Secrets to finding life insurance after breast cancer.
The number one secret to finding life insurance after breast cancer is to work with an independent life insurance broker who specializes in finding coverage for those with a history of pre-existing medical conditions.
A good broker will have the experience and knowledge on which carriers specialize in coverage in these areas. It is important to remember that all life insurance companies underwriter differently. The secret sauce is to find the carrier that will underwriter your situation the best. This is where a seasoned life insurance broker can really save you time, money an aggravation.
What will the underwriting company need to know?
Once you have located an experienced broker in the special risk marketplace, the carrier will need to know some information about your medical history in order to provide a quote.
When shopping for life insurance after breast cancer it is best to let your broker do some preliminary background history to relay to the carrier. You never want to apply for coverage without at least getting a tentative offer for coverage. Keeping your name and information out of the medical information bureau (MIB) will make your application process easier.
Here some of the information that will help the carrier provide you with a tentative quote:
- Date of Birth?
- Any tobacco history?
- Height/Weight?
- Date of cancer diagnosis?
- How was the cancer treated? I.E. excisional biopsy only, lumpectomy, mastectomy, radiation therapy, chemotherapy, hormonal therapy?
- Last date of treatment?
- Taking any medications?
- Stage cancer was diagnosed? I.E. Stage 0 (in situ), Stage I, Stage II, Stage III, Stage IV
- Where lymph nodes involved?
- Has there been any evidence of recurrence?
- Date of last mammogram?
In addition to the above information is there any other relevant medical history? Is blood pressure well controlled? Is there any history of heart concerns or diabetes?
How the agent finds the best offer for life insurance after breast cancer?
Once your broker or agent gets the answers to the above questions they can then begin the research for finding the lowest rates for coverage.
The agent will then begin making calls to the different carriers and speak to the underwriters. Underwriters will evaluate the information and then provide a tentative offer if available.
If the agent is independent and represents several companies and has experience in this niche market, they will speak to a handful of companies and get their offers for coverage.
By speaking with multiple carriers this solidifies to the prospect that the coverage has been shopped and guarantees a competitive offer.
Once the broker has all the offers in hand, they will present the best offer to the prospect. At this time if an offer is affordable the prospect will move forward with a formal application and requirements.
Applying for coverage
Once a tentative offer has been agree upon you are now ready to apply formally for coverage. Applying for life insurance after breast cancer is no different than if you did not have a history of breast cancer.
The agent will complete a full application. The prospect will answer more questions in regard to their health history. At this time the insurance carrier will also order the prospect full medical records and set up and exam and lab work.
The agent and the prospect will also determine the amount of coverage and plan needed based on the prospects needs and timeframe for protection.
The entire process of underwriting coverage typically takes 4-6 weeks. Once all the underwriting requirements are received and reviewed the underwriter will make a decision on the final offer.
Placing the coverage in force
After the underwriting process is complete and the approved policy has been issued you now have free look period to review the policy. If the policy meets your needs and the coverage premiums are affordable to your budget you will then bind the protection with payment and signatures on any outstanding forms.
Congratulations! You have now completed the process to protect your family.
Conclusion-
If you or anyone you know is looking for life insurance after breast cancer or has a history of any pre-existing medical condition and needs life insurance protection reach out to an expert. We can be reached at 678-207-8160 or mike@specialriskterm.com
