Life Insurance With Cancer: Is It Possible?

If you have cancer, you may find it difficult to get life insurance. However, it is not impossible. The options available to you will depend on factors such as the type and stage of cancer, your prognosis and survival rate, and your treatment history.

If you are undergoing cancer treatment, life insurance companies may not offer their usual term or whole-life insurance coverage. Instead, they may offer alternatives such as guaranteed issue life insurance, which does not require a medical exam or health questions, or group life insurance through your employer. These policies often have lower coverage amounts and may be more expensive.

If you are in remission, your options for life insurance may expand. Some companies may offer traditional term or whole-life insurance policies after a minimum of five years in remission, although this timeframe can vary depending on the type of cancer and the insurer. It is important to shop around and consult with multiple insurers to find the best policy options.

Life insurance options for cancer patients

If you have cancer or have had it in the past, you may find it challenging to obtain life insurance. However, it is not impossible, and there are several options available to you.

Understanding Cancer and Life Insurance

When assessing your life insurance application, insurance companies will consider your medical records and family health history. They will also take into account the type of cancer you have, the stage it is at, and your treatment history.

Types of Life Insurance for Cancer Patients

• Guaranteed issue life insurance: This type of policy won't deny coverage based on pre-existing conditions, and you won't be required to submit to a medical examination or disclose your medical history. However, you may have to pay more upfront, and the coverage amounts are typically low.
• Group life insurance: You may be able to access this type of insurance through your employer, and it often comes in the form of guaranteed issue.
• Final expense life insurance: Also known as burial or funeral insurance, this type of policy is designed to cover funeral costs and end-of-life expenses. Some final expense plans include health questions, while others are guaranteed issue plans without health requirements.
• Simplified issue life insurance: There is no medical exam required for this type of insurance, but you may have to fill out a short health questionnaire. This is a good option if you are cancer-free but not in perfect health.

Tips for Increasing Your Chances of Getting Life Insurance After Cancer

• Work with an experienced independent life insurance agent who specializes in impaired risk underwriting.
• Improve your overall health by eating healthy and exercising.
• Avoid tobacco use, as life insurance quotes for smokers are typically much higher.
• Work in a low-risk profession, as certain occupations may experience higher premiums.
• Avoid risky hobbies like mountain climbing, skydiving, and scuba diving, as these will factor into your quotes and cause higher rates.
• Maintain a clean driving and criminal record, as DUIs, arrests, and criminal convictions may affect your rate or disqualify you from coverage.

Life Insurance Options After Cancer Treatment

If you are in remission, your options for life insurance may expand. The longer you've been cancer-free, the better your chances of getting approved for a traditional life insurance policy. Here are some additional options that may be available to you:

• Term life insurance: This is the most affordable way to buy coverage, but you will likely need to take a medical exam and answer questions about your previous cancer diagnosis and treatment.
• Permanent life insurance: This includes whole life insurance and universal life insurance, which can provide coverage for as long as you live, assuming you pay the premiums.

Cancer insurance vs life insurance

Cancer Insurance

Cancer insurance is a supplemental insurance that can be used as a regular income plan to cover the costs associated with cancer treatment. The benefits from cancer insurance can be used to cover treatment costs or as a replacement for lost income. It covers all types of cancer at all stages (pre-stage, early-stage, and major-stage). Cancer insurance is best purchased along with a standard health cover as it acts as a savings plan, allowing you to use the coverage amount instead of touching your savings.

Life Insurance

Life insurance is typically taken out when an individual takes out a mortgage so that if they die, the insurance can pay off the mortgage. It can also be used to pay out money for the individual's family after they die. Some life insurance policies include terminal illness cover, meaning that if the individual is diagnosed with a terminal illness and has less than 12 months to live, they can make a claim and the insurer will pay out immediately.

If you have cancer or have had cancer in the past, you may find it more difficult to get life insurance. Insurance companies take into account the type of cancer and the stage it is at. They will also require medical details from your doctor or hospital. When a policy is issued, the first premiums will be high due to the high risk the insurance company is taking on. However, for most cancers, the risk of recurrence decreases over time.

