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In This Article I’m Going To Offer A Detailed Analysis Of How An Individual With A History Of Melanoma May Be Able To Qualify For A Life Insurance Program
Most likely you’re here today because either yourself or someone you love has had a history of melanoma and you’re wondering how that may have an impact on your eligibility for life insurance coverage.
Additionally, you may be here because you have attempted to apply for life insurance with another company and found that your application was either rated very high or was declined outright.Either way, if any of these circumstances described the situation you’re in, then you are in the right place.
My goal for this article is to give you all the information necessary to determine what kind of life insurance product will most likely be the best option for coverage with a history of melanoma.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on qualifying for life insurance with a history of melanoma. Enjoy!
Specifically, We’re Going To Cover The Following Topics:
- Factors That Have A Direct Impact On Your Insurability If You Have A History Of Melanoma
- Why People Decide To Own Life Insurance
- How Much Life Insurance Coverage Should You Get Based On Your Life Insurance Goals?
- Strategies To Get The Best Price With A History Of Melanoma
Factors that have a direct impact on your insurability if you have a history of melanoma
I’m going to detail each aspect of how melanoma can impact your eligibility for life insurance. Depending on the different factors that you may have experienced, melanoma may or may not affect your chances of getting coverage. We’ll also talk about generic factors such as health, age, smoking, weight, and lifestyle.
The date of diagnosis
The date of your melanoma diagnosis is one of the biggest driving components in determining what your likelihood for coverage might be. The date we are specifically interested in here is the date of a remission or the date of removal.
The longer the time that has passed, the better chances you have to qualify for some sort of life insurance coverage. So in general, we will ask how long it’s been since you were diagnosed with melanoma and how long it’s been since it was treated successfully and eliminated.
Based on this information we can start to determine what our options are. We’ll talk more about that later.
Along with a diagnosis of melanoma comes the potential for a metastatic cysts, meaning the cancer can spread to other parts of the body and become very dangerous, very quickly. Your life insurance application will ask about whether or not you experienced a metastasis of your melanoma cancer, as this may have a direct impact on your eligibility for insurance coverage.
Generally speaking, if there has been no metastasis, then you’ll more likely than not qualify for a better price.
Date since last treatment
How long has it been since you were treated last? No matter what the treatment was, chemotherapy, radiation, or removal, the insurance companies will want to know the form of treatment to again establish the likelihood of insurance eligibility.
The longer the time that’s passed since treatment, the more likely you’ll be able to qualify for a better type of opportunity, which we’ll talk about shortly.
Your overall health picture
While we’re looking at just melanoma, as far as our reference point for coverage, we also need to ask generic health questions in addition to questions about your melanoma, because your whole health package and lifestyle will determine your eligibility for life insurance.
Generally, when you apply for insurance you will fill out an application with your insurance agent. This application will include, but not be limited to, the following health questions to determine your insureability:
Do you have a history of…
- Heart disease
- Circulatory disease
- Lung disease
- Kidney disease
- Liver disease
- Neurological disease
- Mental health disorders
Your insurance provider will also want to know about a history of…
- Prescriptions taken
All of these questions will have an impact on your level of insurability, so make sure to be totally transparent and answer every question honestly.
Age has a level of impact on your coverage. The older you are, the more you pay.
Keep in mind that if you work with a broker like us at Buy Life Insurance for Burial, we shop around to try to find the best price and coverage. Many companies offer different price amounts, at different pricing structures, for different ages.
In addition to health and age, your lifestyle can affect if you qualify for coverage.
If you participate in risky sports such as mixed martial arts or skydiving, or if you hold a job in a very risky profession such as commercial fishing or coal mining, you may find that your prices have a surcharge attached to them in the form of what’s called a flat extra.
However, if you’re like most Americans and work a regular nine to five job, it’s unlikely that you’ll be penalized due to your lifestyle. In addition to lifestyle questions, you’ll also be asked about your driving record as well as your credit history.
