Stage IV Lung Cancer, Insurable?

[Ned Ryerson]

I've been asked by our Facebook group to do some research regarding Stage 4 Lung Cancer and life insurance.

Here's the background. My wife a non-smoker and in very good health was diagnosed last year with Stage IV Non-Small Cell Adenocarcinoma with an ALK+ genetic mutation. Needless to say, we were shocked. She was only 59 and like I say in good health, in fact, she was a practicing Registered Nurse.

Once she was diagnosed we sought out support groups and found a support group for ALK (Anaplastic Lymphoma Kinase) positive survivors on Facebook.

ALK+ Lung Cancer is still a very rare form of cancer and when it is diagnosed it's almost always diagnosed at Stage 4 since their cancer has metastasized to other organs or two other parts of the lung.

Many of the patients are younger when diagnosed and they are usually treated through what's known as "Targeted Therapy" rather than conventional chemotherapy or radiation. For example, my wife takes two pills a day of the drug Xalkori (Crizotinib).

While the disease is incurable, through advances in pharmacology, many ALK+ people are living fairly normal and productive lives, even though they know they have a terminal illness. Due to the specific nature of the diagnosis, the hope is that as a patient progresses on one medication, then a new medication will be available which will continue to prolong life. It's actually quite amazing the pipeline of drugs that have been developed and are being tested currently. And people are living now with more hope than they were even a short time ago since the treatments only became available in 2010. We are hoping that life expectancy will increase as knowledge and medication increases for these survivors.

As a Moderator for the group, the Administrator asked someone with some life insurance connections to reach out and simply ask, is there any hope of life insurance for any of these survivors? Overall, we aren't too hopeful to find an insurer who will underwrite for this but since I knew of this forum, I wanted to throw this out and see what y'all think or have experienced.

So, simple question, Can Stage IV Lung Cancer (particularly with the ALK+ genetic mutation) patients be insured and if so by who? Any leads regarding companies or policies that could be of help would be appreciated very much.

 

[JRoot]

First off, excellent choice for a screen name. Bing!

Traditional coverage won't be possible under current treatment for cancer, but "graded death benefit" coverage will. This means there's a 2 year waiting period before full coverage kick in - which will be fine for the type of Stage IV cancer y'all are fighting since they'll easily outlive it.

It's expensive compared to traditionally underwritten policies and there's coverage limits, but you can buy multiple policies (through different companies). The best priced guaranteed issue coverage will be Mutual of Omaha - you can call them direct and buy a policy. Then there's AIG and Gerber if you wanted coverage on top of the limits they have.

 

[omw25k]

I write for Gerber and they have a Guaranteed Life policy with a 25k limit.....50-80 years old. I don't think the rates are too high for what you are asking them to cover and I would make sure to buy one as soon as you get the diagnosis, since it has a 2 year wait for the full benefit amount, even if it pays the full benefit if they die by some means other than natural causes. Another GL company is Great Western but I think it is a lot more expensive. In my opinion, if you are gonna get diagnosed with cancer heart attack or stroke, let it be after the age of 50.

 

[suranceman]

She could get an FE policy from Balitmore Life. It would pay out 25% of the death benefit during year 1 and it would be 50% if death was during year 2.

Outside of that, you are definitely looking at a GI policy like the others already mentioned.

 

[ianbroker31]

"BING Again!"

 

[Ned Ryerson]

Thank you so far.

It's good to know that there are policies available, even if they are limited in their scope.

It's also a plus to learn that people should get a policy as soon as diagnosis, since many of these survivors.

In our own situation, I wish we had bought a whole life policy to supplement our term policies that we had when our children were young. Never too late to learn, but too late now to get a good rate on a permanent policy.

 

[omw25k]

Thank you so far.

It's good to know that there are policies available, even if they are limited in their scope.

It's also a plus to learn that people should get a policy as soon as diagnosis, since many of these survivors.

In our own situation, I wish we had bought a whole life policy to supplement our term policies that we had when our children were young. Never too late to learn, but too late now to get a good rate on a permanent policy.

a friend of mine was with colon cancer, 56, 25k and his premium was gonna be 113.00 a month. I don't think that is too bad considering he had colon cancer. He got the policy, never made the payment. If the insured dies within the first two years, they get their money back plus 10% interest, so even if they dont make it 2 years, it isnt like they lost anything by buying early.

 

[WinoBlues]

Thank you so far.

It's good to know that there are policies available, even if they are limited in their scope.

It's also a plus to learn that people should get a policy as soon as diagnosis, since many of these survivors.

In our own situation, I wish we had bought a whole life policy to supplement our term policies that we had when our children were young. Never too late to learn, but too late now to get a good rate on a permanent policy.

Whoa, you have term policies?

A huge reason to have a true Life Insurance agent. Has your agent gone over your guaranteed conversion options? Any terminal or chronic illness riders? Maybe, child riders that can be converted.

Your agent should review this with you every year or two.

 

[pfg1]

Wino, my initial thought reading that was that they HAD term policies. I hope you are right and they do still have something in force, at least it might have some conversion options.

What the OP posted is exactly why I personally believe having BOTH term and perm is important. Some in the industry will tell you btid, to self insure, or that you won't need insurance when you get older. Ironically, many or most that don't wish they did.

 

[WinoBlues]

Wino, my initial thought reading that was that they HAD term policies. I hope you are right and they do still have something in force, at least it might have some conversion options.

What the OP posted is exactly why I personally believe having BOTH term and perm is important. Some in the industry will tell you btid, to self insure, or that you won't need insurance when you get older. Ironically, many or most that don't wish they did.

I also like blended or combo plans. That is how I see some ROP Term if they have the option to go RdPdUp at the end. Also a good reason to have convertible child riders.

Hopefully the OP has some options through a term plan or maybe through a group plan at work.

OP, if your or your groups agents are not covering your opinions with you, fire them. You can fire the agent and not cancel the insurance.