I recently started a job that doesn't include group life insurance, and I'd like to buy my own policy to provide coverage at least until my kids go to college. But I'm worried that I might not qualify for insurance because I'm a breast cancer survivor. My treatment ended three years ago and I've been cancer-free since then, but I'm still concerned that it might make it impossible to get life insurance. What should I do?
Start shopping around now and get help from an insurance broker who works with several companies. They'll usually know from experience which ones are more likely to accept someone with your medical condition and how to present the strongest case.
You might be very surprised by the results. A few years ago, most insurers would reject people who had breast cancer or require them to wait a few years before covering them, then charge very high rates. But because of medical advances, a handful of insurance companies now make it much easier for people with certain medical conditions -- such as breast cancer, prostate cancer and well-controlled diabetes -– to get coverage.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Last year Hartford Life Insurance Company, for example, started offering policies at standard rates for women age 40 and older who have had breast cancer –- as long as the patient had a small, localized Stage 1 condition and has a strong prognosis for survival. Candidates must also have completed treatment and the first follow-up visit with no evidence of the disease. But they don't need to wait years before getting coverage, as they would have needed to do in the past. Several other insurers now have similar rules for breast cancer survivors.
And some insurers are now making it easier for people who had prostate cancer to get coverage soon after their treatment. Hartford will offer standard rates, for example, to prostate-cancer survivors who are age 60 or older and have been surgically treated (biopsy or radiation alone doesn't' qualify), have a Gleason score of 6 or less, have a pre-treatment PSA of 10 or less, and have the cancer confined to the prostate.
People with diabetes may be able to get coverage from some companies if they have good test results and can show that they're controlling the disease.
The rules can vary a lot from company to company, and the way you present the case can makea difference. Byron Udell, CEO of AccuQuote, a brokerage that works with dozens of insurance companies, generally puts together a package for the insurer that emphasizes the applicant's strengths, beyond just the information on the application -- such as a letter that details how well the person is controlling their condition and highlights key information from their doctor.
It's essential to tell the broker or insurer up front about the condition -- they'll find out through your medical records, anyway, so it's better to tell them at the beginning so they can only focus on insurers they know tend to offer the best deals for someone with your health history. And if you get rejected by one insurer, keep trying. Each one has very different rules for certain medical conditions, and one company may reject you entirely while another offers a decent rate.
-
Six Missteps to Avoid as You Transition to RetirementDon't lose sight of your finances when you finally reach retirement. These six classic missteps can chip away at the nest egg you’ve worked so hard to build.
-
Why Does One Claim Jack Up My Insurance After Years of No Claims?Even loyal customers can be hit with an insurance premium hike after a claim, despite going many years without any claims. There's a reason for that.
-
Credit Report Error? They All Mattercredit & debt Don't dismiss a minor error. It could be the sign of something more serious.
-
Insurance for a Learning Driverinsurance Adding a teen driver to your plan will raise premiums, but there are things you can do to help reduce them.
-
529 Plans Aren’t Just for Kids529 Plans You don’t have to be college-age to use the money tax-free, but there are stipulations.
-
When to Transfer Ownership of a Custodial Accountsavings Before your child turns 18, you should check with your broker about the account's age of majority and termination.
-
Borrowers Get More Time to Repay 401(k) Loans
retirement If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.
-
When It Pays to Buy Travel Insurance
Travel Investing in travel insurance can help recover some costs when your vacation gets ruined by a natural disaster, medical emergency or other catastrophe.
-
What Travel Insurance Covers When Planes Are Grounded
Travel Your travel insurance might help with some costs if your trip was delayed because of the recent grounding of Boeing 737 Max planes.
-
Ways to Spend Your Flexible Spending Account Money by March 15 Deadline
spending Many workers will be hitting the drugstore in the next few days to use up leftover flexible spending account money from 2018 so they don’t lose it.
