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If you’re one out of the five Americans who have developed skin cancer, whether it's basal cell carcinoma, squamous cell carcinoma, or malignant melanoma, you might be wondering how your diagnosis affects your ability to qualify for life insurance, as well as what rates you might expect to obtain.   

The first thing that you should know is, yes, you can get a quality and affordable life insurance policy. If you’ve ever been told that you would be declined, or you’ve been declined for coverage in the past, we can help you find an insurance company that will insure you. This is because every company is different, and all of them look at various preexisting conditions through a different lens. Some automatically high-risk applicants, while others have more experience working with patients with skin cancer, which can mean the difference in getting an affordable policy, or being declined for coverage. A preexisting condition shouldn’t keep you from getting the insurance protection that your family deserves.

Basal cell carcinoma is the most common form of skin cancer. Because basal cell carcinoma typically does not spread to other tissues and is easily treatable by surgery, most insurance companies view this type of skin cancer more favorably than the other two types. In fact, life insurance companies most often offer preferred rates once the cancer treatment has been completed. However, preferred rates may not be available if the basal cell carcinoma reoccurs, especially in young people. 

If you’ve been diagnosed with basal cell carcinoma and you’re interested in purchasing life insurance, it is important to tell your agent the following:

1)      Date of the diagnosis

2)      How and when the cancer was treated

3)      If the cancer has reoccurred

If you have been diagnosed with squamous cell carcinoma, you’re among one of 700,000 Americans who have been diagnosed each year. According to the Skin Cancer Foundation, Squamous cell carcinoma occurs twice as frequently in men than in women. This type of skin cancer is seen most often seen in individuals in their 70s, and rarely appear before age 50. It is possible to obtain preferred rates with squamous cell carcinoma, but this will depend on the stage and grade of the cancer, in addition to the number of occurrences (one occurrence being the maximum).  

If you’ve been diagnosed with squamous cell carcinoma, it is important to tell your agent the following:

1)      Date of the diagnosis

2)      How and when the cancer was treated

3)      Stage and grade of the cancer

4)      If the cancer has reoccurred

Malignant melanoma is the most deadly form of skin cancer and is therefore of the greatest concern to life insurance underwriters.  

Because of the risk associated with insuring this type of skin cancer, you might expect to pay higher rates for life insurance.  The details of your skin cancer will determine your exact rate class and vary between insurance carriers, so it’s best to provide your insurance agent with the pathology report including the following:

1)      Date of the diagnosis

2)      How and when the cancer was treated

3)      The Clark Level of the cancer

4)      The Breslow Scale of the cancer

5)      If any other Grade was given to the cancer

6)      If the cancer has reoccurred

Because insurability and actual ratings for individuals with skin cancer vary greatly depending on factors such as the specific condition and severity of the condition, you're best served by working with an independent agent who has experience underwriting this risk.  Please contact our team at RootFin.com, so that our agents can help you select an insurance company that will offer you the best possible rates.

There are several other factors that the insurance company is going to be concerned with, aside from the type and diagnosis of the skin cancer. Just like with any other applicant, the company is going to want an overall picture of your health. They are going to want to know how good your health is to calculate how much of a risk you are to insure. The higher risk that you are, the more that you’re going to pay for insurance coverage.

Before the insurance company approves your application, they are going to require that you take a medical exam, unless you choose to purchase a no medical exam life insurance policy, which will also come with a higher premium rate. During the exam, they are going to take basic vital signs like your blood pressure, weight, and heart rate. Additionally, they are going to take a blood sample and a urine sample to see if there are any unknown preexisting conditions.

The insurance company is also going to look at your marital status, as well as how much money that you make every year. All of these factors are going to be account for when the insurance company is looking at insuring you as well as calculating how much you’ll pay for your coverage. Maybe you are wanting a small amount of coverage or a million dollar policy. We can help.

Regardless of the type of skin cancer that you have, we can find an insurance company that is going to give you affordable rates. Aside from getting life insurance, it’s vital that you get enough coverage for your family. Not having a large enough plan is just as bad as not having a policy at all. It could leave your loved ones with massive debts and no money left over to pay for them.

There are several different factors that you’ll need to account for when you’re adding up your life insurance needs.

The first is your debts. The primary goal of your life insurance is to give your loved ones the money that they need to pay off all of your debts and final expenses. Make sure that you add up any bills that they would be responsible for.

The next factor to look at is your annual salary. The secondary goal of your life insurance is to replace your paycheck if you were to pass away. If you’re the main income earner in your household, they would suffer financially if anything tragic were to happen to you. That’s where your life insurance policy comes in.

Source: Skincancer.org

About Jeff Root

is the owner of rootfin.com. He’s an independent life insurance agent who has helped 1,000’s of consumers purchase life insurance online and over the phone.

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