Smoking often makes insurance prices go up on coverage, with the rare exception of cigar, cigarillos, and pipe smoking, and tobacco chewing. For these particular products, you may qualify at nonsmoker rates or non nicotine rates, but be aware only a few companies offer this privilege, so it’s important to work with a broker like Buy Life Insurance for Burial to get the best coverage price if you use tobacco products.
As you can imagine, weight does have an effect on insurance qualification and coverage costs. Even though you may be overweight or obese, it’s likely that there still are life insurance options available, as each company has a height-weight chart to establish the ratios that are acceptable for life insurance coverage. Just be aware, as you go up the scale ratio, the higher the rate is likely to be.
Reasons for owning life insurance
If you have been diagnosed with melanoma, you probably know that melanoma can potentially be terminal. So you most likely have lived through the reality that life is mortal. It’s not permanent. And your life or your loved one’s life can be taken without warning if there isn’t quick medical intervention to help cure the disease.
People purchase life insurance for a variety of reasons, but the most common reasons are to:
- Protect the family’s welfare.
- Replace the income that either yourself or a loved one would have produced all the years that they would have been alive.
- Take care of debt like your mortgage payments.
- Covering final expenses like your burial and cremation costs.
How much life insurance coverage do you need?
This question goes back to establishing why you need life insurance in the first place. Everybody generally has different needs and priorities which will ultimately determine how much coverage an individual should own.
If you’re looking to replace your income and want to make sure that your family isn’t burdened with a dramatic lifestyle change upon your death, I would recommend at minimum 10 times your annual income in life insurance coverage.
This means if you make $50,000 a year that you should carry $500,000 in life insurance. This number will generally cover most debts, replace your income, and leave your family otherwise in a comfortable position versus them not having coverage to begin with.
If you’re looking for just a plan to cover for final expenses such as burial and cremation costs, all you really need is somewhere between 10,020 $5,000 of coverage depending on what kind of service you want and what part of the country you live in. You don’t necessarily need any more coverage than that, but you can definitely qualify or attempt to qualify for more if you wish.
What are the best strategies to get life insurance with a history of melanoma?
In this section I’m going to break down three different scenarios, based on the length of time since the elimination of the melanoma, that will give you an indication of your options for coverage.
From 0 to 2 years since the removal or treatment
If it’s been two years or less since the removal and elimination of your melanoma, you may be eligible for a guaranteed issue plan as long as your age falls within the 50 to 85 range.
Guaranteed issue plans don’t ask health questions. The coverage never cancels due to age or health. However, the coverage does not cover you fully for natural causes of death until two years have passed.
When you buy these plans, you have to understand that there’s going to be a limitation of coverage for natural death and you have to determine if that’s a risk you are willing to take. For some people they’ve waited so long to buy life insurance that they know they need to just get something in place. They know they can potentially re-approach purchasing life insurance later if their health improves and they don’t have any new symptoms.
From 2 to 5 years since the removal or treatment
Once you reach 2-5 years from the elimination of melanoma, your options begin to open up. The first option typically begins with what’s called simplified whole life as you cross the two year threshold. Simplified whole life is similar to guaranteed issue insurance.
Whole life insurance has rates that never go up. Coverage never cancels due to age or health, and as long as you fit the health questions asked, you will be covered for both accidental and natural death from the first two years.
With this option you get more comprehensive coverage to take care of things such as final expenses as you get closer to the five year mark, assuming your health is otherwise in good shape.
Insurance companies may be more willing to consider a life insurance plan on a traditional basis such as a term life insurance product that would be more appropriate to cover and replace your income and take care of final expenses as well as mortgage costs if you were to pass away before the term ends.
However it’s going to then depend on all the other variables mentioned earlier and ultimately we have to do an interview with you to determine, based on our underwriting options, the best choice for coverage.
After 5 years or more
As you approach the five year mark, assuming you’re in good shape, companies will begin to ease up their requirements. Once this period of time has passed, people who once had a riskier health history are viewed with a new perspective so to speak.
You may at this point begin to see more traditional products on offer as well as standard ratings, depending on which company go with, which ultimately means a better price for your coverage.
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