This is especially true of people with a cancer history.
Women with a history of breast cancer can sometimes feel it’s almost impossible to get a policy.
But the good news is that it could be easier than you think…
Breast cancer can actually be a deal-maker, not a deal-breaker!
Reason to be Optimistic
Financial writer Barbara Marquand does a solid job of addressing this issue for NerdWallet.
Here is one of her key points:
“Don’t despair if you get turned down for coverage by one company. The underwriting process varies among insurers, which is why it’s so important to get quotes from different carriers….don’t be afraid to apply for life insurance.”
I can tell you from first-hand experience that there is hope for people who have a history of breast cancer to buy life insurance.
This is important because breast cancer is unfortunately very common.
Many of us know someone personally who has had to treat it.
These folks need life insurance as much as anybody else – perhaps more so.
Get Prequalified Correctly
It is certainly true that a broker who knows how to handle the risk factor, and what questions to ask, will be able to get you good rates.
Here’s what else you need to know:
- Prequalification is essential. It is possible to identify the company, product, and price before you apply. Your broker should be able to effectively pre-underwrite you to confirm that going through formal underwriting will be worthwhile. You do not want to use underwriting to get a quote because that could waste your time, and also produce an unnecessary flag on your record of insurance applications.
- If you are not eligible for coverage now, you may be at a future point. Your broker should be able to tell you what circumstances prevented you from qualifying for a policy now, and what those circumstances need to be in order to qualify in the future.
- Application problems in the past don’t have to affect the future. Many people are declined or rated for coverage unnecessarily. They had applied with the wrong company, or were not effectively prequalified. If your broker can successfully account for these misdirected efforts, then they do not have to affect your eligibility for coverage going forward.
Your Insurability Must be Managed Closely
Managing insurability is part and parcel of financial planning.
Many times it takes specialized expertise to help a client become eligible for coverage.
The services of a life insurance specialist are key to the planning process.
How about you? Have you – or someone you know – tried to buy life insurance with a cancer history, especially breast cancer? How did it work out?