Getting Affordable Life Insurance After A Skin Cancer Diagnosis
Being diagnosed with cancer can be frightening. Skin cancer is one of the more common types of cancer in the United States today, with an estimated one in five Americans developing skin cancer over the course of a lifetime. A cancer diagnosis can affect many things in your life, but obtaining affordable life insurance doesn't have to be one of them.
Here are three things you need to know about getting affordable life insurance after a skin cancer diagnosis.
1. Be sure that you let your insurance underwriter know which type of skin cancer you were diagnosed with.
Not all cancers are created equal, and some skin cancers can be more easily treated than others. There are three major types of skin cancer: basal cell carcinoma, squamous cell carcinoma, and melanoma. The first two are considered to be non-melanoma cancers by the medical community. This means that they are localized cancers that can be treated easily.
Non-melanoma skin cancers are rarely life-threatening, and don't usually spread throughout the body. Letting your insurance underwriter know that you were diagnosed with a non-melanoma skin cancer could help you qualify for affordable rates. Those diagnosed with melanoma may be subject to higher life insurance premiums, since there is more of a health risk associated with melanoma.
2. Make sure that you understand the table ratings system.
Life insurance providers rate applicants according to set list of standards. Being diagnosed with skin cancer often means that you don't fall into one of the pre-defined categories, so your insurance underwriter will rely on the table ratings system to determine your monthly premiums. Since you can expect to pay the standard premium rate plus an additional 25% for each grade you acquire on the table, having an underwriter who understands the stability of your condition is essential. A skin cancer diagnosis that has been treated and stabilized shouldn't affect your table ratings as much as a new diagnosis.
3. Don't be afraid to look for specialty insurance providers.
If you are having difficulty finding an affordable life insurance policy after your skin cancer diagnosis, you might want to consider working with a specialty insurance company. An underwriter with extensive experience underwriting difficult life insurance policies will have the skills and knowledge required to get you the most competitive rate possible.
Call several different companies who specialize in providing life insurance for customers with previous medical conditions to ensure your premiums are as low as possible.
Obtaining affordable life insurance after a skin cancer diagnosis doesn't have to be difficult. Be sure your underwriter knows what type of cancer you were diagnosed with, take the time to understand table ratings, and consider working with an underwriter who has experience writing difficult insurance policies to lower your life insurance rates in the future.
To learn more, contact a life insurance company like Guys Insurance.