If you already have life insurance and are then diagnosed with cancer, the insurance company should honour the policy as long as you were honest about your medical history when taking out the policy. You may find it difficult to increase the value of your policy but it is important to keep it up as starting a new life insurance policy after a cancer diagnosis will be more challenging.

In summary, cancer insurance is a valuable supplement to a standard health insurance plan, while life insurance is typically taken out to cover mortgage payments and provide financial support for family members after the individual's death. The main difference is that cancer insurance specifically covers cancer treatment and related costs, whereas life insurance covers a wider range of scenarios but may be more difficult to obtain if the individual has cancer.

Getting life insurance after a cancer diagnosis

If you have been diagnosed with cancer, it can be challenging to qualify for a new traditional life insurance policy. However, there are still options available to you. Here are some things to consider when seeking life insurance after a cancer diagnosis:

Types of Life Insurance Policies

There are several types of life insurance policies that may be available to individuals with cancer:

• Guaranteed issue life insurance: This type of policy does not require a medical exam or health questions, and you cannot be turned down due to health reasons. However, the coverage amounts are typically low, and the policy has graded death benefits, meaning your beneficiaries may not receive the full payout if you pass away within the first few years of the policy.
• Simplified issue life insurance: This type of policy does not require a medical exam, but you may need to fill out a short health questionnaire. It may be a good option if you are cancer-free but not in perfect health.
• Group life insurance: You may be able to access group life insurance through your employer, which can often come in the form of guaranteed issue. This option may not penalize you for your cancer diagnosis.
• Final expense life insurance: Also known as burial or funeral insurance, this type of policy is designed to cover funeral costs and end-of-life expenses. Some final expense plans include health questions, while others are guaranteed issue plans without health requirements.

Waiting Periods and Cancer Types

The waiting period before you can qualify for life insurance after a cancer diagnosis varies depending on the type of cancer and the insurance company. Here are some general guidelines:

• For most cancers, you typically need to be in remission for a minimum of five years to qualify for traditional life insurance.
• For certain cancers with high survival rates, such as skin cancer, prostate cancer, or lymphoma, the waiting period may be less than five years.
• The recency of diagnosis, treatment details, and relapses can also impact your ability to qualify for life insurance.

Cost of Life Insurance for Cancer Patients

Life insurance for cancer patients can be more expensive than for individuals without cancer. The cost will depend on various factors, including:

• The type and stage of cancer
• Treatment history
• Diagnosis duration
• Prognosis and survival rate
• Age, overall health, family medical history, and tobacco usage

It is important to compare quotes from multiple insurers to find the most affordable rates. Working with an experienced independent life insurance agent can help you find the best coverage options.

Tips for Increasing Your Chances of Getting Life Insurance

To increase your chances of obtaining life insurance after a cancer diagnosis:

• Work with an experienced independent life insurance agent who specializes in impaired risk underwriting.
• Improve your overall health by eating healthy and exercising.
• Avoid using tobacco, as life insurance quotes for smokers are typically much higher.
• Avoid high-risk professions or hobbies, as these can factor into your quotes and cause higher rates.
• Keep a clean driving and criminal record, as DUIs, arrests, and criminal convictions may affect your rate or eligibility for coverage.

Life insurance for cancer patients with a family history of cancer

If you have cancer and a family history of the disease, you may find it challenging to obtain life insurance. However, it is not impossible, and there are several options available to you.

Understanding Cancer and Life Insurance

When determining your eligibility for life insurance, insurance companies will consider your medical records and family health history. They may also refer to databases such as the National Cancer Institute's Surveillance, Epidemiology, and End Results database, which contains test results for a large population of American cancer patients.

Your Options

If you have cancer, traditional term or whole-life insurance coverage may not be offered to you by insurers. However, they may provide alternatives, such as guaranteed acceptance or issue life insurance policies, which do not require a medical examination or health questions. These policies tend to be more expensive and offer lower coverage amounts.

