Life Insurance After Cancer: Is It Possible?

Getting life insurance after a cancer diagnosis can be difficult and may affect the type of policy you can apply for. If you've been in remission for several years, you may be able to qualify for a traditional term or whole life insurance policy, but your rates may be significantly higher than usual. If you're currently undergoing treatment for cancer, your options may be limited to a guaranteed issue life insurance policy, which does not take your health into consideration and tends to be more expensive with lower coverage amounts.

Life insurance for cancer patients

A cancer diagnosis can be emotionally challenging for patients and their families. The stress of treatment and health expenses can be overwhelming. Life insurance for cancer patients can help secure the financial future of their loved ones.

Yes, it is possible to qualify for life insurance even with a cancer diagnosis. However, it may be more difficult to get approved for a traditional life insurance policy, and you may have to explore alternative options.

Factors considered by insurance companies for cancer patients:

• Date of diagnosis: Many insurers consider five years as the cutoff point for a cancer diagnosis when deciding on traditional life insurance. If you have been cancer-free for five or more years, you may qualify for a term or permanent life insurance policy. For certain types of cancer, such as skin cancer or prostate cancer, you may be approved even sooner.
• Type of cancer: Insurers are more likely to approve you if you had a form of cancer with a higher survival rate or a lower chance of recurrence, like some skin cancers.
• Treatment and health status: Insurers will want to know about your treatment plan, the types of treatment received, the date of your last treatment, and its impact on your overall health.
• Age and overall health: If you are young and relatively healthy, you may qualify for lower rates. Lifestyle factors, such as smoking or drinking, may also be considered.

Types of life insurance for cancer patients:

• Traditional life insurance: Traditional life insurance may be an option if you have been in remission for more than five years. You can choose between term life insurance, which offers coverage for a specific period (usually 10 to 30 years), or permanent life insurance, which provides lifelong coverage with a cash value component. Traditional life insurance often requires a medical exam to determine your rates.
• Simplified issue: Simplified issue life insurance does not require a medical exam but may involve filling out a health survey and submitting your medical history. It is relatively affordable, with similar costs to traditional plans. Simplified issue policies provide full coverage from day one.
• Guaranteed issue: Guaranteed issue life insurance is suitable for those who have been recently diagnosed with cancer or are currently undergoing treatment. It does not consider your health status and cannot turn you down based on your health. However, the premiums tend to be higher, and coverage amounts are typically lower than other policies. Guaranteed issue policies have a graded period at the beginning, where there is no payout for death due to health-related issues. After this graded period, you become eligible for the full amount.
• Final expense: Final expense policies are designed for individuals over 50 and help cover end-of-life costs, medical bills, and debts. They are a good option for cancer survivors as they do not require a medical exam and have lower coverage levels, making the premiums more affordable.

Additional considerations:

When considering life insurance as a cancer patient, it is essential to be honest about your health status. Nondisclosure of a cancer diagnosis may result in the insurer denying the payout of the death benefit. Additionally, explore adding riders to your policy, such as terminal illness riders or living benefit riders, for extra protection in case of a cancer recurrence.

Life insurance for cancer survivors

Being diagnosed with cancer can be emotionally and financially challenging, especially if you are the primary source of income for your dependents. While a cancer diagnosis can make it difficult to qualify for life insurance, it is not impossible. Here are some things you need to know about life insurance options as a cancer survivor.

Types of Life Insurance for Cancer Survivors:

There are several types of life insurance policies that cancer survivors can consider:

• Traditional Life Insurance: If you have been in remission for more than five years, traditional life insurance could be an option. This includes term life insurance, which offers affordable coverage for 10 to 30 years, or permanent, lifelong options with a cash value component. However, you may need to undergo a medical exam to determine your rates.
• Simplified Issue: If you are cancer-free but do not have a perfect bill of health, simplified issue life insurance can provide coverage without the need for a medical exam. You may need to fill out a health survey and submit your medical history. Simplified issue policies are relatively affordable and provide access to the full amount of coverage from day one.
• Guaranteed Issue: If you have been recently diagnosed with cancer or are still undergoing treatment, guaranteed issue life insurance can provide coverage without considering your health status. These policies tend to have higher premiums and lower coverage amounts, but they are a good option for those who don't qualify for other types of insurance. Guaranteed issue policies also have a graded period at the beginning, during which there is no payout if the insured dies from a health-related issue. After this period, you become eligible for the full amount.
• Final Expense: Designed for individuals over 50, final expense policies help pay for end-of-life costs, medical bills, and debts. They are a good option for cancer survivors as they do not require a medical exam and have lower coverage levels, making the premiums more affordable than traditional policies.

Factors Affecting Life Insurance Options for Cancer Survivors:

When considering life insurance for cancer survivors, insurance companies typically take into account the following factors:

• Time since diagnosis: Many insurers consider five years as the cutoff point for a cancer diagnosis when deciding if you qualify for traditional life insurance. If you have been cancer-free for five years or more, you are more likely to qualify for term or permanent life insurance. For certain types of cancer, such as skin cancer or prostate cancer, some insurers may approve you even sooner.
• Type of cancer: Insurers are more likely to approve coverage if you had a type of cancer with a higher survival rate or a lower chance of recurrence.
• Treatment and health status: Insurers will want to know about your treatment plan, the types of treatment received, the date of your last treatment, and how it has impacted your overall health.
• Age and overall health: If you are younger and relatively healthy, you may qualify for lower rates. Lifestyle habits, such as smoking and drinking, may also be considered.

