| The American Cancer Society estimates doctors will | | | | organizing them. |
| diagnose over 1.4 million new cases of cancer in the | | | | By directing your application to life insurers that will |
| U.S. in 2007, with more than 559,650 cancer-related | | | | view your application most favorably, these brokers |
| deaths. If you are among the majority of cancer | | | | will help you find the most accurate price quotes and |
| patients and survive for at least five years following | | | | the lowest premiums for life insurance. Always check |
| your diagnosis, you may face another fight: buying life | | | | the financial strength of the insurer before you buy any |
| insurance. | | | | policy and be sure that the agent or broker you |
| Buying life insurance for cancer patients is challenging, | | | | choose is licensed in your state. |
| but not necessarily impossible. Your chances for | | | | Life insurance strategies for cancer survivors |
| securing a policy depend greatly on the type, stage | | | | If you are a healthy cancer survivor, life insurance is |
| and grade of the cancer, and even on the treatment | | | | even more feasible. There are things you can do to |
| plan. There is a relationship between the rate you'll | | | | ensure you're getting the best premium offers possible |
| receive and the curability of your cancer. Certain types | | | | for your situation. |
| of skin cancer, for example, are considered very low | | | | 1. Gather all possible medical records before you apply, |
| risk by life insurance companies and a skin cancer | | | | from the first pathology report to medical records to |
| history may not even impact premiums. | | | | treatment records. That ensures medical underwriters |
| Applicants with common and treatable forms of | | | | have the most complete picture of you, your health, |
| breast and prostate cancer may be able to get a | | | | and your cancer history. Having all those records |
| "standard" rating under ideal circumstances. But | | | | before you apply for cancer insurance will reduce |
| patients with a history of leukemia or colon cancer | | | | delays in your application process, because your life |
| may fall into a "substandard" or "high substandard" | | | | insurer is going to request them and will wait for them. |
| rating at best, or receive declines. Anyone with cancer | | | | The information you provide can garner you better |
| that has metastasized likely won't be able to obtain a | | | | premiums in the end: The less life insurer underwriters |
| policy. | | | | knows about you, the more likely they are to have to |
| Dr. Charles Levy, senior vice president and chief | | | | assume you are the highest risk and offer you high |
| medical director of AIG American General Domestic | | | | premiums accordingly. According to Levy, "If it's fuzzy, |
| Life Insurance Cos., says, "We're better and better | | | | we're more likely to err on the side of conservatism." |
| able to differentiate the risks of individual cancers." Life | | | | 2. Make sure you have complied with your doctor's |
| insurers like AIG American General have sophisticated | | | | treatment plans. For example, says Levy, if your |
| tables to determine premiums, where they can factor | | | | doctor asked to see you back in one year and you |
| in cancer types and treatments. The end result is | | | | haven't been back in four years, get to your doctor for |
| better premiums because applicants aren't lumped | | | | your check-up before you apply for life insurance. |
| together as an "average." | | | | Your life insurer is not going to offer you a policy |
| Most insurers will not offer a policy to someone who is | | | | without before seeing the results of that check-up. |
| still undergoing treatment for cancer. Depending on | | | | Similarly, if you've had breast cancer and you're due |
| your type of cancer, the life insurer may also want to | | | | for a mammogram in December and you apply for |
| add a surcharge, also called a temporary flat extra. | | | | cancer insurance in October, your life insurer will likely |
| For example, AIG American General sometimes | | | | wait for the results of your next mammogram. |
| charges temporary flat extras for two to five years, | | | | 3. Get prices from several companies. Policy costs |
| depending on the applicant's cancer and treatment. | | | | can vary a great deal among companies. |
| The good news is that although these extra premiums | | | | 4. See if you can get group life insurance through a |
| can be expensive, they will automatically disappear | | | | professional, fraternal, membership, or political |
| after a set period of time. | | | | organization to which you belong. |
| Cancer insurance risk specialists | | | | 5. Consider a "graded" policy (one with limited benefits) |
| While a dedicated life insurance agent will search | | | | if you cannot get full death benefits. In the first few |
| cancer insurance companies to find insurers that will | | | | years of a graded policy, the company pays only the |
| sell you a life insurance policy, in some cases you may | | | | premiums and part of the face value if the insured |
| be better off seeking out a broker who specializes in | | | | person dies of a condition, such as cancer, that existed |
| finding life insurance for people who have a history of | | | | before the policy took effect. If the insured person dies |
| cancer. | | | | after the specified grading-in period, the company will |
| These brokers will know the specific questions | | | | pay the full face amount of the policy. |
| underwriters will want answered when considering | | | | If your cancer has been successfully treated, and you |
| your application. Many brokers have developed | | | | are otherwise in good health, you can likely obtain a |
| relationships with several insurers, so they know which | | | | cancer life insurance policy. If you can show that you |
| companies offer the best-priced life insurance policies | | | | are healthy and your treatments have gone well, |
| for cancer survivors. Some brokers have experts who | | | | several insurers may compete for your business. |
| specialize in gathering your medical records and | | | | |