Tuesday, March 28, 2006

More Good News for Cancer Survivors...

Back in November, we told you about positive changes in the life insurance industry.
Well, there's even more good news:
Just twenty (short) years ago, one out of every two men diagnosed with prostate cancer could expect to die within 10 years. According to the National Cancer Institute, 93 percent of men with prostate cancer can now expect to live at least 10 years. Good news indeed.
Now, at least one carrier is expanding on that development. The Hartford is now offering life insurance at standard rates to men (age 60 and older) who have been surgically treated for moderate levels of prostate cancer.
What does that mean to your wallet?
Generally, insurers offer several rating classifications, depending on one’s overall health, cholesterol levels, medical history, and other factors. Most offer a “super select” class for folks who walk on water (or maybe that’s jog on water); about 3% of applicants will qualify. The next step down will be “select,” with rates about 10-15% higher. Then there’s “standard,” which is usually another 10-15% (or more) higher than select.
So this isn’t such great news after all, right?
Not so fast:
Below “standard” is “rated,” which can be 50-100% higher. And, of course, many carriers will simply decline to cover someone with a recent history of cancer.
Slow progress, to be sure, but progress nonetheless.
The Hartford anticipates that up to 250,000 of those diagnosed with prostate cancer in the past five years could be eligible for coverage under this new criteria. And it’s available for both permanent and term plans.
Hopefully, other carriers will follow suit.
Good on ya, Hartford!
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