As reported by the American Cancer Society, lung cancer is the second most common cancer to affect men and women. A lung cancer diagnosis often makes you consider your loved ones' financial future, as with any serious medical condition. Buying life insurance is usually motivated by the idea of one's mortality.
After being diagnosed with lung cancer, can I purchase life insurance? YES. Life insurance is available to people with cancer (and survivors).
We will explore the 7 key questions your underwriters will ask you after you get a lung cancer diagnosis, as well as everything you need to know about buying a life insurance policy after a lung cancer diagnosis.
Life Insurance And Lung Cancer: One or both lungs are affected by lung cancer.
After Lung Cancer Diagnosis, Can I Purchase Life Insurance? Yes. Depending on your specific experience with lung cancer, you will qualify for different types of life insurance policies.
A lung cancer survivor (within a certain period of time) is usually eligible for traditional life insurance:
● Insuring your term life:
● Insurance for your whole life
Patients with advanced stage lung cancer can benefit from the following policies:
Life insurance with guaranteed issue To help you determine the type of life insurance policy that is best for you, we will dive into the specifics - so you know what the underwriters will want to know about your cancer.
Questions Life Insurance Underwriters Ask About Lung Cancer Prepare yourself for underwriting before applying for a life insurance policy.
Underwriters are responsible for evaluating how much risk an applicant poses. Although that may seem rather impersonal, we want to make sure that you are aware of everything you will be asked about lung cancer.
During the application process, you should be honest. Be honest in your answers. Any discrepancies can negatively affect your application.
1. When were you diagnosed with lung cancer? What was your age? When was the diagnosis made? Note the date on which you were diagnosed. It is almost always best to wait a while after being first diagnosed. Why? You are more likely to survive if you have been alive for a long period of time (years).
An underwriter usually wants to know if you have had cancer for at least 3 years.
Age at the time? When you are diagnosed, your age matters. A diagnosis later in life is generally viewed favorably by carriers. Why? If you were older than 40 when you were diagnosed with cancer, statistically speaking, your cancer is less likely to come back.
2. When did you develop lung cancer and at what stage? It is important to know what type of lung cancer you have, and especially what stage it is. You are able to qualify for different types of life insurance based on your cancer stage.
Firstly, let's talk about the types.
Cancers of the lung other than small cells (NSCLC)Most lung cancer cases occur in this form, which accounts for about 85% of all cases. In addition to squamous cell carcinomas, adenocarcinomas, and large cell carcinomas form NSCLC.
SCLC (Small Cell Lung Cancer)Also referred to as oat cell cancer, SCLC accounts for about 10 – 15% of all lung cancers. These cancers tend to spread rapidly.
Lung Carcinoid Tumors: Carcinoid tumors account for less than 5% of lung cancer cases. Their growth is typically slow. In general, the following stages are to be expected, although each carrier is different.
Stage Zero: An ideal situation. Also referred to as “in situ”. Deep lung tissues do not contain cancer cells. Only lung tissues contain cancer cells.
Stage one: The lung contains cancer cells. Lymph nodes don't contain them.
Stage two: Lymph nodes in the surrounding area may have been affected by cancer.
Stage Three: Cancerous growth can be found in lymph nodes and the middle of the chest.
Stage Four: This is the stage of development that is considered most advanced. Including your brain and liver, the cancer has spread to distant parts of your body.
An underwriting approach based on cancer stage: Your lung cancer stage and type influence the underwriting outcome. A traditional policy may be available to you after about 3 - 5 years if your cancer was caught early enough (e.g., stage 0, 1, sometimes 2).
As an alternative, you may need guaranteed issue life insurance (GI) if your cancer was advanced (stage 3 or 4). While GI policies have modest face amounts, they are guaranteed yes and ask no questions about your health.
3. Where was the cancer found in your lung? The following locations in your lungs were found to have cancer:
● Middle lobe of right lung
● Upper lobe of right lung
● Upper lobe of the left lung
● Lower lobe of right lung
● Lower lobe of the left lung
4. How was your treatment? Multifaceted treatment strategies are typically used to treat lung cancer.
The following treatments are common in medicine:
● Pneumonectomy, lobectomy, wedge resection, and segmental resection
● Cancer cells are destroyed by radiation or pain is alleviated by radiation
● Cancer cells are killed by chemotherapy by administering drugs intravenously or orally
● Radiation therapy that involves multiple angles of radiation treatment
● Therapy aimed at targeting specific characteristics of cancerous cells
● The power of immunotherapy in fighting cancer
To determine whether you experienced health complications and whether your treatment was successful, your underwriters ask about your treatment.
5. How long ago did you last receive treatment? If you are still undergoing lung cancer treatment, note the last day you received treatment for it.
Why? Your eligibility for a certain type of policy depends on how long has passed since your last treatment. If you were diagnosed early on, you may be eligible for a traditional policy after a certain time (e.g. 3 - 5 years):
Insuring your term life Life insurance for the whole family In contrast, you will need to buy a guaranteed issue policy if you are still in treatment or have just finished it.
6. What are your plans for follow-up? Applicants with a proactive approach to health monitoring are preferable to underwriters. A cancer survivor must follow up with their doctor regularly.
You should let your doctor know if you are going to your regular doctor's appointments.
7. Are you in remission? How are you feeling overall? Traditional life insurance requires that you be in remission.
You need a guaranteed policy without health questions if you are a cancer patient.
In addition, plan to discuss your overall health status. Risk factors for lung cancer include:
Occupations at high risk No Exam Life Insurance For Lung Cancer
Cancer survivors and cancer patients can get no exam life insurance.
A survivor Traditional life insurance generally requires remission for a number of years before it can be purchased.
Remember that every no physical life insurance company views and underwrites a history of cancer differently. Compare the quotes from the top companies before you apply. Independent agents can assist you in this process.
Patients Life insurance is often purchased by cancer patients. While waiting for the required amount of time, you're restricted to guaranteed issues (GI).
To Get Life Insurance, Apply Lung cancer survivors are eligible for coverage. For finding the best insurance policy, we recommend following two steps:
Keeping a medical history is important To ensure your application is processed quickly and efficiently, we're ready to answer questions about your cancer.
Engage the help of an independent agent !Get quotes from multiple carriers to find the best deal. You should be able to compare and contrast how different carriers view cancer.
Write something about yourself. No need to be fancy, just an overview.