Have a Family History of Cancer? Get Life Insurance Now

When Steve Curtis, 44, a salesman from Evergreen, Colo., started shopping around for life insurance, he braced himself for some big numbers.  "My mother died of cancer when she was in her late 40s, and I was expecting the insurance companies to hold that against me," he says.

He was seeking quotes for a $250,000, 15-year term policy that would provide for his 10-year-old daughter, Dacia, through her college years should anything happen to him.  Every time he filled out an application, he was asked whether anyone in his immediate family had died of cancer prior to age 60.  

"Once I answered yes, every one of the companies I had applied to dropped me down a rate class or two automatically.  The fact that I'm in great shape and have no history of medical problems didn't matter," says Curtis.  

He knew there had to be a company out there willing to offer him a good rate, but wasn't having any luck finding one on his own, so at the urging of a friend he logged on to www.accuquote.com to get some help.  AccuQuote is a Web-based company that offers free online insurance quotes.  Among its partners are insurance companies willing to issue policies to people with a family history of illness, and those with dangerous jobs or hobbies. Curtis decided to go with the quote that came in from AIG, which had offered him its preferred plus rate.  He pays $24.72 per month for his policy.

Turns out AIG is one of the last remaining major carriers that isn't currently considering a family history of cancer in its underwriting process, but that's about to change.  As of August 2006, AIG too will begin taking family history of cancer into consideration.

"Does this mean there's a 'fire sale' for the next month or two for those people seeking life insurance and who have a family with a history of cancer.  In a word, yes," says Byron Udell, founder and CEO of AccuQuote.   "The difference in your rate on most popular 20-and-30 year level term plans, just with respect to this one issue, might cost you as much as 65 percent more. This can amount to thousands of dollars of extra premium during the life of your policy."

Bottom line:  If you are thinking about life insurance, and have a parent or sibling that had cancer, get your application done now.  In a few months, you'll have fewer choices, and you'll definitely be paying more!

Want to find out the best rate you can qualify for today?  Log on to www.accuquote.com and fill out their simple online form.  You'll get back quotes from several different companies in a matter of seconds.  If you like the numbers that come back, you can click on the quote for instructions on how to obtain a policy.  An AccuQuote agent will act as your liaison with the company you select.

Copyright © 2006, ARA Content