When you apply for life insurance coverage, the insurance company is going to review dozens of different factors. One of the most important aspects that they are going to review is your health and any pre-existing conditions. The worst that your health is, or any complications that you have, the more that you’re going to pay for your insurance plan. If you have a severe health problem, there is a chance that you’ll be rejected for life insurance protection.
When looking for life insurance after ovarian cancer, many women aren’t sure where to turn because most insurance companies won’t accept them, at least not right away. While it is possible, there are a limited number of places to turn for coverage, and rates can range widely depending on the carrier. If you feel a no medical exam required policy may be an option for you, learn more here on how to obtain a 1 million dollar life insurance policy, term life insurance with no exam required or even life insurance with COPD.
Because we work with high risk life insurance clients, such as those suffering from severe diabetes or liver disease every day, we know where to go, how to secure a fair policy, and how to get you the lowest possible rates based on your current situation.
While every scenario differs, we have been quite successful in getting at least a minimal amount of coverage in place nearly every time, and you can too. Read below for more details about what type of coverage you may be able to get, and how to go about getting started.
How Much Life Insurance do you Need?
Aside from getting life insurance, it’s vital that you purchase enough coverage for your family. Not having enough life insurance can be just as bad as not having any coverage at all. There are several different categories that you’ll need to calculate when you’re determining how much life insurance your family will need.
The first number that you should calculate is your debts and other final expenses. The primary goal of your insurance plan is to give your loved ones the money that they have the money that they need to pay off all of those bills and debts. Your biggest bills will be your mortgage, student loans, and any business loans. Make sure that your life insurance plan is large enough to pay off those bills.
The next number that you should look at is your annual income. The secondary goal of your life insurance coverage is to replace your paycheck if something terrible were to happen to you. If you’re one of the main income earners in your home, your family would struggle to pay for any necessary expenses. Your life insurance will give them the money that they need to replace your paycheck without sacrificing their standard of living.
The last number you’ll need to look at is any final expenses or burial fees that your family would pay if you were to pass away. The average funeral can cost around $10,000, which can be difficult grieving family to cover.
Life Insurance After Ovarian Cancer
Unfortunately, ovarian cancer is one of the types not typically found in the early stages. This makes it more difficult to treat, decreases successful chances of treatment, and these tends to lead to a more difficult time finding life insurance because any carrier prefers a healthy individual to one who has a health condition.
While not for every woman, a traditional life insurance policy can still be purchased. This means the type where you are fully underwritten based on a medical, physician’s statements, driving record and prescription checks. This is key because it means the full payout can start from the day the policy is issued, not several years later like a graded policy.
Graded benefit plans are a great way to get coverage, but you need to understand that if you were to pass away within the first two years after purchasing your policy, your family wouldn’t get the face value of the plan. Instead, they would only get a portion of the value or a return of the premiums that you’ve paid until that point. After you’ve held the plan for at least two years, then the policy will function as normal and your family will receive the money.
These policies are typically issued to applicants that are considered too high of a risk for a traditional plan. While they do have the two-year waiting period, that shouldn’t keep you from getting the life insurance that you need.
Here are the questions you’ll need to answer up front to see if you should apply for a traditional policy first:
- When were you diagnosed?
- At what stage was the ovarian cancer at diagnosis?
- What areas were affected if more than one?
- How aggressive was the cancer?
- What type of cancer cells were present?
- Did you undergo treatment? If so, what type and how much?
- When was your last positive test for cancer?
- Does your family history involve cancer?
The best case scenario if you were able to successfully treat the ovarian cancer is a Standard rating for your life insurance. This is the identical rating to the average person, without any discounts. This is only likely where a woman was diagnosed early, treatment was minimal, and there has been no sign of reoccurring cancers in the past year.
This assumes you are otherwise healthy. If you have other health concerns, whether it be from weight, high cholesterol, high blood pressure, diabetes or any other medical illness, it may be cause enough for a slight to moderate rate increase.
For those women who weren’t as fortunate, you may see a rated policy (see table ratings) or get granted a postponement, meaning you need to wait a certain time frame until you can apply. This can be one year or it could be five, depending on the carrier.
If this is not an option because of the severity of the ovarian cancer or the fact it is still present, you will need to consider a graded or guaranteed issue life insurance policy. These types mean smaller death benefits, limited payouts in the first years, but less underwriting (or none at all). They will cost more per thousand, so they really should be your last resort.
Getting Affordable Life Insurance Protection
Your ovarian cancer diagnosis is only one of the factors that the company is going to look at. There are several other key categories that are going to impact your rates and chances of being accepted. Making a few simple changes can save you thousands of dollars and drastically improve your chances of getting coverage.
The first thing that you should do if you want to save money is cut out any tobacco that you currently use. If you’re listed as a smoker or chewing tobacco user, then you should expect to pay much higher rates.
While finding life insurance after ovarian cancer is not an easy task, we’re here to help you every step along the way. We work with carriers directly and have a process which sees much better results than your standard life insurance agent. We pick our coverage options from “A” or better companies only, and we have more than 60 different ones to choose from.
Unlike a traditional insurance company, we are a group of independent insurance brokers, which means that we don’t work with one single company. You don’t have to worry about one of our agents giving you an expensive life insurance plan or selling you additional coverage that you don’t need. It’s our mission to ensure that you’re getting the best plan to meet your needs.
If your family depends on you and you need coverage, get started by getting a quote today. We know that shopping for life insurance can be a difficult and frustrating process, especially if you were diagnosed with a severe health complication in the past, like ovarian cancer. We are here to help ensure that you’re getting the best plan to meet your needs.
If you have any questions about getting life insurance after ovarian cancer, or you want to get the most affordable insurance plan, then please contact one of our experienced agents today. We would be happy to answer those questions and connect you with the best possible plan.
You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the life insurance protection that your loved ones need. If something were to happen to you, and you didn’t have life insurance, your loved ones would be responsible for all of your debts and other final expenses. Losing someone that you love is never going to be easy, but being left with all of your debts and other expenses is going to make the situation a thousand times worse.