Your financial plan cannot be considered complete without the addition of a life insurance policy. Because, without it, loved ones can be at risk of having to pay for debt and other obligations when a breadwinner passes away. This, in turn, could force those you care about to drastically change their lives.
In many cases, those who apply for a life insurance policy are able to qualify for the coverage that they want and need. But, if you have certain health issues such as skin cancer, you could face some challenges during the insurance application process.
Are you a veteran and wondering if you can qualify for affordable life insurance for veteran’s? Do you have a health condition such as bipolar disorder and wondering if you would qualify for life insurance? Let us help you in your search.
Even with skin cancer, you typically will still be insurable – but the search will be a little more difficult. This is because not all life insurance carriers will be as lenient with their applicants, as well as with how they treat this particular condition when it comes to underwriting. We specialize in working with what are referred to as higher risk applicants.
How Having Skin Cancer Can Effect Your Life Insurance Policy Application
Skin cancer is considered to be the most common type of cancer. Each year, there are millions of Americans who are diagnosed with this condition. If discovered at an early stage, skin cancer may be extremely treatable.
There are several different types of this condition. These include basal cell carcinoma, squamous cell carcinoma, and malignant melanoma. Of these, malignant melanoma is considered to be the most dangerous – although if it has been treated and some time has passed, it may still be possible to obtain life insurance coverage. If you’ve had this type of skin cancer, the insurance carrier that you apply through will typically take a look at the size of the tumor, as well as whether or not the cancer had spread to the lymph nodes and / or if it had metastasized.
If you have instead been diagnosed with either squamous cell or basal cell carcinoma, then it can be possible to qualify for a Standard rating – or even better, if your health is otherwise excellent – on a life insurance policy. This is because these types of skin cancer may be able to be surgically removed. And, if they have not returned, then you may be cancer-free.
But, as with many other types of products that you purchase, not all life insurance policies will be priced in an identical manner – even for the same benefits. Because of this, it can help if you are able to compare coverage from several different life insurance carrier before you buy.
Going from one life insurance company to another can be extremely time-consuming – as well as frustrating. But, when you work with a life insurance brokerage that already has access to multiple carriers, you can directly compare some plans all in one place. This is how we can help.
What the Insurance Company Will Want to Know About You
Due to your skin cancer condition, the underwriter will ask more pressing questions about your situation, such as:
- When were you initially diagnosed with skin cancer?
- What type of skin cancer were you diagnosed with?
- Did your skin cancer spread or metastasize?
- What type of treatment have you received for your skin cancer?
- When was your skin cancer treatment completed?
- Have you had any recurrences of skin cancer that had been previously removed?
- Do you continue to have follow-up visits with your doctor and / or with a dermatologist regarding your skin cancer?
Once the home office has received and filed your application they’ll let the paramed know that it’s time to schedule the medical exam. You’ll be asked similar health questions, and go through a short battery of tests including a blood and urine sample. Even if you have other health issues you can still obtain life insurance with high blood pressure or life insurance with lupus.
Considering you currently have skin cancer, we advise to get your medical records so that you can send them to the carrier, should they ask.
How Much Does Life Insurance Cost If You Have Skin Cancer?
When pricing life insurance for people with skin cancer, there are some factors that can come into play. Certainly, as with all life insurance situations, the type of coverage that you are purchasing, as well as the amount of benefit that you are seeking, will also be factored into the decision. Your age and gender will also be considered.
If the carrier believes that you have a healthy lifestyle, then you might be eligible for a Standard rating. In this case, the premium that will be charged for your coverage will be the same as those similar to you.
If, however, the underwriters feel that your health may not be as good as someone who is in the Standard policy category, then you may be placed into the Substandard life insurance policy category. In this case, your premium would be higher than that of a Standard, policyholder.
What Type of Life Insurance Policies Are Available?
There are many different types of life insurance that are available to people with skin cancer. These include both term and permanent coverage. Term life insurance provides pure death benefit protection only and does not have any cash value. This is why term life insurance is considered to be the most basic of life insurance coverages. It is also why in most cases, term life insurance can be purchased at a very affordable premium price – especially if you are young and in good health at the time you apply or the coverage.
These types of policies are – as the name implies – obtained for a certain amount of time, or “term”. These may be for 10, 15, 20, 25, or even 30 years. Many life insurers may also offer a 1-year renewable term life insurance option. Typically, the premium and the death benefit will remain level during the “term” of the policy, and then, either the premium will increase or the policy will expire. In some cases, the insured may have the option to convert the term insurance coverage over into a permanent life insurance policy.
With permanent life insurance, there is both a death benefit and cash value. Because of this, the premium is typically higher than that of a comparable term life insurance policy. However, permanent life insurance policies often provide coverage that is guaranteed – and also premium amounts that are locked in, regardless of the insured’s increasing age, and regardless of whether the insured contracts an adverse health condition in the future.
In addition, the cash that accumulates within a permanent life insurance policy grows tax-deferred.
These funds can be either withdrawn or borrowed for any reason by the policyholder – including for the payoff of debt, supplementing retirement income, or even for taking a nice vacation.
What If You Don’t Qualify for Medically Underwritten Life Insurance Coverage?
If the carrier comes back to you and says you aren’t able to get a traditional plan, there’s no need to worry. Once potential alternative may be to apply for a no medical exam life insurance policy.
With this type of life insurance, there is no medical examination required in order to qualify for coverage. This means that you will not need to meet with a paramedical professional – and there is also no requirement of providing a blood and urine sample.
Because of this, many people who have certain types of health issues such as skin cancer are more easily able to qualify for the life insurance protection that they need. It also means that, because there are no extensive medical files to review, the coverage you are applying for can be approved much more quickly – sometimes within just days, as versus weeks (or longer) as with a traditionally underwritten life insurance policy.
It is important to note, however, that because the life insurance company is taking on more risk with an applicant on a no medical exam policy, the premium is usually higher. However, in some cases, these policies can provide the option that you need for getting the life insurance protection that you require for your loved ones’ peace of mind.
Where to Find the Best Quotes
When looking for the best quotes on life insurance for people with skin cancer, it is typically a good option to work with a company or an agency that focuses on higher risk applicants, and that has access to many life insurance carriers. This way, you will be able to more directly compare the policies, benefits, companies, and premium quotes that are available to you in just one single convenient location.
We understand that when you have any type of a health-related issue, the thought of purchasing life insurance coverage may seem to be a bit challenging, and you may not be sure of where to turn. The good news is that we have the information that you need, and we can point you in the right direction. So, contact us today – we are here to help.