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Breast cancer survivors receive better life insurance

11/16/11

Women who have recovered from breast cancer after treatment are able to get better life insurance rates and apply sooner than they have in previous years.

According to experts, earlier detection, improved treatment and better outcomes are the source of the change, which gives breast cancer survivors better life insurance options after they go through treatment.

Life insurers take multiple factors into account when underwriting a policy for women who were diagnosed with breast cancer, including the size of the tumor, whether lymph nodes were involved and whether the cancer spread to other parts of the body.

While different insurers have different underwriting policies regarding breast cancer survivors, some companies offer standard rates to certain patients immediately after they complete treatment, Kiplinger's reported. Patients whose cancer was at a more advanced stage during treatment might have to wait a few years to qualify for a policy, but this waiting period is far shorter than it used to be. While these applicants might pay a slightly higher premium for their policies, some companies reduce the premium after the insured remains healthy for a specified period of time.

The National Cancer Institute estimated that more than 230,000 women will be diagnosed with and close to 40,000 will die from breast cancer in 2011. While increasing rates of survival for breast cancer patients is heartening, these figures suggest how important it is for women to obtain life insurance.

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