Having life insurance protection can be an important component of most any overall financial plan. This is because, without it, loved ones and survivors 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.
The good news is that if you have skin cancer, you typically can qualify for life insurance coverage – you just need to know where to look. 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, and we can help you to find the insurance carriers that are more apt to work with individuals who have skin cancer and need life insurance protection.
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.
Therefore, while skin cancer can become quite serious if it is not properly treated or controlled, those who have this condition can often get life insurance coverage – and, if otherwise in good health, you may even be able to qualify for coverage at Standard premium rates, or possibly even better.
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
Most anyone who is applying for life insurance will be required to submit an application for coverage. This means fully completing a form that asks for the following information about you:
- Contact Information
- Height & Weight
- Health History
- Family Health History
- Medications Taken (if any)
- Smoking Status / Tobacco Usage
- Alcohol Usage / Frequency
- Occupation and Income
- Marital Status
- Hobbies / Habits (i.e., risky activities such as scuba diving, skydiving, etc.)
- Foreign Travel Frequency
- Other Life Insurance In-Force
Due to your skin cancer condition, it is probable that the insurance company will want to know more about you. Therefore, you may be asked to also answer some or all of the following questions:
- 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?
In addition to the questions that you are asked about yourself and your condition, it is likely that you will be required to undergo a medical examination as a part of the underwriting process. This will include meeting with a paramedical professional (or “paramed”) who will usually ask some additional health-related questions, and will also take from you a blood and a urine sample. These samples will be tested by the insurance company for certain health-related risks. Even if you have other health issues you can still obtain life insurance with high blood pressure or life insurance with lupus.
The life insurance company may also wish to obtain additional information regarding your health via your medical records. This may come from your primary care physician and / or from a specialist that you see about your skin cancer condition.
After all of the information about you has been received by the insurance company, the underwriters will then be able to make a more informed decision about your coverage, as well as regarding a premium price for the coverage.
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 it is determined that you are otherwise in good health, then it could be possible for you to obtain a Standard life insurance policy rating. In this case, the premium that will be charged for your coverage would be in line with that of other policyholders who are considered to be in “average” health and who are also of your same gender and age.
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 is allowed to grow on a tax-deferred basis. This means that there is no tax due unless or until the funds are withdrawn. This can essentially allow the money to grow and compound exponentially over time.
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?
Should you be unable to qualify for medically underwritten life insurance due to your skin cancer, then there could be other options that are available to you. 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.
If you have skin cancer, and you are in the process of seeking life insurance, we can help. We work with many of the top insurance carriers in the marketplace today, and we can assist you in obtaining all of the important details that you require for making a well-informed buying decision. We can do so for you easily and quickly – all from your computer, and without having to meet with an insurance agent. When you are ready to move forward, just simply take a few seconds to fill out the form on this page.
Should you find that you still have additional questions regarding how to find the best life insurance for people with skin cancer – or even if you just have a question about life insurance in general – our experts are here to walk you through the quote process, as well as to provide you with assistance. We can be reached directly via phone, toll-free, by dialing 888-229-7522.
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.