Sunday, January 10, 2010

How to Get Life Insurance Even When You Have Cancer?

The first news of being informed that a person in your family has cancer can be annihilating emotionally. The experiences are mostly negative, but it is important to remain positive during this crucial phase in life. There will be surely a lot of thoughts and feelings are going on during this moment.

Often the thought of "I just purchased a life insurance policy before it took place" surfaces. And previously, the chance to be even considered for a life insurance policy wasn't an option or if it is it can be very costly and only offered after a significant period of time after remission.

Nowadays however, you have a lot better opportunities of obtaining for life insurance for men and women with certain kinds of cancer. And the chance to get policies at a normal basis without any extra premium surcharges is quite high and in a few cases it does not involve a long waiting period after the approval.

A couple of life insurance firms in recent decades have upgraded their underwriting features on specific kinds of prostrate and breast cancer.

For instance, a firm will accept a normal issue policy (it subjects to positive medical record, laboratory - x-ray and additional examination results), like a first-time breast cancer patient with insignificant (10 mm. or less; Stage 1) neoplasms and with solid prognosis of high survival rate.

Most companies do this and they provide insurance right away after a surgery but still with a low added charge for a couple of years, then you need to pay for standard premiums. They'll also include preferred premium prices for females with non-invasive (Stage 0) tumors. And Stage 1 cancer bigger than 10 mm. Possibly given after a 'one-year' waiting phase with a non permanent overload. Other cancer cases can qualify you or life insurance policy after a specific time has gone by and you can subject to a favorable offer.

Life Insurance for Cancer Survivors

Many time cancer survivors are simply out of luck the moment they want to purchase life insurance policy. It can be crushing as life insurance policy is an important factor of any solid financial strategy, particularly for a person who is young and productive.

The dilemma confronted by life insurance companies is that actuarial figuring for evaluating cancer survivors' risks is simply erroneous. There is a lot of fluctuation in each person and medical fact that cancer survivors can live long is not well understood.

Luckily now, recent medical discoveries and better knowledge on the way to lessen person's risks of having a cancer recurrence make it a lot more probable that cancer survivors can live long on into old age. Consequently, most life insurance companies currently provide insurance coverage to cancer survivors who live well on for a few years, typically 5 years, after the cancer was cured.

A few life insurance firms are increasingly even more generous. For example, by providing insurance policy at normal rates for females at forty or above who suffered breast cancer. The company criteria is that the cancer must a small and localized, still in stage one condition and physicians who certify the consumer has solid forecast for survival rate. They must also finish treatments and follow-up visits with no evidences of the cancer found.