Hartford Financial Services Group Inc. this week said it would offer life insurance to women with certain types of early stage breast cancer at the same rates as healthy women, reflecting increased coverage for individuals with medical conditions that would have been roadblocks to insurance several years ago.
To make such policies feasible, insurers are looking beyond mortality tables to clinical medical underwriting, which takes into account medical advances. The demand for “impaired risk insurance” is expected to increase as baby boomers age and medical advances turn once-deadly conditions into chronic illnesses.
“Most people are insurable,” said Matt McAvony, president of Target Insurance Services in Overland Park, Kan., and chair-elect of the National Association of Independent Life Brokerage Agencies. “Most people can get an offer to buy insurance.”
Hartford said its new coverage is available to women who have been treated for the first time for “small, well-differentiated, localized Stage 1 breast cancer and have a strong prognosis for survival based on the results of common tests.”
Hartford estimates that 100,000 women who were treated during the last five years for breast cancer meet the guidelines for its new insurance, representing about 15% of the women diagnosed with stage-one breast cancer.
“We see it as an affirmation of the progress made in the clinical area,” said Ann Hoven, chief medical director for the Hartford, Conn., company's Individual Life Division.
She said that Hartford routinely monitors clinical research about serious illnesses, and since 1991, deaths from breast cancer have dropped 20% because of early detection and improved treatment. After conducting its own research Hartford decided it could offer this new insurance, which would significantly decrease the cost of life insurance for a woman.
For example, a 50 year-old woman who had been treated for stage-one breast cancer previously would have had to pay $1,500 over a year plus an additional $2,500 annually for five years. Now, women who meet the new underwriting guidelines would pay only $1,545 a year.
An estimated 5% to 10% of the insurance-buying population has a medical condition that may make their insurance priced beyond standard. That number likely will grow as baby boomers age and medical advances enable patients to live long lives despite a serious medical condition.
“I'm insuring people today who had prostate cancer six years ago, people who years ago, we wouldn't have touched,” said Jack Fischer, who owns Amsterdam Financial, an independent financial-services firm in Chicago. The firm specializes in securing insurance for impaired risk cases.
“We have more knowledge, more comparisons, more statistics, more years have gone by with positive results,” said Mr. Fischer.
U.S. Financial Life Insurance Co. in Cincinnati sells only impaired risk insurance and has grown annually since it was established 15 years ago.
It provides coverage for individuals with, among other things, cancer, heart disease and diabetes. U.S. Financial takes a multipronged approached when evaluating potential policyholders and considers whether a person is living a healthy lifestyle and following a doctor's orders.
The company, a subsidiary of AXA Financial Inc., sells the policies through life-insurance agents rather than directly to the public.
“I think many people believe they can't get life insurance is because of a medical condition, and that was true years ago, but not today,” said Hartford's Ms. Hoven, who compared the new insurance with changes that occurred about a decade ago for patients with a history of heart attacks.
Mr. Fischer encouraged people with medical conditions to find agents who are knowledgeable about impaired-risk Insurance. “You really want someone who has done it and understands it before they write you up,” he said.
For more information about Amsterdam Financial LLC, call (312) 440-0600 or visit www.AmsterdamFinancial.com
Offer Lower Rates For Breast Cancer Patient
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All You Should Know How To Avail Cheap Car Insurance
Increased number of road injuries and accidents in UK as well as all over the world has made car insurance a necessary tool to be equipped with. A car insurance keeps many of your worries off when you fall prey to any accident or injury while driving. Buying a car insurance assures you some sort of financial security in form of fixed amount of compensation when you meet any kind of accident or injury.
As availing a car insurance is somewhat a costly affair, it becomes a bit difficult for car owner to deal with. Buying a car insurance which is available at cheap price, thus, becomes a sought after option for car owners. Taking care of some important points, one can avail a cheap car insurance saving a lot of their money. The first thing needs to be considered by the car owners willing to buy a car insurance at cheap rate is to pick an insurance which is giving you appropriate coverage. Instead of buying two different insurance, buying one that is worth giving you good cover will automatically save a lot of your money.
Accumulating insurance information of several different insurance companies will help you to choose the best deal. Free quotations and facility of price comparison are given to you free of cost by many of online insurance sellers. Availing it lets you pick an insurance which is cheaper and more reliable than others. Even you might have options to get an insurance at discounted price. So, do some thorough online research before buying a car insurance.
The last and most important point to be kept in mind before buying a car insurance is about its payment option. To avail a Cheap Car Insurance, it is important that you choose a payment option which fits best to your budget. A regular payment option keeps you away from paying a big amount. Thinking some of these important points while going for a car insurance helps you positively in availing it at cheap rate.
