In honor of Breast Cancer Awareness month, October’s price index looks at how much breast cancer survivors could pay for life insurance.
After at least five years in remission, most breast cancer survivors can get life insurance coverage — but they’re going to pay more, according to Policygenius data. Compared to someone with no history of breast cancer, many breast cancer survivors pay about double in average monthly premiums. However, younger cancer survivors see a slightly smaller gap in pricing. For example, a 35-year-old female would pay 40% more for $250K in coverage than the same applicant with no history of breast cancer.
The data demonstrates the importance of buying life insurance sooner rather than later — age plays a major role in life insurance rates, and the younger and healthier you are, the less you’re likely to pay. Being younger also decreases the chances of experiencing a major health concern that increases the cost of buying life insurance.
Breast cancer screening was just one of many elective procedures that was postponed at the start of the pandemic, which could not only cost people in terms of their health, but also when it comes to getting affordable life insurance coverage. As facilities across the U.S. resume services, it’s important to get screened.
The chart below shows average monthly premium prices for a 20-year term life insurance policy for individuals with a Standard health classification who were diagnosed with Stage 1 localized breast cancer in 2015 and had their last treatment in 2016. Sample applicant’s treatment plan included chemotherapy, radiation, and a lumpectomy. Quotes are based on the Policygenius Life Insurance Price Index Methodology.
There were no notable shifts in pricing from September 2021 to October 2021 for smokers and non-smokers. Applicants across all core demographics continue to see pricing stability.
The chart below shows average monthly premium prices for a 20-year term life insurance policy for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
The chart below shows average monthly premium prices for a 20-year term life insurance policy for smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
How our index works
Life insurance prices are primarily based on life expectancy; taking into account an applicant’s age, health, hobbies, and medical history. The riskier you are to insure or the shorter your life expectancy, the higher your rates will be.
Prices are also affected by the length of a policy and the amount of coverage someone is looking to purchase. A longer policy term or higher coverage amount might increase monthly or annual premiums. Policygenius generally recommends people buy life insurance 10 to 15 times their individual income with a term long enough to get them to retirement age. Since there are a lot of variables involved, we specialize in helping consumers get the right policy to fit their individual needs.
Policygenius is the nation’s leading online insurance marketplace, with headquarters in New York City and Durham, North Carolina. We’ve helped more than 30 million people shop for all types of insurance like they shop for everything else — online — and have placed over $100 billion in coverage. At Policygenius, shoppers can compare life insurance companies side-by-side in one place. We provide free quotes from the nation’s top life insurers. And, once someone formally submits an application, our licensed experts walk them through every step of the process.
Find your best life insurance prices today.