but there are guidelines that can point breast cancer survivors in the right direction when purchasing life insurance. In this article, we’ll discuss why the life insurance market has opened up for breast cancer survivors and recommended purchasing practices if you’re a survivor.

New Life Insurance Market

Advancements in medicine have directly affected the way life insurance companies assess the risk associated with breast cancer. With better treatment and screening comes more accurate ratings, and thus cases can now be taken on a more individual basis. These developments have led to some breast cancer survivors acquiring coverage almost immediately after treatment and at reasonable costs.

Several factors have led to more accurate ratings. They are: the type of breast cancer, the time of diagnosis and end of treatment, the size of the tumor and stage of the cancer, metastasis and lymph node effects, and the type of treatment. Lower grades and stages of cancer, along with the time since treatment often translates to coverage at lower rates. In some circumstances, such as patients with non-invasive cancer and suitable treatment, preferred rates are available. In other cases, purchasers may not initially qualify for preferred rates, but can qualify several years after treatment is fulfilled. Lastly, in more difficult cases, life insurance companies will tack on an extra charge to their standard rate for a determined number of years. This “flat extra” is calculated per the amount of insurance. An example would be a policy worth $1 million in coverage would have a “flat extra” charge of $5,000 a year on top of their premium for a determined number of years, often five years.

Making the Purchase

Even with the advancements in the life insurance market, purchasing life insurance after surviving breast cancer can still be somewhat intimidating. But you shouldn’t let this discourage you, as there are many avenues one can take to obtain affordable coverage, you just need to know where to look.

Working with an experienced life insurance advisor who knows to ask the right questions is recommended, as the number of variables associated with breast cancer survivors makes each case unique. An experienced insurance agent will know what information you need to make the purchasing process as smooth as possible, while also getting the most competitive available rates. Once an agent has your information, they can shop around on your behalf, ensuring you get the right policy at the right price.

Ultimately, our advice is to start the life insurance purchasing process sooner than later. Purchasing life insurance as a breast cancer survivor may require more steps than on average, but that doesn’t mean you should forego the purchase altogether. If you have breast cancer in your family history, but haven’t been diagnosed, consider purchasing life insurance now, as locking in rates while you’re young and healthy is most advisable.

Richard S. Bernstein, CEO of Richard S. Bernstein & Associates, Inc., West Palm Beach, is an insurance advisor for high net worth business leaders, families, businesses, municipalities, and charitable organizations. An insurance advisor to many of America’s wealthiest families, he is a writer, trusted local and national media resource and expert speaker on estate planning and health insurance. Visit his website at www.rbernstein.com. To read more of his reports — Click Here Now.

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RichardSBernstein
In more than 50 years in the insurance business, one of the most interesting developments I’ve seen is the increased availability of life insurance to breast cancer survivors.
breast cancer, life insurance, awareness
648
2017-19-05
Thursday, 05 October 2017 11:19 AM
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