Posted : 04/03/2007
In 2007, the American Cancer Society projects that around 1.4 million new cases of cancer will be diagnosed. Of that 1.4 million, almost 560,000 will result in a cancer-related death, which further equates to more than 1,500 cancer patients dying each day. If you are diagnosed with cancer, your hardest fight may not be to battle the odds and survive five years past the diagnosis date, but the actual fight to find life insurance.
When is the best time to buy?
There is no actual set time limit when it comes purchasing life insurance after a cancer diagnosis. Determining factors when an insurance company is deciding on coverage depends on the size, type and location of the tumor. If you are currently undergoing treatment, the chances are slim-to-none that a life insurance company will be willing to sell you life insurance. But if you've been cancer-free for a few years, there's a good chance they will cover you, though your premiums may be high.
The thoughts of high life insurance premiums may get you sick to your stomach, but don't worry, after a given period of time, they will disappear. Many insurance companies just charge higher premiums in the beginning in case your cancer makes a come back, but they gradually decrease as time goes on.
How you can save
A few suggestions on how to save yourself the most money when purchasing life insurance after beating cancer:
Unlock your medical records
If you want to get the best premiums and rates around, be sure to keep your medical records and files up to date and give copies to your life insurance company. Make sure all the names of the doctors, dates and types of treatment you received, and what kinds of medication you are on are also included in the file. Life insurance underwriters will be better able to make a decision on what kind of rates you will receive when they can see your progress from start to present.
Another good way to get life insurance is by showing that you are taking care of yourself. By including in your records that you are going to follow-up doctor's visits, taking the appropriate medications and just plain being healthy, life insurance companies may be more prone to letting you purchase life insurance coverage sooner, and shortening the length of time that high premiums will be charged. In this case, honesty is the best policy, and the less you are seemingly hiding, the easier it will be for life insurance underwriters to assess your condition and decide what kind of premium to give you.
Note: If you have a history of cancer in your family, that doesn't automatically mean you will have problems buying life insurance. When buying coverage, this -��risk-�� is just another factor that will be taken into consideration.
If you are interested in getting a life insurance quote, log on to Insurance.com. Here you will be able to evaluate multiple rates from best-in-class life insurance providers - helping you find the best life insurance coverage to benefit you and your family.
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