Recommendations for Cancer Survivors:

• Consult a qualified life insurance agent to find the best policy for your specific health history and needs. Each insurance company has its own guidelines and criteria.
• Be honest and disclose your cancer history when applying for life insurance. Not doing so may result in your beneficiaries being denied the death benefit payout if the insurer discovers the information after your passing.
• Consider adding riders to your life insurance policy, such as terminal illness riders or living benefit riders, for additional protection in case your cancer returns or results in a chronic condition.
• If you are turned down for life insurance, don't give up. Get quotes from multiple insurance companies, consider alternative types of insurance (e.g., guaranteed life or group life), or wait until more time has passed since your treatment or remission.

Types of life insurance for cancer patients

Being diagnosed with cancer can make it difficult to qualify for life insurance, but it's not impossible. The type of life insurance you can get will depend on factors such as the type of cancer you have, how long you've been in remission, your current health status, and your age. Here are some of the options available for cancer patients:

Traditional Life Insurance

Traditional life insurance typically includes term life insurance, which offers coverage for a set period, such as 10 to 30 years, and permanent life insurance options like whole life insurance and universal life insurance, which provide coverage for life as long as premiums are paid. However, getting traditional life insurance after a cancer diagnosis can be challenging. If your diagnosis was recent, your application may be rejected or your rates may be significantly higher. Cancer patients are often required to wait for several years, typically five, after their diagnosis or treatment before qualifying for traditional life insurance again. During this waiting period, cancer patients can consider other types of life insurance.

Simplified Issue Life Insurance

Simplified issue life insurance is a good option for cancer patients who are cancer-free but may not be in perfect health. It does not require a medical exam, but you may need to fill out a health survey and submit your medical history. Simplified issue life insurance is relatively affordable, with similar costs to traditional plans with medical exams. The main advantage is that you are eligible for the full coverage amount from day one.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is suitable for those who have recently been diagnosed with cancer or are still undergoing treatment. This type of policy does not consider your health status and is more inclusive. However, guaranteed issue life insurance tends to have higher premiums and lower coverage amounts. Additionally, there is usually a graded period at the beginning of the policy, during which your beneficiaries will not receive a payout if you die from a health-related issue. After this graded period, you become eligible for the full coverage amount.

Final Expense Life Insurance

Final expense life insurance is designed for individuals over 50 and can help cover end-of-life costs, medical bills, and debts. This type of policy is well-suited for cancer survivors as it does not require a medical exam. The coverage levels are typically lower, ranging from $5,000 to $35,000, making the premiums more affordable than traditional policies.

Cancer treatment and remission

Remission is a term used to describe when cancer treatment reduces or eliminates the amount of cancer in your body. There are two types of cancer remission: complete remission and partial remission.

Complete remission means there is no sign of cancer in the body. It doesn't show up on X-rays, MRI scans, or blood tests, and symptoms such as pain or fatigue are eased or stop altogether. However, it doesn't mean that cancer is gone forever, as it may still come back or recur. For this reason, it is important to continue follow-up care with your doctor, even if you are in remission.

Partial remission means that the cancer is still present, but it has decreased or stopped growing. In cancers like leukemia, partial remission means having less cancer throughout the body.

Remission from cancer may last for months, years, or even the rest of a person's life. The length of remission depends on various factors, such as cancer type, stage, and how the cancer responded to initial treatment.

To achieve remission, different treatments can be used, including drugs like chemotherapy or targeted therapies, and bone marrow or stem cell therapy. In some cases, surgery may be necessary to remove a tumour, followed by medicine or radiation to kill any remaining cancer cells.

Once remission is achieved, maintenance therapy may be used to keep the cancer from coming back. This involves taking lower doses of cancer drugs or hormones to maintain remission. Additionally, adopting healthy lifestyle habits, such as eating a balanced diet, exercising, and avoiding risky behaviours, can also help keep cancer at bay.

While remission is not the same as being cured, it is still a major turning point in an individual's care and long-term health. It provides a sense of relief and hope, knowing that the cancer is under control and that treatment has been effective.

Life insurance for family history of cancer

If you have a family history of cancer, it is still possible to get life insurance, but it may be more challenging and expensive. Insurance companies will typically charge higher premiums due to the increased risk, and the application process may be more complex. The extent to which a family history of cancer affects your eligibility and rates depends on several factors:

• The number of relatives diagnosed and the nature of your relationship with them: The more relatives diagnosed with cancer, particularly if they are closely related to you, the higher the impact on your rates and eligibility.
• The age of diagnosis: If your relatives were diagnosed at a younger age, it may have a greater impact on your rates than if they were diagnosed as seniors.
• The type of cancer: Cancers with a higher survival rate or a lower chance of recurrence are viewed more favourably by insurers. For example, non-melanoma skin cancer is considered low-risk, while pancreatic cancer may make it difficult to obtain coverage.
• Your current health and lifestyle: If you are young and relatively healthy, you are more likely to qualify for lower rates. Lifestyle habits such as smoking, drinking, and risky hobbies or professions may also impact your rates.

When applying for life insurance with a family history of cancer, it is essential to be transparent and provide detailed information about your family's medical history. Traditional life insurance policies typically require a comprehensive medical history, and a previous cancer diagnosis in the family may affect your rates. Simplified issue policies may be a good alternative, as they usually involve fewer health questions and are less likely to be affected by your family history.

In summary, while a family history of cancer can complicate the process of obtaining life insurance, it does not make it impossible. Working with an experienced independent insurance agent can help you navigate the process and find the best policy for your needs.

Frequently asked questions