What are your options if you had cancer in the past and you want life insurance? The type of cancer matters. Insurance companies are okay with basal cell skin cancer. They are also okay when the affected organ is removed. For instance, if you have a radical mastectomy after having breast cancer, the insurance company will act as if the cancer never occurred. The length of your remission plays a big role. If you’ve been in remission for two or more years, you should be able to get simplified-issue-whole-life. Keep in mind that medications may impact your approval. Some companies are friendly toward cancer maintenance drugs. Other companies seem to imply that you still have cancer if you are using cancer drugs (even if you’ve been in remission for a long time).
Many people who had cancer in the past head straight for guaranteed issue products without considering alternatives. It’s easy to understand why. Guaranteed issue products don’t ask medical questions, which many people like. People with a history of cancer fear being rejected by insurance companies. Emotions are not the only thing at stake with rejection; some companies specifically ask if a denial of coverage occurred in the past (insurance companies may deny coverage if another company denied coverage). Therefore, if you are not going with a guaranteed issue product, make sure your agent is trying to place you in a policy that has a high probability of approval. That way you won’t have a denial on your record (insurance companies can track denials in a database called MIB). Despite the positives of guaranteed issue, it shouldn’t be your first choice. Guaranteed issue comes with a two year waiting period for full coverage. Immediate full coverage should always be your goal. If you have any questions, don’t hesitate to contact us.