It can be difficult to get life insurance, especially after being diagnosed with a serious health issue. If you are considering life insurance after cancer, there are a few things you should know before you decide to apply for coverage.
Some insurance companies are very lenient when it comes to cases of skin cancer, and applicants can receive a ‘preferred’ rating if they apply with the right company.
However, every company sets its own guidelines, and some forms of skin cancer are more of a concern to insurers than others. Please continue reading to learn how to get the best life insurance rates from a reliable insurer available after skin cancer.
Companies and skin cancer applicants
Any time you apply for more than $25,000 in life insurance coverage, the insurance company will review your medical records and driving history before approving your policy. Every company has its own pricing and rating guidelines, but the major factors that determine your monthly premiums, or the cost of your policy, will be the type of skin cancer that you were diagnosed with.
In addition, the life insurance company will evaluate your overall health. If you have other health issues like diabetes or a history of heart disease, these conditions will likely impact your rates more than your skin cancer, so make sure you share your entire health history with your agent.
Working with your agent
The information you’ll need to provide your agent includes the following:
- The type of skin cancer you were diagnosed with
- The number of skin cancer spots or “occurrences” that you have had removed
- If any skin cancer spots have reoccurred after they were removed
- The age at which you were diagnosed
- A complete medical history (not just limited to skin cancer); this includes the following: pathology, prescribed medications, and evidence of follow-up
With this information, your agent will help to determine the right company for your unique health profile, saving you time and money.
What are the types to consider?
The type of skin cancer you were diagnosed with will have the biggest impact on your rates. The three most common forms of skin cancer are Malignant Melanoma, Squamous Cell Carcinoma, and Basal Cell Carcinoma.
- Basal cell carcinoma: This form of skin cancer is the easiest to treat and it is the most common. Basal cell carcinoma rarely spread to other parts of the body, and it is very easy to treat. If you’ve already had the occurrence surgically removed, you should expect “preferred” or better rating depending on your overall health. More than one reoccurrence of any spot will likely result in the third best rate class, “standard plus.”
- Squamous cell carcinoma: This is the second most common type of skin cancer in United States, and it is twice as common as basal cell carcinomas in men. Squamous cell carcinoma tends to spread easier than basal cell carcinoma, and they are harder to treat so are more of a risk to insurers. If your carcinoma has been removed, you should expect a preferred to standard rating depending on your overall health.
- Malignant Melanoma: This is the most dangerous type of skin cancer and is the most problematic. If not treated, it tends to spread throughout the body and attacks your vital organs. If you’re applying for life insurance after a malignant melanoma has been removed, you should expect a standard plus rating at best.
If you were diagnosed with a malignant melanoma that spread to other parts of your body, the insurance companies will want to see that you have finished treatment successfully and been in remission for at least five to ten years before they will offer you coverage.