Here at ChapmanInsuranceSolutions.com, our goal is to make long-term care planning simple. That is why we like to offer valuable information to all individuals including those who are considered “high-risks” by underwriting. In this post we are going to discuss applying for Hybrid Long-term Care insurance for cancer survivors. Our goal is to try to help you get approved for a policy despite your medical history!
Now there is no “one size fits all” rule when it comes to underwriting cancer survivors. Each hybrid long-term care insurance company has its own underwriting and approval guidelines. In addition, some companies are more aggressive in their underwriting than others. Nevertheless, we will look at what underwriters are generally considering when underwriting a cancer survivor. More importantly, we also discuss when is the best time to apply if you have a medical history involving cancer.
Completion of Treatment
The best time to apply for a policy depends on your completion of treatment of cancer. The date of your completion of treatment is very important in the underwriting process. It plays a significant role in determining if an underwriter will even consider your case. For example, let’s say a company’s underwriting guidelines is to decline an application if the completion of cancer treatment is within the last five years. If you apply for a policy and you completed treatment two years ago, your application would result in a decline.
Therefore, the completion of treatment date will determine the minimum time you should wait before you submit an application for insurance. For some companies, that minimum submission waiting period varies depending on the type of cancer. Hence, let’s talk more about how the type of cancer you had plays a role in underwriting your application.
Type of Cancer
The type of cancer you had is equally important as the time of your completion of treatment. One cannot be considered without the other. For example, let’s say you had prostate cancer. A company may consider your case as early as 3 years after completion of treatment. However, if you had breast cancer, the company may consider your case as early as 2 years after your completion of treatment. Hence, the type of cancer had along with the completion of treatment date, plays a huge part in underwriting your application.
Before you apply for a hybrid LTC insurance policy, it is important to consider those two points. If you fail to do so, it may result in a decline of your application. This is possible as you may have applied for insurance too soon after your last treatment.
Now let’s consider an individual who meets a company’s underwriting guidelines in regards to the type of cancer and the last date of treatment. If they were to apply, their medical history would be further investigated for underwriting purposes. Therefore let’s look at some other factors underwriters will consider in regards to your cancer history.
There are three things underwriters will look at in your medical history as a cancer survivor. They are the grade of the tumor, the stage, and the type of treatment you received. These three factors are generally common points of interest when the underwriters are reviewing the medical history of a cancer survivor.
1. Grade of Tumor
Now the grade of the tumor describes how similar the cancer cells look to their healthy counterparts under a microscope. It is usually indicated by a number ranging from 0 to 4 and is an indicator of how quickly a tumor is likely to grow and spread.
According to the National Cancer Institute, if the cancerous cells resemble healthy cells, it is considered a “low-grade tumor” or “well-differentiated.” However, if the cancerous cells are abnormal-looking and lack normal tissue structures, it is considered a “high-grade tumor” or “poorly differentiated.” When looking at your medical history, underwriters will look for the grade of the tumor.
2. Stage of Cancer
Underwriters will also consider the stage of cancer when you were diagnosed. The stage of the cancer is normally indicated by Roman numerals ranging from I to IV (1-4). In addition, some cancers also have a stage 0.
The stage of the cancer indicates how far the cancer has spread and also the size of the tumor. According to the National Institute of Cancer, the higher the number, the larger the cancer tumor is and the more it has spread into nearby tissues. Often times, underwriters will look to see if the cancer is metastatic. That means the cancer spread to distant parts of the body as oppose to growing locally.
3. Type of Treatment
Another point of investigation is the type of treatment. The type or treatment received is just as important as the grade and the stage in reviewing your cancer history. There are various types of treatment for cancer depending on the cancer type and its stage. Treatments for cancer include radiation therapy, chemotherapy, immunotherapy, as well as surgery.
The type of treatment you received is considered pertinent information for the underwriter evaluating your application. For example, let’s say an individual had a small tumor that was removed by surgery with no other occurrence. An underwriter will review that information according to company guidelines in order approve or decline your application for insurance.
Having a medical history involving cancer should not deter you from applying for hybrid long-term care insurance. However, it is in your best interest to work with an experienced agent who can direct you to the best companies concerning your cancer history. At ChapmanInsuranceSolutions.com, we do our best to help you find the right companies that are willing to work with you and look on your case favorably.
If you or your loved one is a cancer survivor and you are interested in Hybrid Long-term Care insurance, request a free quote or give us a call today so we may assist you!
Disclosure: This article is for information purposes only. It is NOT an all inclusive guide of underwriting guidelines, particularly for cancer survivors. There are other guidelines an underwriter must consider when underwriting an application. The approval or declination of any application is left up to the sole discretion of the company and its underwriters.