While being approved for life insurance may be easy for some people, if you have a pre-existing health condition it can be a bit more difficult. This is because there are certain conditions that may impact your life expectancy – which can make it riskier for an insurance company to approve you for coverage. This can often be the case after you have been diagnosed with lung cancer.
This article is going to look at some of the problems that you may run into and the questions that the insurance companies are going to ask when you apply for life insurance. Hopefully, this article will give you all of the information that you need to give your family the insurance protection that they need.
How Lung Cancer Can Affect Your Application for Life Insurance
Lung cancer can be a serious health condition. This type of cancer is a type of cancer that is concentrated in the lungs. It is estimated that lung cancer is the number one cause of death in both women and men, not just in the United States, but around the world. The primary cause in the development of lung cancer is smoking. However, even just simply being exposed to the smoking of others – for example, second-hand smoke – can also cause this type of health condition.
There are two primary types of lung cancer. These are small cell lung cancer or SCLC, and non-small cell lung cancer, or NSCLC. These two categories of lung cancer can grow and spread in a different manner.
Some of the main symptoms of having lung cancer can include:
- Coughing (sometimes coughing up blood)
- Chest pain
- Weight loss
While there are several ways that lung cancer may be managed or controlled – such as chemotherapy, surgery, and radiation, the overall prognosis is usually poor. One of the main reasons for this is because doctors will often not find the disease until it is in a more advanced stage.
If for instance, lung cancer is caught early and it is localized to only the lungs, the five-year survival rate can be approximately 54 percent. However, the survival rate can drop significantly if the disease is more advanced and considered inoperable.
For these reasons, having lung cancer will alter your life insurance policy drastically. You’ll also be answering more questions about your situation than a healthier applicant. For example, in addition to completing a general application for coverage, the insurance company will also want to know some more condition-specific details. These may include the following:
- When were you initially diagnosed with lung cancer?
- What type of lung cancer do you have?
- What state and grade of lung cancer were you diagnosed with?
- Approximately what size was the tumor?
- How are you working to manage and/or control your lung cancer?
- How are you reacting to your prescriptions?
- Over the past 12 months, have you had any relevant testing or diagnostic lab tests performed?
- Have you had surgery as a result of your lung cancer?
- Do you regularly meet with your doctor or another medical specialist regarding your lung cancer?
- Are you a tobacco user?
- Do you have any other major health issues in addition to your lung cancer diagnosis, such as diabetes?
Among the other things, you will have to do while applying for life insurance is complete a medical exam. This is a short exam that is all about collecting samples from you so the carrier can determine if there are any unseen or future risks that you might pose to their books.
Can You Still Get Life Insurance After Lung Cancer?
Cancer survivors who apply for insurance will be asked to disclose several different cancer-related components to the company during the application process, as these factors will affect your coverage.
The obvious factor is the type of cancer that you were diagnosed with. In this case, we would be dealing with a lung cancer survivor. Some types of cancer have a lower survival rate than others, with those types of cancer, finding affordable life insurance will be more challenging. On the other hand, several types of cancer are considered “low risk” cancers.
Another factor that the insurance company will inquire about is the date that you were originally diagnosed with your cancer. The more time that has passed between the application date and the date that you were diagnosed, the greater the chance you have to be approved. Additionally, the company will want to know how long you’ve been free of cancer and the treatment that was used to get you there. The kind of treatment that was used is also going to impact your rates and how the company will analyze your application.
When you submit an application for life insurance, regardless of the company, make certain that you have all the relevant paperwork with the information about your diagnosis to get the information as accurate as possible. There are also a few additional questions that the company may ask about your condition.
They may ask you questions about the specifics of your cancer, like the size of the tumors and exactly where they were located. Additionally, they will ask about the stage and grade of your cancer. They could ask about any medications you took and how often, as well as the start and completion dates of your treatments, which is helpful to have before you start the application process.
How Much Will Life Insurance Cost
There are many different criteria that can factor into the premium price of a life insurance policy. These include the type of coverage and the amount of protection that you are purchasing. It will also include your age and gender.
Every insurance company is different, and all of them are going to view your application different and run it through different medical underwriting. That means that the rates that you’ll get for life insurance are going to vary wildly depending on the company that you contact. Some companies have more experience working with applicants with a history of lung cancer. Those companies are going to offer you better rates, while other companies could decline you for coverage or charge you expensive premiums.
Also, your health condition will be a primary factor. That is because, depending on your overall health, you could be considered more of a risk to the insurance carrier. Also, the price that you pay for coverage can also depend on the insurance company itself. With that in mind, it can be helpful to compare the policies of several insurance companies before you make a purchase.
Where to Find the Best Rates on Life Insurance – Even After a Lung Cancer Diagnosis
Most people assume that a life insurance policy will break their bank every month in premiums, however, this simply isn’t true. There are plenty of ways that you can get affordable life insurance for your loved ones.
The first action-step you can take is to simply improve your overall health. The status of your lung cancer isn’t going to be the only factor that the insurance company looks at when you apply for coverage, they will want a general view of your health, this will include your blood pressure, weight, heart rate, and much more, such as any other type of pre-existing condition such as Diabetes. If you want to get affordable life insurance, you’ll need to get better results on the physician’s exam. The best way to do this is by getting regular exercise and starting a healthy diet. Both of these will help you lose weight and have a whole host of other benefits.
Additionally, you’ll need to cut out any tobacco that you’re using. Hopefully, as a lung cancer survivor, you aren’t a smoker, but if you’re using any tobacco, it’s time to quit those bad habits once and for all. For the same coverage, tobacco users will pay at least two times as much for insurance compared to their non-tobacco using counterparts.
The easiest way to guarantee that you receive the best prices for your coverage is to work with an independent insurance agent, like ours. Unlike traditional insurance agents, our autonomous insurance firms represent numerous highly rated organizations across North America, which translates to you receiving the cheapest rates for your coverage. We know which companies are going to view your past lung cancer diagnosis more favorably, thus, giving you the best opportunity to receive an affordable life insurance plan.