The industry is discovering that the odds for victims of this disease are improving.
Cancer survivors are now finding that it is easier than it has ever been to be able to purchase life insurance, when not very long ago it was considered to be nearly out of the question.
Medicine has come a long way and is changing the outlook for survivors of this disease and their coverage options.
It wasn’t that long ago that a diagnosis of cancer was the same as a death sentence, but that is no longer the case. Survivors of this disease are, as a result, finding that it is not only possible, but much easier than ever to be able to find life insurance coverage that they can actually afford. This also means that they no longer need to limit their options to policies that do not require a medical – which is a type of coverage that is often associated with a number of potential drawbacks.
The life insurance industry has been conducting a re-evaluation of the odds for survivors of cancer.
Many people feel that if they have had a disease such as cancer, it might play in their favor to choose a life insurance policy in which they are not required to complete a lengthy health questionnaire and possibly submit urine and blood samples . However, the coverage available through those options may not be the same – or even as appealing from a price point of view – as a more standard policy that comes with the medical questions.
According to Joan Tolan, former Munich Reinsurance vice president of underwriting, now retired after having worked 37 years in the life insurance industry, explained that the sector has always been quite selective regarding the risks that it is willing to take, but that it has been going through a transition when it comes to its outlook on cancer survival. She said that “Every year there is better and better results with the types and treatment and survival.”
Early detection has also played a very important role in both improving the odds of survival and making people who have had cancer more insurable with life insurance policies.