Statistics say one of three women and one of two men will be diagnosed with cancer in their lifetime. Cancer does not discriminate. We see more and more clients completely caught off guard upon diagnosis as they have no family history of the disease.
While cancer is the second leading cause of death in the United States, it is among the most difficult health conditions to make it through life insurance underwriting. But, it is possible.
Giving your client the best chance for coverage comes down to asking the right questions up front. Below are the key questions you must ask to write life insurance for people with cancer.
- Type of cancer?
- Date of diagnosis?
- Type of treatment (e.g. surgery, chemotherapy, radiation)?
- Treatment start date?
- Treatment end date?
- Tumor size?
- Has the cancer spread (metastasized), if so where?
- Any recurrence?
Getting complete answers to these questions will surely speed up the review process with the underwriters.
One of the most common types of life insurance for someone with cancer is Guaranteed Issue Whole Life. This product typically requires a waiting period for the client before the carrier will honor the full face amount of the policy. We are seeing an increase in guarantee issue life insurance sales due to cancer and believe those numbers will continue to grow.
If you need some options for a client with cancer, please feel free to contact us today.