Life Insurance for Smoldering Myeloma Patients in Canada: What You Need to Know

If you or someone you love has been diagnosed with Smoldering Myeloma, you may be wondering how this condition could impact your life insurance options. Ensuring financial security for your loved ones is crucial, especially if the condition progresses. Here’s what you need to know about obtaining life insurance with Smoldering Myeloma.

In this article:

• Overview of Smoldering Myeloma
• Can I Get Life Insurance if I Have Smoldering Myeloma?
• Case Studies: Michelle and Zayn’s Journey Getting Insured After Being Denied 
• Will My Premiums Be Higher with Smoldering Myeloma?
• Best Life Insurance Options with Smoldering Myeloma
  • Companies in Canada Offering High-Risk Coverage
• When Should I Apply for Life Insurance After a Smoldering Myeloma Diagnosis?
• Frequently Asked Questions (FAQs) About Life Insurance With Smoldering Myeloma
  

Overview of Smoldering Myeloma

Smoldering multiple myeloma (SMM) is a blood and bone marrow condition with the potential to progress to active multiple myeloma, a rare blood cancer. Multiple myeloma (MM) develops when specialized white blood cells in the immune system change into abnormal cells. Smoldering multiple myeloma may take years to develop into active multiple myeloma. People with this condition do not always develop active MM. Healthcare providers manage SMM by looking for signs that it is developing into active multiple myeloma.

What Are the Signs and Symptoms?

The tricky part about smoldering myeloma is that there usually aren’t any obvious symptoms. That’s why it’s often called “smoldering” – the disease is there, but it’s quietly waiting in the background. However, doctors keep an eye on people with this condition because, in some cases, it can develop into multiple myeloma, which is more aggressive.

Even though smoldering myeloma doesn’t cause symptoms right away, there are a few things to watch for over time:

• Fatigue: As the disease progresses, you might start feeling more tired than usual, especially if anemia develops.
• Bone pain or fractures: Though rare in smoldering myeloma, as the disease evolves, you could experience bone issues.
• Frequent infections: If your immune system becomes compromised, you may find yourself getting sick more often.

How Is It Diagnosed?

Doctors usually discover smoldering myeloma during blood or urine tests done for other reasons. These tests look for abnormal proteins made by the cancerous plasma cells in your body. If those abnormal proteins are found in higher levels but you don’t have any symptoms, you might be diagnosed with smoldering myeloma.

Monitoring and Treatment

For most people with smoldering myeloma, the approach is “watch and wait.” That means regular checkups and blood tests to make sure the disease isn’t getting worse. If there are signs it’s progressing, doctors may suggest starting treatment, which could include therapies similar to those used for multiple myeloma.

If you’ve been diagnosed with smoldering myeloma, it’s important to stay on top of your follow-up appointments and let your doctor know if you start feeling different. While it can be unsettling not to take immediate action, early detection and close monitoring can make a big difference in managing the condition.

Can I Get Life Insurance if I Have Smoldering Myeloma?

Yes, it’s possible to get life insurance with smoldering myeloma, but it might be a bit more challenging. Since smoldering myeloma is considered a higher-risk condition, some insurers may view it as risky to cover. However, many companies do offer coverage. It’s important to understand what they’ll look for during the underwriting process, such as your overall health, medical history, and how far the disease has progressed.

At Protect Your Wealth, we understand that finding the right life insurance can be overwhelming, especially if you have a pre-existing condition like smoldering myeloma. Our experienced brokers specialize in helping individuals with unique health circumstances navigate the life insurance process. We work with a variety of insurers to find policies that fit your specific needs, ensuring you have access to the coverage you and your family need.

Case Studies: Michelle and Zayn’s Journey Getting Insured After Being Denied 

Case Study: Michelle from Manitoba

Michelle, a 52-year-old living in Manitoba, was diagnosed with smoldering myeloma. Like many, she wanted to secure life insurance to protect her family in case her condition progressed. Unfortunately, she was denied coverage by several traditional life insurance companies due to her diagnosis. Feeling uncertain about her options, Michelle contacted our team at Protect Your Wealth.

Our broker worked closely with Michelle to understand her specific situation and needs. After exploring several insurers, we were able to help her secure a simplified issue life insurance policy through Canada Protection Plan. This type of policy didn’t require a medical exam, and though the premiums were slightly higher, Michelle was relieved to finally have the peace of mind that her family would be financially secure. With this coverage in place, Michelle was able to focus on her health without the added stress of financial worries.

Case Study: Zayn from Ontario

Zayn, a 47-year-old father of two from Mississauga, was also diagnosed with smoldering myeloma. After being denied by multiple insurers who considered his condition too risky, he feared he wouldn’t be able to secure coverage. Determined to protect his family’s future, Zayn reached out to our brokers at Protect Your Wealth.

