Can cancer patients avail any dedicated life insurance?

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PostPosted: Tue Jun 29, 2010 11:13 am   Post subject: Can cancer patients avail any dedicated life insurance?  

I'm convinced that the cancer patients are less likely to get covered by any traditional life insurance. Can such patients apply for any dedicated plans that are conditioned to help them?


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Picaboo
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PostPosted: Tue Jun 29, 2010 11:41 am   Post subject:   

I think those patients can find some help here:

http://www.benefithouse.com/life-insurance-for-cancer-patients.html

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PostPosted: Tue Jun 29, 2010 3:56 pm   Post subject:   

There are insurers who will write small policies (up to $25,000 - $50,000) without much in the way of health questions. They also typically pay smaller death benefits in the first 1-2 years of the policy than the stated amount (known as a policy lien).



Because the companies know that sick people are most likely to apply, expect the premiums to be higher than most other "underwritten" policies of the same face amount.



Be advised that the link posted above is NOT to an insurance company, but to an agency that tries to find coverage for such persons.



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PostPosted: Thu Jul 01, 2010 6:26 am   Post subject:   

Hey Max, would you please share an expected death benefit amount out of a policy value worth $25,000 within the initial 2 years? I'm sure the premiums will be higher, but I don't have any idea of the death benefit that we're supposed to get out of such policies.


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PostPosted: Thu Jul 01, 2010 1:17 pm   Post subject:   

Contracts vary. Not all contracts are built with a "lien" against the death benefit in the first year or two.



But it's possible that a policy will pay only 50% of the stated death benefit in the first one or two years of the contract. If that's true, the policy should state it right on the cover page . . . "Limited benefits first two years" . . . and explain it in detail somewhere in the contract.



You sometimes see this in the "fine print" on TV commercials for certain life policies offered to persons "between ages 40 and 84" . . . "reduced benefit first two years".



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PostPosted: Thu Jul 01, 2010 2:23 pm   Post subject:   

Usually these types of policies are return of premium during the first two years, meaning the insurance company will return the premiums you pay if you die in that period.

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PostPosted: Fri Jul 02, 2010 4:10 am   Post subject: insurance  

With the 'clients' that I work with (some are Cancer patients) they are having a very difficult time finding ANY kind of Insurance for their 'pre-existing' conditions. I'm trying to find information for these 'clients'..seems like it's a 'dead end' most of the time. At times, I feel very helpless......I'm suppose to be HELPING these people. It's frustrating to tell them, "I haven't found anything yet." Sad

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PostPosted: Fri Jul 02, 2010 4:40 am   Post subject:   

Quote:
With the 'clients' that I work with (some are Cancer patients) they are having a very difficult time finding ANY kind of Insurance for their 'pre-existing' conditions. I'm trying to find information for these 'clients'..seems like it's a 'dead end' most of the time. At times, I feel very helpless......I'm suppose to be HELPING these people. It's frustrating to tell them, "I haven't found anything yet."




If you want to help them, refer them to a life insurance agent who can shop their case. There's a big difference between someone having cancer right now and someone who had it and is now cancer-free. You're supposed to buy life insurance when you're healthy, not when you have one foot in the grave. Harsh? Maybe....but I wonder how many of those people bought term and invested the difference. Confused


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PostPosted: Fri Jul 02, 2010 6:57 am   Post subject:   

Quote:
There's a big difference between someone having cancer right now and someone who had it and is now cancer-free.


How does an insurer differentiate between these two categories?

Isn't it a risk for the insurer even when someone gets cured? I guess the risk is always there in their views.

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PostPosted: Fri Jul 02, 2010 1:01 pm   Post subject: insurance  

DEGOLDENZ....I understand your point. ALOT of my 'clients' have had cancer for a long time. However..I do get the point that COOLRIDES is saying...how do you determine the difference between HAD cancer and don't have it now? I would think even if someone is in 'remission', you would have to prove this. Still.......it's a big risk that the cancer will come back. Almost like a 'catch 22' thing.

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PostPosted: Fri Jul 02, 2010 2:31 pm   Post subject:   

Quote:
DEGOLDENZ....I understand your point. ALOT of my 'clients' have had cancer for a long time. However..I do get the point that COOLRIDES is saying...how do you determine the difference between HAD cancer and don't have it now? I would think even if someone is in 'remission', you would have to prove this. Still.......it's a big risk that the cancer will come back. Almost like a 'catch 22' thing.




That's for a doctor to determine. Anyone who has had cancer will know exactly when their doctor told them it was gone. The most common cases placed after cancer treatment is for prostate, colon, or breast cancer. We just placed one last week who was treated for prostate cancer 7-8 years ago while he was only 42 years old, fully recovered, and got a standard rate (e.g. normal life expectancy).



There can be risk of cancer returning, but that is priced into the risk classification they would get if the company offered the coverage.


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PostPosted: Sat Jul 03, 2010 6:47 am   Post subject:   

Well, it's truly an interesting topic to discuss in our forums. The risk factor is always associated with any coverage being offered to a cancer patient. But how do we classify the intensity of such risks!

Quote:
We just placed one last week who was treated for prostate cancer 7-8 years ago while he was only 42 years old, fully recovered, and got a standard rate (e.g. normal life expectancy).


Will you offer a standard rate to any cancer patient who's fully recovered for 7-8 years? Or do I assume that it's only meant for people who got cured of prostrate cancer?
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PostPosted: Sat Jul 03, 2010 4:27 pm   Post subject: insurance  

Sadly, there isn't a cure for Cancer. I can understand the Inurance companies/doctor's point of view, on the issue. They can aways come back and say, "ok..you don't have Cancer now, but it DOES return, at some point. RODDICK..the Cancer pateint, that you gave a policy....his premiums were of normal' standards (lack of a better word) and not 'high risk', because he had Cancer before? (This is an interesting thread.)

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PostPosted: Sun Jul 04, 2010 12:28 am   Post subject:   

There isn't a cure for cancer, but that doesn't mean that people don't beat cancer. Cancer can go away. It is also possible for someone who has had cancer to get ultrapreferred rates. This happens when the wording of the question is, "In the last 10 years have you..." and the person has been cancer free for longer than that.


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PostPosted: Sun Jul 04, 2010 1:06 am   Post subject:   

Roddick - I don't offer insurance to people, I'm an agent. The insurance company has to approve the coverage. Usually people with prostate cancer end up having the prostate removed. As long as it didn't spread to other areas of the body, they should be insurable.



Last person - what company asks about cancer in the last 10 years? Every application I've seen off the top of my head will ask "have you ever"? There is no company I know of that will give Preferred Plus fully underwritten rates to a former cancer patient.



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