Although individuals who have been diagnosed with leukemia generally may not have preferred risk classes for life insurance, i.e. Preferred Plus or Preferred, once treated without recurrence, individuals may be considered for standard life insurance rates.
Risk classes depend on:
- the type of leukemia
- your age at diagnosis
- how long it has been since the treatment was stopped
The more years that have passed since the treatment, the greater your chances of qualify for Standard or Standard Plus.
If you do not qualify for regular risk classes, you may be classified and / or be required to pay an extra flat. A table rating usually means that you will pay the standard prices plus a certain percentage. A flat extra is an extra fee that reduces the risk for the insurance company. A flat extra can last an entire policy or just a few years.
Let's take some examples.
Jane Doe was diagnosed with acute lymphoblastic leukemia (ALL) when she was 8 years old. She is now 30 years old and it has been over 20 years since the treatment ended. Jane is a non-smoker and apart from her history of childhood cancer, she has pure health.
She is applying for a 30-year $ 500,000 life insurance policy and is approved on Standard Plus. Her monthly premium payments will be $ 50.
John Smith was diagnosed with acute myeloid leukemia (AML) when he was 18 years old. Part of his treatment was a bone marrow transplant. He is now 32 years old, does not smoke, and it has been 13 years since the treatment was completed.
He is applying for a 20-year $ 500,000 life insurance policy and is approved in Table B. His monthly premium payments will be $ 60.
The cost of a life insurance policy is determined during the warranty process. Underwriting is the process of evaluating an application and determining a risk class.
Life insurance companies do not guarantee in exactly the same way. Some will be more severe with leukemia than others.
How does lymphoma affect the purchase of life insurance?
There are two categories of lymphoma: Hodgkin's and non-Hodgkin's. The difference between the two is based on the type of cancer cells present.
According to the Cancer Treatment Centers of America Hodgkin's lymphoma is rare and accounts for about 0.5 percent of all new cancers diagnosed. Non-Hodgkin's lymphoma is more commonly the seventh most commonly diagnosed cancer.
In most cases, applicants with lymphoma will receive a flat extra in the first few years, unless a good number of years (like ten) have passed since the treatment.
Let's take an example.
John Doe is a 54-year-old, non-smoking man who is applying for a 20-year $ 250,000 sight policy. He was diagnosed with stage 3 non-Hodgkin's lymphoma five years ago. He underwent chemotherapy the same year and continued preventive treatment for two years after. There have been no signs of relapse. He receives checks once a year.
John is approved in Table B with a flat extra of $ 15 per thousand for five years. Here's what it all means. John gets $ 250,000 in coverage, so to calculate the extra plate you multiply 15 by 250. John has to pay $ 3750 extra per year in addition to his normal premiums for five years. When year five is over, his premiums will drop to the regular Table B premium which will be $ 140 per month.
Again, no life insurance company subscribes in the same way. There are insurance companies that would reject John outright. This is why it is beneficial to work with an independent agency like Quotacy. We have contracts with several A-ranked carriers, so your chances of being approved are better.
How does myeloma affect buying life insurance?
Myeloma has different forms, but 90 percent of people who have been diagnosed with myeloma have multiple myeloma . It is called this because it affects several parts of the body versus just one place.
There is currently no cure for multiple myeloma, so approval of life insurance can be difficult. If you have not undergone a bone marrow transplant, an applicant diagnosed with multiple myeloma will usually be rejected for life insurance. However, myeloma is the least common diagnosis of blood cancer.
Plasma cytomas and localized myeloma diagnoses – these are forms of myeloma where cancer cells are present in only one place – have a greater chance of approving life insurance. Standard prices are even possible if enough years have passed since the treatment.
If you have a history of blood cancer, do not hesitate to apply for life insurance. Applying for life insurance is free and there is no obligation to buy.
Here at Quotacy, we have access to many life insurance companies and help you get approved for coverage. Start by using our term citation tool to run as many citations as you want – no contact information required. We look forward to helping you get life insurance.