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Can I get Life Insurance if I had Cancer
As a high risk specialist, Cancer is unfortunately a concern I all to often come across. Of course, whether someone gets approved for life insurance will depend on the type and severity of the cancer they had. I say had because if someone has cancer currently, they are not likely to get approved. If however they have battled cancer and are now cancer free, you have quite a few options. To start I would suggest putting a non medical insurance coverage in place and then sending off a confidential inquiry to all 15 Life Insurance Companies in Canada to see which of these is likely to approve you and offer the best rates. A critical factor in getting approved is not being declined because if you apply to an insurance company and get declined, all the other insurance companies will follow suite and decline you as well. So doing a confidential inquiry will point us in the direction of the company best suited to your particular situation. This strategy has made many of my clients very happy in the long run as you would be pleasantly surprised to know how much in premium one company will rate you vs another company. Just in case you need a quick definition of “rating” it means the excess premium you will pay for not being of standard risk. Remember underwriters are human and you can catch them on great and not so great day’s. So you might be asking how come other broker’s don’t use my little secret to getting those with cancer approved or for that matter any health issue. The real reason is sheer laziness most brokers are too lazy to do the work.
What happens if I was declined ?
Well if you were declined then you should now that all is not lost. It really depends on timing. From what we stated earlier my strategy is always to have you covered before a decline occurs and in that case, the reason for putting a non medical insurance into place beforehand. If you were declined in the past, there is still hope most of the time, but a general inquiry to an insurance company will let us know how long and what the conditions may be. I have seen people who were declined get approved 2 years later sometimes at a standard rate. Which brings us to our next questions ..
Can I get the rating removed down the road ?
Speaking open and honestly, if you ever received a rating on your life insurance ( higher price due to health) then it’s up to you to stay in touch with your broker to notify them of changes that may have occurred, has your health changed, have you lost weight and kept it off for a year, have you quit smoking, has your blood pressure, diabetes, and cholesterol disappeared from when you first applied. Remember its up to you to let the insurance advisor know so that the appropriate info can be sent to the life insurance companies and changes can be made. Trust me I have done this many times and a lot of the time, the ratings have been removed and prices have been made standard.
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