Guide to Achieving an Approval!
Currently a breast cancer survivor? Have you been through treatment and won the battle and you are now in the market for life insurance? We could also assume that you may have some doubts on your chances of getting approved. Maybe you had another cancer and are wondering if you can get approved for life insurance?
You may also be wondering how expensive the rates may be if you are approved?
These are all questions we plan on answering in depth. To kickstart the conversation let’s start with some good news for you. You CAN get approved. You will also be surprised how good your rates can ultimately be after having breast cancer. Breast cancer has been a growing concern among women over the last few decades and a tough illness to overcome.
At Good Life Protection we don’t want you fighting your way through the life insurance process any more than you need to. We want to lay out the foundation of how life insurance works after breast cancer and what exactly to do and what to watch for during the application process.
Following the steps and having transparency with your life insurance agent will ultimately give you a great chance at approvals and at rates you are overall pleased with.
Insurance companies have been offering life insurance coverage at decent rates to women surviving breast cancer for some time now. We know the common misconception is that obtaining life insurance with pre-existing medical conditions is tough, but breast cancer is one of those pre-existing conditions that’s possible to provide coverage for
In plain English, life insurance after breast cancer, doesn’t need to scare you away from the life insurance application process.
We got your back!
Key Breast Cancer Information- Life Insurance After Breast Cancer
According to Cancer.Gov, since 1989 breast cancer deaths and diagnosis is on the decline. However, in 2018, 266,000 new breast cancer diagnoses have occurred and classified as INVASIVE while another 64,000 have been diagnosed as noninvasive (in-situ)
Another key statistic you probably weren’t ready for is that 2,250 new confirmed cases of breast cancer have been diagnosed in 2018 for men. For men, you have about a 1 in 1000 chance of being diagnosed with breast cancer during a lifetime. In 2018, nearly 41,000 will die due to breast cancer. Nearly 30% of all cancer diagnosed in women is linked to breast cancer. Second to only skin cancer.
Breast Cancer Questions
What are the risk factors for Breast Cancer?
Many things can increase your chances of developing breast cancer at some point throughout your life but according to breastcancer.org, here are the top risk factors for developing breast cancer.
How to Reduce your Chances of Developing Breast Cancer
You can’t necessarily control if you ever develop breast cancer or not and can’t run from it but there are a few helpful tips that could help. Here are the top ways to reduce your overall risk of developing breast cancer during your lifetime. Note- None of these will directly impact your life insurance after breast cancer. It’s simply helpful tips.
How will Breast Cancer Impact your Life Insurance Application?
What kind of breast cancer did you have exactly?
The 14 Kinds of Breast Cancer
- Metastatic Breast Cancer– This form of breast cancer indicated that the cancer has spread to other major organs such as the bones or brain
- Paget’s Disease of the Nipple– This form of cancer is rare, and it impacts the area surrounding the nipple. Usually, it affects the ducts of the nipple first (small milk-carrying tubes. It than will spread to the nipple surface and the areola.
- Phyllodes Tumors of the Breast– This refers to tumors that tend to grow quickly but the good news is that they rarely spread outside the breast. These tumors can be cancerous or non-cancerous.
- Male Breast Cancer– Typically women are affected by breast cancer, but men can also develop breast cancer. Men have breast tissue just like women and cancer can spread to any part of the human body.
- Inflammatory Breast Cancer– This form of breast cancer blocks certain vessels in the skin covering the breast. The breast will become red or swollen and the breast may experience a rapid change in appearance such as thickness or unusual warmth.
- Lobular Carcinoma In Situ (LCIS)– This indicates an area of abnormal cell growth that can increase the chance or risk of developing invasive breast cancer later in life.
- Cribriform Carcinoma of the Breast– This form of breast cancer in when the cells invade connective tissues of the breast in netlike formations. This is a low-grade cancer but typically the cells appear to be healthy and act as normal healthy cells.
- Invasive Lobular Carcinoma (ILC)– This is your second most common form of breast cancer. 10% of all breast cancer will be in this form.
- Mucinous Carcinoma of the Breast– This is another rare form of breast cancer the begins in the milk duct and spreads to nearby healthy tissue.
- Papillary Carcinoma of the Breast–
- Ductal Carcinoma In Situ (DCIS)– This form of breast cancer is made up of small finger like projections and typically is also present with ductal carcinoma cancer.
- Invasive Ductal Carcinoma (IDC)– This is the most common form of breast cancer and accounts for 80% of all new diagnosed breast cancer cases per year.
- Tubular Carcinoma of the Breast– This form of breast cancer is made up of small tubules or tube-like structures and starts in the mil duct of the breast.