Our team worked diligently to find a solution and connected Zayn with Manulife, which offered a no-medical-exam life insurance policy. While the coverage came with a higher premium, Zayn was grateful to lock in a policy that would provide a financial safety net for his family. The coverage not only gave Zayn peace of mind but also ensured that his children’s future would be protected no matter what happened with his health.

Will My Premiums Be Higher with Smoldering Myeloma?

If you’ve been diagnosed with smoldering myeloma, you might be concerned about whether it will raise your life insurance premiums. The reality is that, yes, your premiums are likely to be higher. Smoldering myeloma is considered a high risk condition by many insurers, which can result in higher costs for coverage.

But here’s the good news: every insurer is different. Some companies may specialize in offering more competitive rates for high-risk cases like smoldering myeloma. This means you still have options, and it’s worth shopping around.

Best Life Insurance Options with Smoldering Myeloma

Choosing the right life insurance policy when diagnosed with smoldering myeloma can be challenging, but there are several options available that can meet different needs and circumstances. Here’s a breakdown of the most suitable options:

Term Life Insurance: This is one of the most common types of life insurance, offering coverage for a set period (e.g., 10, 20, or 30 years). While term policies generally offer lower premiums, if you have a pre-existing condition like smoldering myeloma, it could still be more expensive. However, it’s a good option for those looking for temporary coverage and wanting to secure protection for their family without committing to lifelong premiums.

Whole Life Insurance: For those seeking lifelong coverage, whole life insurance may be a better fit. This policy not only provides a death benefit but also builds cash value over time. It’s typically more expensive than term life insurance but can be a suitable option for those wanting permanent coverage. Keep in mind, premiums may be higher due to the increased risk associated with smoldering myeloma.

Simplified Issue Life Insurance: If you want to avoid medical exams altogether, simplified issue life insurance might be an appealing option. This policy doesn’t require a full medical exam but instead relies on a health questionnaire. While premiums can be higher, it’s a good choice if you’re concerned about being denied coverage due to your condition.

No Medical Exam Life Insurance: Another option is no-medical-exam life insurance. Though more expensive, this type of policy is often easier to obtain for those with health conditions. It’s a good option for individuals with smoldering myeloma who may not qualify for traditional policies that require comprehensive health assessments.

Companies in Canada Offering High-Risk Coverage

Certain Canadian insurers specialize in high-risk life insurance, making it easier for individuals with pre-existing conditions to find coverage. Companies such as Manulife, Canada Protection Plan, and Empire Life offer various types of coverage, including simplified and no-medical-exam policies that cater to those with medical conditions like smoldering myeloma.

1. Manulife: Offers both term and whole life policies and is known for working with high-risk clients, including those with pre-existing conditions.
2. Canada Protection Plan: Specializes in no-medical-exam life insurance, providing coverage options that are ideal for individuals who may face higher premiums due to health issues.
3. Empire Life: Offers simplified issue life insurance options, which can be a good choice for those looking to avoid medical exams but still want reasonable coverage.

Keep in mind that each insurance company has its own criteria and pricing when it comes to policies for people with pre-existing conditions like smoldering myeloma. This means it’s essential to explore multiple options and compare rates. Companies such as Manulife, Canada Protection Plan, and Empire Life may offer coverage, but the specifics will vary depending on your individual health situation.

If you’re concerned about finding the right policy or navigating the complexities of high-risk coverage, working with a broker can be incredibly helpful. Brokers have access to a wide range of insurers and can guide you to the companies most likely to provide coverage that suits your needs. They can also help you secure the most competitive rates available, ensuring your loved ones are protected.

Ultimately, understanding your options and acting early is key. The longer you wait, the harder it may be to secure affordable life insurance, especially as your condition progresses.

When Should I Apply for Life Insurance After a Smoldering Myeloma Diagnosis?

It’s always best to apply for life insurance as early as possible, even right after your diagnosis. The longer you wait, the more likely it is that your condition could progress, which could make getting coverage more difficult or expensive. Early application ensures you lock in coverage before your health potentially worsens.

When you apply early, you’re locking in coverage while your condition is still in its initial stage. This means insurers will view you as a lower-risk candidate compared to someone whose condition may have worsened over time. Waiting could result in higher premiums, or worse, some insurers might deny coverage altogether if the disease progresses.

Additionally, when you apply sooner rather than later, you’re providing financial security for your loved ones without the added stress of worrying about whether you can still qualify for insurance down the road.

Frequently Asked Questions (FAQs) About Life Insurance With Smoldering Myeloma

Find a solution for what you’re looking for 

Finding life insurance with smoldering myeloma may take some extra effort, but it’s achievable with the right support and resources. Acting early ensures you have the protection you and your family need. At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We provide expert life insurance solutions, including no medical life insurance, critical illness insurance, term life insurance, and permanent life insurance to build the best package to give you the protection you need. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, British Columbia, Alberta, and Manitoba including areas such as Brampton, Burnaby, Lethbridge, and Portage la Prairie.