In the past, it wasn’t easy for breast cancer survivors to acquire a life insurance policy. Insuring a breast cancer survivor would mean insuring someone with high health risks. With suboptimal treatment options, the reluctance on the hands of insurance companies was justifiable.
However, the 5-year survival rate of breast cancer survivors stands at an impressive 90% today. The incredible development in reliable treatment options and survival rates has allowed insurance companies to change their policies and be more inclusive.
This change is needed more than ever. According to research, one in eight women in the US—making it 12% of the population—are expected to develop breast cancer once in their lifetimes.
Qualifying for life insurance as a breast cancer survivor can be a complicated procedure, but it doesn’t mean that you’re devoid of the chance of acquiring one. Here is a systematic procedure of what you can do:
Do Your Research
You may have heard of people being denied life insurance coverage as the aftermath of surviving breast cancer. These stories are too common; we can’t deny that.
However, insurance companies have come a long way in working with cancer survivors to develop a comprehensive life insurance policy. There are many insurance companies that cater to breast cancer survivors, but not all.
Before trying to acquire a life insurance policy, you’ll need to do a lot of independent research to find out which companies cater to breast cancer survivors. To get to know about companies that cater to breast cancer survivors, getting in touch with an insurance brokerage firm like ours will be of immense help.
Breast Cancer Insurance Restrictions
After narrowing down insurance companies that are willing to work with breast cancer survivors, the next step is to find out where you stand on the eligibility criteria. Your insurer and underwriter will need to know specific details about your medical conditions and restrictions that come with being a breast cancer survivor.
This is where they’ll determine how much of a risk it is to insure you. The insurance company is going to analyze several aspects of your life, including familial history, stage of cancer, tumor size, diagnosis, treatment and which stage of recovery you’re at.
How Much Of A Chance Do I Have To Acquire Life Insurance As A Breast Cancer Survivor?
Insurance companies handle these scenarios on a case-by-case basis. There is no way to determine that if, when, what and how much coverage you’re going to receive as a breast cancer survivor. However, we know from our experience that if your cancer was diagnosed in the earlier stages (0–3), you stand a good chance of receiving life insurance coverage.