When you have cancer it’s difficult to imagine that life insurance companies will offer you coverage. There isn’t much good news that can happen when you’ve been diagnosed with cancer but I am here to change that. If you’ve been diagnosed with Leukemia, it is possible to get coverage. However, it will depend on a few factors. Let’s discuss what factors come into play when trying to secure a policy with Leukemia.
In short, the type of rate and coverage you can qualify for will depend on these factors:
- Age
- Date of Diagnosis
- Type of Leukemia and stage of cancer
- Treatment
- Date treatment completed
- Any recurrence or secondary cancer
Now let’s get into detail and discuss the biggest factors that will affect your qualification and the best and worst case scenarios.
Factors and Outcomes
Underwriting is the process life insurance companies go through when they review the applicant. This includes a thorough background check, evaluation of medical records and medical exam results. There are many factors that go into determine your rate but two will play the biggest role: the date of diagnosis and type of Leukemia
Type
The type of Leukemia will drastically influence what you qualify for. You either have Acute lymphoid leukemia, acute myeloid leukemia, chronic lymphoid leukemia or hairy cell leukemia. Let’s discuss the best and worst case scenarios for each.
Acute Lymphoid Leukemia/Acute Myeloid Leukemia
If this is what you’re diagnosed with you can expect a few scenarios depending on the aforementioned factors. The best case scenario is to get a policy at Standard rates given the your medical records are favorable and treatment is successful. This would also have to be in the absence of any other medical conditions or high risk factors.
Typically, in either of these cases you can expect to get a Standard rate with a flat extra. A flat extra is a surcharge per every thousand dollars of coverage. For example, if I have a flat extra of $5 on a $100,000 policy, I can expect an additional $500 added on to my annual premium.
The worst case scenario is a decline. At this point you can explore group life insurance or a Guaranteed Issue Life Insurance policy. A guaranteed issue policy is issued with no medical exam and little to no questions asked. The downside is, it’s capped on coverage amount and more expensive than traditional life insurance if compared per every thousand dollars of death benefit amount.
Chronic Lymphoid Leukemia(CLL)/Hairy Cell Leukemia
The most common type of Leukemia is CLL. The good news is that it’s insurable if stable or a low-stage disease. Typically, if it’s been at least two years since the diagnosis. However, if diagnosed under age 50 it’s a decline.
The best case scenario would a substandard table rating. Substandard rates are for those considered a high risk to the life insurance companies and they range from table 1 to 10. Each table increase causes a 25% increase in premium costs. So in the best case scenario you can expect a table 2 to 4. Basically paying 150% to 200% of the standard rate.
The typical case will range from table 8 to table 10 with a possibility for a decline. Like all cases, if declined it is best to pursue group life insurance or a Guaranteed Issue policy. This will largely depend on whether the factors are favorable or not. If it’s 5 to 10 years post treatment then the possibility for an approval is higher.
Work with Professionals
It is absolutely imperative that you work with an independent agent that is familiar with high risk cases. When you’re considered a high risk, the lowest quote on the quote engine isn’t the lowest quote for you. So don’t just pick a company that has the lowest rate, work with an independent agency that has experience with cases like this. The good news is you’re here!
Now, let’s get into what the process will look like.
The Process
The life insurance process usually goes a little something like this if you’re working with a good agent.
Pre Qualification – The agent is going to ask you a few questions regarding your overall health and details about your condition. If you agent doesn’t ask you these questions, it’s a red flag that they don’t know what they’re doing.
Application – This process usually takes 10 to 20 minutes and requires some basic information like address, license number and social. Health questions will be verified and the medical exam will be scheduled.
Medical Exam – This will take place at the time and place of your choosing. It usually takes between ten to thirty minutes and runs like a typical physical along with a blood and urine sample.
Underwriting – The underwriting process can take anywhere between 6 to 8 weeks or more if the medical records are taking longer to acquire. To speed this up it makes sense to provide any additional records that the life insurance company requires. This can include pathology reports, evidence of regular follow-up, hospital reports and details of treatment.
Where to Begin
We have insured many clients with Leukemia over the years and know exactly what steps to take to get you approved. We shop with all the top carriers and find the company that will provide the most favorable outcome for your specific situation. If you have any questions about a getting a policy feel free to contact us at 888-492-1967 or hit the chat button below. Welcome to InsureChance!
