Ask Kim
Getting Life Insurance After Cancer
You may be able to get coverage depending on your condition.
By Kimberly Lankford, Contributing Editor, Kiplinger's Personal Finance
December 10, 2009
I had stage 2 breast cancer and underwent an operation, chemotherapy and radiation therapy. My treatment ended in 2007 and I haven’t had evidence of cancer since. I was turned down for life insurance a few months ago. Is there a company that will cover me?
There may be. It’s a lot easier for people who have had certain types of cancer to get life insurance now, both because of better treatment success rates and because a few insurers are looking a lot more carefully at the severity of the cancer and the kind of treatment received. For example, Hartford Life offers life insurance at standard rates to some people who have had breast or prostate cancer right after they finish their treatment. “We did some research into the National Cancer Institute database and found that there was a group of people with breast cancer who had mortality rates within that of the general population,” says Ann Hoven, M.D., chief medical director for Hartford Life.
But you need to meet specific requirements to qualify for coverage that early. To get Hartford’s standard rates, for example, a breast-cancer survivor must be 40 or older, have had a small, well-differentiated, localized stage 1 breast cancer, and have a strong prognosis for survival. Because yours was stage 2 breast cancer, Hoven believes you might qualify for a policy with Hartford in as little as three years after your last treatment, depending on the severity of the cancer. The policy would probably cost more than the standard rate, but sometimes the company drops the surcharge after three to five years.
The underwriting rules vary a lot by insurer, so it’s a good idea to work with an agent who deals with many companies. A good agent will get the basic information from you, then ask the insurer whether it’s worthwhile to apply. Keep in mind that being rejected by one insurer does not make it more difficult to qualify for coverage with another.
Got a question? E-mail me at askkim@kiplinger.com.
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Reader Comments (3)
Posted by: James at 12/23/2009 08:32:27 AM
Men with a history of prostate cancer face a similar problem. The major insurance firms offer the most sophisticated underwritting and can often cover individuals that many firms decline. John Hancock Life has a specialized team for prostate cancer survivors.
Posted by: Joe Skelley at 01/14/2010 07:25:05 PM
I was dx with bladder cancer in Jan of 07 and had chemo before my surgery (neoadjuvant) and I have been cancer free for 31 months now. I am trying to find out how many years being cancer can I get life insurance I am 55 yrs old now. I see where some companies are 2 yrs. and others are 5 yrs. Also they can charge you $2.50 per $1,000 extra, up to $10 extra which would be out of the ballpark for me...I was looking for at $50,000. So if you can give me any information on this it would be deeply appreciated. Regards, Joe Skelley
Posted by: Mike Horbal at 01/25/2010 08:25:55 AM
For Stage II breast cancers underwriters want to know the tumor size, that lymph nodes were negative, and the number of tumors. If it was a single tumor, 2cm or less in size and no lymph node involvement, Stage II breast cancers are insurable after a postpone period from the completion of treatment. The postpone period varies by company. If you have cancer history, do not formally apply to life insurance companies. Let an expert take your medical records out to multiple companies on an informal basis first, and then once you know which company is best for your particular circumstances, you can apply at that time. Mike Horbal, LifeInsuranceAdvisors.com