Allan Elvin is an MBA in Finance and has a rich experience of writing on topics related to finance. He professes special interest and expertise in Cheap Car Insurance and in guiding you on its various details.
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How to Get a Cheap Whole Life Insurance Policy
Whole life insurance is a great option if you want the protection of life insurance combined with an investment vehicle. While whole life insurance can be expensive, you'll need to do a little research and planning to find a cheap whole life insurance policy.
Comparison Shop on the Internet
The key to finding a cheap whole life insurance policy is to comparison shop. Don’t just walk into the insurance agency down the street and sign up for the first insurance policy they hand you. In fact, you don’t even need to walk into an insurance agency at all, because the cheapest rates for whole life insurance are available online.
To find a cheap whole life insurance policy online, go to an insurance comparison website. Here you'll fill out a short form with information about yourself, such as ...
- Your age
- Any health conditions you have
- Whether you work in a hazardous occupation
- Whether you smoke
- Whether you have any risky hobbies
- How much insurance you want
Once you submit this form, you'll receive fast quotes from multiple A-rated life insurance companies. You can then easily compare the quotes and choose the whole life insurance policy that's best for you.
Save on Your Whole Life Insurance Quote
In addition to comparison shopping, follow these tips to save on your whole life insurance:
- Sometimes it costs less to buy more insurance. Check the price of several insurance amounts with the same company.
- Live a healthy lifestyle. If you stop smoking and lose weight, you can save up to 50% on your premiums.
- Avoid hidden fees. Many insurance companies charge you to set up an automatic payment plan.
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Insurer Lowers Rates for Breast Cancer Patient
Hartford Financial Services Group Inc. this week said it would offer life insurance to women with certain types of early stage breast cancer at the same rates as healthy women, reflecting increased coverage for individuals with medical conditions that would have been roadblocks to insurance several years ago.
To make such policies feasible, insurers are looking beyond mortality tables to clinical medical underwriting, which takes into account medical advances. The demand for “impaired risk insurance” is expected to increase as baby boomers age and medical advances turn once-deadly conditions into chronic illnesses.
“Most people are insurable,” said Matt McAvony, president of Target Insurance Services in Overland Park, Kan., and chair-elect of the National Association of Independent Life Brokerage Agencies. “Most people can get an offer to buy insurance.”
Hartford said its new coverage is available to women who have been treated for the first time for “small, well-differentiated, localized Stage 1 breast cancer and have a strong prognosis for survival based on the results of common tests.”
Hartford estimates that 100,000 women who were treated during the last five years for breast cancer meet the guidelines for its new insurance, representing about 15% of the women diagnosed with stage-one breast cancer.
“We see it as an affirmation of the progress made in the clinical area,” said Ann Hoven, chief medical director for the Hartford, Conn., company's Individual Life Division.
She said that Hartford routinely monitors clinical research about serious illnesses, and since 1991, deaths from breast cancer have dropped 20% because of early detection and improved treatment. After conducting its own research Hartford decided it could offer this new insurance, which would significantly decrease the cost of life insurance for a woman.
For example, a 50 year-old woman who had been treated for stage-one breast cancer previously would have had to pay $1,500 over a year plus an additional $2,500 annually for five years. Now, women who meet the new underwriting guidelines would pay only $1,545 a year.
An estimated 5% to 10% of the insurance-buying population has a medical condition that may make their insurance priced beyond standard. That number likely will grow as baby boomers age and medical advances enable patients to live long lives despite a serious medical condition.
“I'm insuring people today who had prostate cancer six years ago, people who years ago, we wouldn't have touched,” said Jack Fischer, who owns Amsterdam Financial, an independent financial-services firm in Chicago. The firm specializes in securing insurance for impaired risk cases.
“We have more knowledge, more comparisons, more statistics, more years have gone by with positive results,” said Mr. Fischer.
U.S. Financial Life Insurance Co. in Cincinnati sells only impaired risk insurance and has grown annually since it was established 15 years ago.
It provides coverage for individuals with, among other things, cancer, heart disease and diabetes. U.S. Financial takes a multipronged approached when evaluating potential policyholders and considers whether a person is living a healthy lifestyle and following a doctor's orders.
The company, a subsidiary of AXA Financial Inc., sells the policies through life-insurance agents rather than directly to the public.
“I think many people believe they can't get life insurance is because of a medical condition, and that was true years ago, but not today,” said Hartford's Ms. Hoven, who compared the new insurance with changes that occurred about a decade ago for patients with a history of heart attacks.
Mr. Fischer encouraged people with medical conditions to find agents who are knowledgeable about impaired-risk Insurance. “You really want someone who has done it and understands it before they write you up,” he said.
For more information about Amsterdam Financial LLC, call (312) 440-0600 or visit www.AmsterdamFinancial.com
Labels:
Insurance
