It’s probably time to do a refresher on the best life insurance cancer underwriting available these days. Keeping in mind that low stage and grade and completion of treatment are the base that these life insurance approvals stand on, let’s start with melanoma stage 0 or 1 that can get as good as preferred rates and almost never worse than standard plus rates with no previous significant history of skin cancer or pre-melanocytic lesions. While the other skin cancers, basal cell carcinoma and squamous cell carcinoma can almost always garner preferred or preferred plus rates, melanoma has historically been underwritten more aggressively by life insurance insurance underwriters. And for good reason. Melanoma isn’t just the worst of the skin cancers, but in higher stages, one of the deadliest cancers period.
Another example of cancer life insurance underwriting that has changed dramatically is with breast cancer. Even with the lowest stage and grade, DCIS, ductal carcinoma insitu past life insurance underwriting would generally have a two year waiting period until a woman could expect to get standard rates. Now life insurance companies are willing to consider standard rates for that same cancer upon completion of treatment, which for DCIS is generally a lumpectomy and a course of radiation. Naturally higher stages and grades will be underwritten more conservatively because they have a higher mortality rate and a better chance of recurrence, but even those are seeing better life insurance approvals than in the past. And also keep in mind that being approved preferred with a history of cancer means that you would have to be preferred in all other aspects of your health and family history. No free upgrades for cancer life insurance.
Also recently came huge breakthroughs in three cancers that used to have a flat extra charge forever. Now companies are saying that with thyroid, uterine and testicular cancer, low stage and grade, standard rates for life insurance can be offered immediately upon completion of treatment. This is so huge. When companies won’t offer insurance for years post treatment or put a flat extra charge on the insurance so it’s unaffordable, they leave you and me without insurance. While we’re waiting out their years post treatment we could die of a heart attack and there would be no life insurance for our families.
Kidney cancer treated by nephrectomy, in the absence of any condition that would adversely effect the remaining kidney can be approved for standard rate life insurance upon completion of treatment. Rates can be improved again to preferred after 10 years if there are still no issues with the remaining kidney.
So good news all around and we have heard but couldn’t track it down for this post that there are improvements in underwriting for colon cancer on the horizon, again early stage and grade. If you have any questions or need us to review your situation, call or email us. We can help.
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