You have done it! You won the fight against breast cancer! You have heard it is impossible to get life insurance after cancer, so now what??
First, know there are options and you CAN get coverage! Here are a few pointers to help you along the way.
Applying for Life Insurance After a Breast Cancer Diagnosis
The following tips can help you navigate getting life insurance coverage after breast cancer.
1. Realize that your case is unique. Not all insurance companies will look at you and your diagnosis the same way. Because breast cancer involves so many factors (e.g., tumor size, location, invasiveness), different companies look at Breast Cancer in different ways. Yes, some will deny coverage, but great news is some do not.
2. Don’t go it alone. When you were diagnosed, you talked with experts to help you navigate your journey. Life Insurance should be treated the same way, talk to a licensed agent, one with experience in helping people with breast cancer get coverage. Find a broker agent, this allows them to shop around and get you the BEST coverage, and one that fits your budget. Remember, talking to an agent is always free!
3. Have all your current prescriptions gathered on a list. Insurance companies will pull a report from the MIB (medical background) during the underwriting process. With you prescription list an agent can send your case to several insurance companies at the same time and ask for a “quick quote” to see whether the company will offer insurance and, if so, at what (estimated) price. Also, it is good to know up front if you are willing to do a physical or not. Your agent can be sure to shop companies that fit your wants and needs.
4. Layer your coverage. Get as large of a term policy as you can afford and long term coverage such as a whole life policy. This ensures you have coverage from that point on. This is worth the investment to protect those you love. Plus it gives you peace of mind, one less thing on that to do list!
Remember, if you’ve had breast cancer, talk with an licensed insurance agent to see what your options are.