There are so many different types of cancer out there. While having any type of cancer is never a positive thing, skin cancer is one of the “best” types of cancer to have from a life insurance perspective. It is not unusual to get people with minor, well-treated, and isolated forms of skin cancers top-tier life insurance rates. If you are looking for life insurance after a skin cancer diagnosis, do not move forward with your purchase before reading this article! Skin cancer doesn’t always place you into the higher rate classes.
We will explain how to obtain the best rates possible.
Can I Get Life Insurance with Skin Cancer?
Simply put, it is possible to get life insurance with skin cancer! Our agency has had success finding affordable life insurance coverage for people who were diagnosed with skin cancer. We’ve seen approvals at preferred rates for qualified candidates who were in otherwise good health outside of their skin cancer. For someone with any form of cancer, this can be hard to believe, but we have seen it happen.
Life insurance companies without a doubt will be cautious in any cancer scenario. However, in many cases, patients with skin cancer can qualify for standard life insurance rates or better. As modern medicine has advanced, life expectancy of individuals has increased. It is not out of the ordinary for our clients to receive preferred or even preferred best rates with very minor or mild cases of skin cancer depending on the unique circumstances of that case.
What Will the Life Insurance Company Want to Know About my Skin Cancer?
The life insurance companies are going to want as much detail regarding your skin cancer as possible. While no exam options may be possible with certain carriers for very minor forms of skin cancer, fully-underwritten life insurance policies will have a better chance at getting approved for more complicated cases of skin cancer.
Each life insurance company will have different opinions on underwriting skin cancer. As a result, our agency will qualify you over the phone to determine what life insurance company will give you the best deal.
The life insurance companies will typically ask some variation of the following questions regarding your skin cancer:
What Type of Life Insurance Rate Can I Get With Skin Cancer?
Life insurance rates with skin cancer can vary on a case-by-case basis. Your life insurance rates will be widely dependent on the unique circumstances of your skin cancer situation. The life insurance company will consider many risk factors, but one of the most impactful is the type of skin cancer that you had/have, if it has been removed, and if it has metastasized (spread).
We have listed the three most common types of skin cancers (basal cell carcinoma, squamous cell carcinoma, and malignant melanoma) below and how they can potentially affect your life insurance rate.
Basal Cell Carcinoma
Basal cell carcinoma the most common form of skin cancer and is widely considered the “safest” skin cancer to have. As a result, basal cell carcinoma is viewed most favorably by the life insurance companies. Basal cell carcinoma typically has a high success in treatment and it rarely metastasizes (spreads) to other parts of the body or other body tissue. Basal cell carcinoma also is very slow growing. All these favorable factors makes basal cell carcinoma fairly easy to catch and treat before it can turn life threatening.
Our agency has seen people applying for life insurance with this type of skin cancer receive preferred rates or even preferred best rates with certain life insurance companies that view basal cell carcinoma leniently as long as they otherwise qualify. The key to getting preferred rates with basal cell carcinoma is that the skin cancer needs to be isolated, treated and relatively minor.
The life insurance companies will want to see that your skin cancer spot has been surgically removed and that it has not metastasized (spread) to other parts of the body.. If you have had multiple spot of basal cell carcinoma or numerous recurances, you are more likely to receive a standard rate; although, better-than-standard rates like standard plus may still be possible.
Squamous Cell Carcinoma
Squamous cell carcinoma is another type of skin cancer that some life insurance companies generally view leniently. It is the second most common type of skin cancer, after basal cell carcinoma, and tends to affect people as they age in their 50s, 60s, and 70s. While squamous cell carcinoma is considered to be a more dangerous form of skin cancer relative to basal cell carcinoma, it is not usually a life-threatening form of skin cancer.
The life insurance companies will want to see that your squamous cell skin cancer has been treated, similar to basal cell carcinoma. If it is under control, isolated, and a mild form you can typically find life insurance companies that are willing to offer standard to preferred rates.
Again, it will depend on how many occurances of squamous cell carcinoma you have had and the magnitude of those occurrences. Mild and relatively contained forms of squamous cell skin cancer have a better chance at getting more favorable offers from the life insurance companies.
Malignant Melanoma is the most dangerous of the three common forms of skin cancer. While malignant melanoma is rare relative to basal cell carcinoma and squamous cell carcinoma, it is far more problematic. Medical science indicates that this type of cancer can be connected with over exposure to ultraviolet light from the sun or tanning salons so make sure to wear your sunscreen!
If you have been diagnosed with malignant melanoma, your are not necessarily excluded from life insurance just yet. The life insurance company will want to know if your malignant melanoma was “in situ,” which means was your skin cancer localized in the upper layers of the skin. If it has metastasized (spread) past the upper skin layers, that can be problematic.
If your malignant melanoma has metastasized into the lymph nodes or any other major organs, this can make getting a life insurance policy difficult. Typically, treatments for malignant melanoma that has metastasized (spread) are radiation or chemotherapy.
When underwriters see these types of treatments used recently, they will usually postpone your coverage. Life insurance companies like to see 5-10 cancer-free years and treatment-free years in order to be better certain that the skin cancer is truly eliminated and not returning. At best, most life insurance companies will offer a standard rate for people with malignant melanoma, but a substandard rating is possible for more severe cases or even a decline!
Can I Get Life Insurance With No Medical Exam if I Have Skin Cancer?
Life insurance with no medical exam is quickly becoming more popular in the marketplace due to its convenience. However, it is not available to everyone. You need to qualify for no-exam life insurance with your health.
Typically, people with cancer would find it difficult to find no-exam life insurance. However, skin cancer is one of the rare exceptions to that rule. It is not out of the question to receive no-exam life insurance coverage with basal cell carcinoma or squamous cell carcinoma. We are seeing approvals for minor cases of skin cancer with no medical exam.
However, malignant melanoma is most likely a decline for no-exam life insurance companies. If you were diagnosed with malignant melanoma, you would have a better chance getting approved for life insurance if you took a medical exam due to the complex nature of that particular form of skin cancer.
Skin cancer, like any form of cancer, can be complex. Any person with a complex health history looking for life insurance should not go at it alone, especially if you were diagnosed with skin cancer. Working with an independent life insurance agent can potentially save you a thousands of dollars and it does not cost you a penny extra!
Life insurance companies all have different opinions on underwriting. Independent life insurance agents have the ability to broker multiple life insurance companies, as opposed to career agents that typically only represent one life insurance company. This is a huge advantage that cannot be understated.
Our veteran life insurance agents have helped people just like you secure affordable life insurance coverage with a history of skin cancer. Even if you were diagnosed with malignant melanoma, the most life-threatening type of skin cancer, that does not necessarily mean there is no chance for an approval.
Even if you have been declined before for life insurance, give our team of veteran life insurance agents a chance to get you covered. If you have skin cancer and are looking for affordable life insurance, do not hesitate. Give our veteran agents a call or request a quote today!
Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.