Hartford Financial Services Group Inc. recently said it is cutting individual life insurance rates for women age 40 and older who have been treated for early-stage breast cancer, bringing the rates in line with those charged to healthy women the same age.
Generally, women who have been treated for breast cancer have been charged higher-than-standard premium rates for life insurance or denied coverage, industry sources said.
Many companies insure some women with breast cancer at a higher-than-standard rate, but may reduce the rate after a period of three years if there has been no recurrence of cancer. Hartford has eliminated the waiting period for women who have been treated for the first time for early-stage breast cancer.
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The company’s initiative reflects the improving chances for survival from breast cancer, especially in the early stages, said Dr. Ann Hoven, chief medical officer for Hartford’s Individual Life Division, in a statement.
“There is a great deal of hope that we’re winning the fight against breast cancer,” Hoven said.
Hartford’s new stance is “huge for women with children,” who are concerned about their children’s financial support and education in the event of their death, said Barbara Brenner, executive director of Breast Cancer Action, a San Francisco-based education and advocacy organization.
But, she said, “if Hartford really believes what they are saying about winning the war against breast cancer, then why are they not extending the same standard rate privileges for health insurance and disability insurance as well? Life insurance probably is a relatively small risk for them.
“I see it as a small shift in the right direction, but not as big as they are making it.”
Carolina Hinestrosa, executive vice president of the National Breast Cancer Coalition in Washington, D.C., echoed Brenner.
“The next step and more important move is to guarantee access to health insurance at equitable and affordable rates to those who are at high risk for breast cancer or have been diagnosed.”
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