- Medullary Carcinoma of the Breast– This is also a rare type of breast cancer and only accounts for roughly 3% of new breast cancer. It acts highly aggressive but it’s an illusion, it typically is not an aggressive form of breast cancer.
Why is this so important to the Life Insurance Carrier?
Life insurance after breast cancer needs to be handled with care.
All these cancers act differently and have different impacts on your life insurance application. The carrier/ life insurance company needs to know which kind of breast cancer you had to accurately assess the risk and determine your approval and ultimately what price you will pay for your life insurance policy.
Another common question the life insurance carrier will have for you is which stage is the breast cancer or which stage was the breast cancer before treatment.
What Stage was the Breast Cancer?
How Can the Stage Impact your Rates?
The stage your breast cancer was at can have a huge impact on your life insurance after breast cancer and impact ultimately if you are approved and at what price.
Typically, this is a breakdown of what you would be looking when shopping for life insurance after breast cancer.
Stage 0- Waiting Period- two years cancer free- possible standard rates
Stage One Breast Cancer– Waiting Period- 2-5 Years- Possible Standard Rates
Stage Two Breast Cancer– 5-10 Year Waiting Period- Possible Standard Rates
Stage Three Breast Cancer– Possible Decline on Life Insurance-
Stage 4 and 5– Most Likely Decline for Life Insurance.
Following those questions, the life insurance carrier is going to want to know which form of treatment you underwent and if the cancer was graded at all?
Was the Cancer Graded?
Your breast cancer may have been graded which gives an idea of how the tumor will grow and the chances of spreading.
Your Breast Cancer may have been either
- Grade 1- Cancer typically looks small and uniform like normal cells. Slow growing cancer and low-grade cancer
- Grade 2- This grade, the cells are larger and typically grow and spread more quickly
- Grade 3- The cancer cells looks different than typical cancer cells and reproduce very quickly
These grades are something the life insurance carrier will dig into to accurately underwrite your application and determine if they can approve you for coverage.
What Treatment Method Did You Undergo?
In addition to the vast amounts of questions the life insurance carrier will have for you, there happens to be more. Treatment is also a huge piece of the puzzle to obtaining life insurance after cancer. The life insurance carrier wants to know
Which Treatment method you underwent
The success of said treatment
How diligent you are about follow up after treatment?
You may have been treated with
How much Time has Passed Since your Breast Cancer Diagnosis
You Still Need to Wait Before Applying!
Life insurance after a breast cancer diagnosis involved some patience.
Waiting before throwing out life insurance applications is also a key tip. Typically, regardless of the treatment method you underwent for your cancer, the life insurance company will want a minimum of 1- 5 years to be passed before approving a life insurance application. Sometimes the waiting period may even be if 10 years. This is because they need to verify the treatment is working and look at all the factors we discussed, and it is ultimately decided after evaluating all other aspects of the cancer history.
What Else Matters with Breast Cancer?
Is Recurrence possible or any Evidence of Recurrence?
Once you complete treatment for breast cancer, the physician commonly tells you your overall chance of re occurrence taking place. It’s typically in the form of a percentage such as 5% or 20%. The life insurance company you apply with will want to know which of these stats apply to you to accurately underwrite the application.
What other Questions Will The companies ask me?
Below are other key factors that not only impact your rates and approval chances with breast cancer but can impact ALL life insurance applications.
NOT JUST LIFE INSURANCE AFTER BREAST CANCER APPLICATIONS!
Your breast cancer questions we discussed previously will be asked but that will not be the end of the background questioning. Here are the top other questions the life insurance agent and company will have for you and if they don’t ask these, you should choose a different life insurance agent or company to work with because they greatly impact your ability to get approved for coverage.
Top 8 background questions ask for Life Insurance Application
Life insurance after breast cancer doesn’t have to be to scary if you handle it properly.
Work with an independent agency and life insurance agent ONLY. Other agents or CAPTIVE life insurance agents will not have the tools to help you.
You see…. It’s important to have the ability to pivot carriers, shop all rates for all top companies and for an agent to know the underwriting guidelines of how to effectively handle your life insurance application after breast cancer. You don’t want to be stuck with only 1 option or risk getting declined coverage. Your family depends on it so choose who you allow to represent you wisely. At Good Life Protection, we have helped 100’s achieves great rates after being diagnosed with breast cancer. Don’t let life insurance after breast cancer hold you back from protecting what matters most.
Have any related stories or comments? We would love to hear and would to help. Drop a comment below or fill out our instant quote form to see the possible rates you may achieve with breast cancer
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.