If you have a family history of cancer but have not been diagnosed yourself, you may have more options. Some insurance companies may place you in the standard class, while others may offer you preferred rates, provided you are in good health.

Factors Affecting Your Eligibility and Premiums

Several factors will influence your eligibility for life insurance and the premiums you will pay:

• Type and stage of cancer: Insurers will assess the risk associated with your cancer type and stage, considering the treatability, survival rate, and invasiveness.
• Treatment history: The duration and effectiveness of treatments such as chemotherapy, radiation, surgery, or immunotherapy will impact your eligibility and premiums.
• Diagnosis duration: The length of time since your diagnosis will affect your eligibility. Longer periods of remission may result in lower premiums.
• Prognosis and survival rate: Insurers will consider statistical data on survival rates and long-term outcomes for your cancer type.
• Specific cancer factors: Certain cancers, such as prostate cancer, have specific measures, such as the Gleason score, which will be taken into account.
• Age, overall health, and tobacco usage: In addition to your cancer history, insurers will consider these factors when assessing your risk and determining your rates.

Tips for Increasing Your Chances of Getting Life Insurance

To improve your chances of obtaining life insurance as a cancer patient with a family history, consider the following:

• Work with an experienced independent life insurance agent who specializes in impaired risk underwriting.
• Improve your overall health by adopting a healthy diet and exercising regularly.
• Avoid tobacco use, as life insurance quotes for smokers tend to be significantly higher.
• Choose a low-risk profession, as certain occupations may result in higher premiums.
• Refrain from risky hobbies like mountain climbing, skydiving, or scuba diving, as these will increase your rates.
• Maintain a clean driving and criminal record, as DUIs, arrests, and convictions may affect your rates or eligibility.

How to increase your chances of getting life insurance after cancer

If you have been diagnosed with cancer, it can be challenging to qualify for a new traditional life insurance policy. However, there are ways to increase your chances of getting life insurance after cancer. Here are some tips to improve your eligibility:

• Work with an experienced independent life insurance agent: An independent agent works with multiple insurance companies and can help you find insurers that are more willing to cover cancer survivors. Look for an agent who specializes in impaired risk underwriting. They will have the expertise to navigate your specific situation and find the best options for your needs.
• Improve your overall health: One way to increase your chances of getting life insurance after cancer is to focus on your health. Eating healthy, exercising regularly, and maintaining a balanced lifestyle can positively impact your application.
• Avoid tobacco: Life insurance quotes for smokers are typically much higher. Quitting tobacco products can not only improve your health but also make you a more attractive candidate for life insurance.
• Choose a low-risk profession: Certain occupations are considered higher risk and may result in higher premiums. According to Mark Friedlander, a spokesperson for the Insurance Information Institute, police officers, firefighters, pilots, and construction workers are among those that may experience higher premiums.
• Avoid risky hobbies: Participating in risky activities like mountain climbing, skydiving, or scuba diving can increase your premiums. By avoiding these hobbies, you can keep your rates lower and improve your chances of getting approved.
• Maintain a clean record: A clean driving and criminal record is essential. According to Friedlander, "DUIs, previous arrests, and other criminal convictions may affect your rate or even disqualify you from coverage." Keeping your record clean can increase your chances of approval.
• Shop around and compare insurers: Each insurance company has its own qualifiers and requirements. By shopping around and comparing different insurers, you may find companies that are more accommodating to your specific situation.
• Be honest about your health: When applying for life insurance, it is crucial to be upfront and honest about your health, including your cancer diagnosis and treatment history. Nondisclosure of a cancer diagnosis may result in the insurer denying any payout to your beneficiaries.

While getting life insurance after cancer can be challenging, following these tips can increase your chances of approval and help you find the best coverage for your needs. Remember to seek advice from a qualified financial advisor or insurance broker to navigate your options effectively.

Frequently asked questions