Life Insurance with Leukemia Cancer- How to Get Approved
Looking for life insurance after a battle with leukemia cancer? Health conditions such as leukemia or any cancer in general can be very scary to deal with. Not just for the patient but also for the families and friends involved. Life insurance can be intimidating after having these conditions as well.
We want to help
The good news? It is possible to gain life insurance coverage! It’s just a complex process with some moving parts involved.
The life insurance companies have built mortality tables and have had opportunities to study pre-existing medical conditions in depth over the years. Many consumers are curious about several things when it comes to life insurance after any leukemia or any cancer for that matter.
Can I get life insurance coverage?
What all will be needed?
Is it going to cost me more than I can afford?
Unfortunately, it’s never as simple as a black and white answer. You have some gray area to cover in the middle. The most honest answer is, it all depends. Obtaining life insurance after having cancer or other medical conditions depends on many factors and it’s not an overnight process.
More good news?
Continue reading and we will lay out everything we know about obtaining life insurance after leukemia cancer!
The Battle Against Leukemia Cancer- Getting Approved for Life Insurance
In 2018, Leukemia cancer will have 60,300 new diagnosed cases. This accounts for a total of 3.5 percent of all newly diagnosed cancer cases.
Of these 60,300 cases, it’s estimated that leukemia will account for 24,370 deaths. The survival rate currently sits right at 61%.
*Side Note- When Good Life Protection uses the phrase survival rate we are referring to a 5-year survival rate period. This is also why life insurance companies prefer to have 5 year waiting periods on many forms of cancer.
Approximately 1.5 percent of men and women will be diagnosed with leukemia at some point during there lifetime according to cancer.gov.
Leukemia is cancer that originates in the tissue that forms in the blood. The cells are designed to originate from bone marrow typically known as stem cells. Furthermore, with Leukemia cancer, the bodies produce abnormal white blood cells known as the leukemia cells. Normal blood cells die when they are designed to, but leukemia cells don’t die when they are supposed to.
Usually, leukemia cells disrupt normal white and red blood cells which makes it difficult for the normal cells to work properly.
You have 4 Main Types of Leukemia Cancer
–Adult Leukemia (ALL) Adult acute lymphoblastic leukemia is when bone marrow makes too many white blood cells.
–Child Leukemia– This the exact same scenario as (ALL), however it is when the (Leukemia) is present in children.
–Acute Myelogenous Leukemia (AML)– With any acute leukemia cancer, the bone marrow cells never have the chance to develop the way they were designed to.
Chronic Lymphocytic Leukemia (CLL)– This form of leukemia starts in the cells that become lymphocytes.
Chronis Myelogenous Leukemia (CML)– This form of leukemia begins early in the myeloid cells.
What are the risk factors for leukemia cancer?
Top risk factors for Leukemia Cancer
Radiation Exposure– Atomic bomb survivors or being exposed to forms of radiation possibly overseas or during military combat.
Age– The older you get, the better chance of developing Leukemia cancer
Gender– Males typically experience higher chances of developing leukemia than women do.
Prevention of Leukemia Cancer-
This is where leukemia stands out from many other forms of cancer. No known preventative measures can be taken to fight against developing leukemia. One would argue the only way to decrease the risk is to avoid radiation exposure.
Common symptoms one may experience with Leukemia
Unexplained weight loss
Possible treatment Options for Leukemia include
Bone Marrow Transplants
Transfusions (Blood or Platelet)
Combinations and variations of medication treatments
Possible Stages for Leukemia Cancer according to cancer.org.
Chronic– Patients in this phase typically have under 10% blast in the blood cells, have mild if any symptoms and respond well to early treatment.
-15-30% blast present in the blood sample
-Basophils make up 20% of the blood
-Very Low Platelet Counts
-New Chromosome changes
Blast Phase– Large clusters or blast have spread to the nearby organs or other bone marrow.
How will my life insurance application be viewed with Leukemia?
Due to major advances and the mortality risk dropping as years pass for patients with leukemia cancer, life insurance has also relaxed the guidelines some. Leukemia is one cancer that does not automatically disqualify you from traditional coverage even if you’re currently battling the cancer or have entered remission.
Top Questions you Will Need to Answer during the life insurance application with Leukemia Cancer
Currently Battling Leukemia- Questions for the Life Insurance Underwriters
What was the results of your recent blood work for the past year? Past 6 months?
What stage what the leukemia cancer diagnosed?
Current method or treatment plan for the cancer?
Diligent with Physician follow up?
Which type of leukemia where you diagnosed with?
When were you diagnosed with Leukemia?
Currently in Remission Questions for the Life Insurance Underwriters
Original diagnosis date of the cancer?
Any chance of re occurrence or any symptoms still lingering in the past 6 months? Past 12 Months?
Treatment methods and detailed records of the treatment plan and success of the treatment?
Diligent Follow up with your Cancer Physician?
Lab Results or blood results from the past one year after remission.
Other Questions the Underwriters will want to know for your life insurance application
Family history of cancer?
Currently working in an environment that may have caused the leukemia cancer?
Height and Weight?
Medications currently being taken for anything including the cancer treatments?
Any other Pre-existing medical conditions?
Possible Outcomes for your Pricing and Approval for Life Insurance with Leukemia
Your possible pricing and overall chance of approval is going to depend on many factors with leukemia cancer.
First and foremost is going to be the age of the diagnosis. Typically, the older you are, the better off you are with any cancer diagnosis. It’s also going to depend which stage the leukemia was at and your current prognosis.
Option 1- Encouraging Test Results- 5 Years Remission- Positive Prognosis – Standard Rating Available
Option 2- 1-5 Years Remission- No symptoms in the last 6 months or poor test results- Sub Standard Rates Available
Option 3- Currently in Treatment- This is going to be tough but it’s possible to get approved for life insurance in this stage. This will be a case by case evaluation based on your current treatment and prognosis noted in your medical records by your cancer doctor.
Option 4- Chronic Leukemia cancer or just beginning treatment- Declined and Not offered traditional Life Insurance
Option 5- If you fell into option 4 discussed previously- Option 5 would consist of considering Guaranteed Issue Life Insurance. A good recommendation is to not just ignore coverage because you fall into this category. Once you can be re considered or have been in remission longer, you can always consider replacing the policy with a traditional policy and lowering your premiums and increasing your life insurance coverage.
What’s Next, who do I call? What do I do?
Speak to an independent life insurance agent and agency. Be prepared to answer the questions we covered previously. Be as detailed as possible and realize your medical records will be needed to even consider your application.
Let your independent life insurance agent work and find the correct life insurance company that can match your needs and coverage desires.
Lastly, don’t give up hope or be discouraged with substandard rates or a declined life insurance application. Other options such as the guaranteed issue life insurance or even accidental life insurance can still protect your family in the meantime.
Have any experience attempting to gain life insurance at great rates or have any concerns about your current situation? We would love to hear from you. Leave a comment below, give Good Life Protection a call or fill out our instant quotes to the right for a look at the possible rates you could expect with leukemia cancer.