Life Insurance After Cancer: What's The Wait Time?

Getting life insurance after a cancer diagnosis can be difficult, but it's not impossible. If you already have life insurance and are then diagnosed with cancer, your policy should be honoured as normal, as long as you were honest about your medical history when taking it out. However, if you're looking for a new policy after a cancer diagnosis, you may need to apply for a guaranteed issue life insurance policy, which tends to be more expensive and have a lower death benefit. The length of time since your diagnosis and treatment, the type of cancer, and your prognosis will all be factors in your eligibility for life insurance.

Life insurance for cancer patients

A cancer diagnosis can be emotionally and financially challenging, especially if you are the main income earner for your family. Life insurance for cancer patients can help cover burial expenses and provide living benefits that grant policyholders access to the death benefit while they are still alive.

If you have been diagnosed with cancer, it can be difficult to qualify for a new traditional life insurance policy. However, it is not impossible, and there are alternative options available.

Types of life insurance for cancer patients

Guaranteed issue life insurance

This type of policy won't deny coverage based on pre-existing conditions. The insurer usually won't ask any medical questions or require you to submit your medical history, but this depends on the company's requirements. To qualify for this type of plan, you may have to pay more upfront to balance out the risk involved.

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. If this is an option, you likely won't be penalised for your cancer diagnosis.

Simplified issue life insurance

This type of insurance is for those with good or fair health, and doesn't require a medical exam; you only have to answer a few medical questions. There is a minimal waiting period, providing coverage in days rather than weeks or months like traditional policies.

Final expense life insurance

Final expense life insurance is designed to help cover costs associated with the policyholder's burial and funeral, uninsured medical expenses, estate taxes, and probate.

Cancer insurance

Cancer insurance provides cash benefits to help with medical bills and other expenses. However, it usually must be purchased before getting cancer or after many years of remission.

The length of time after cancer that you can qualify for life insurance depends on the type of cancer, your prognosis, treatment, and time since diagnosis or remission. For traditional policies, you will need to be in remission for at least a few years, and possibly as long as five or ten years.

Tips for increasing your chances of getting life insurance after cancer

• Improve your overall health by eating healthy and exercising.
• Don't use tobacco.
• Work in a low-risk profession.
• Avoid risky hobbies like mountain climbing, skydiving, and scuba diving.
• Keep a clean driving and criminal record.
• Shop around and compare policies from different insurers.

Getting life insurance after a cancer diagnosis

Being diagnosed with cancer can be emotionally and financially challenging. If you're looking to get life insurance after a cancer diagnosis, it's important to know your options, as the process can be difficult and costly. Here's a guide to help you navigate life insurance after cancer.

Impact of Cancer on Life Insurance Eligibility

Cancer significantly impacts your eligibility for life insurance. If you already have life insurance before your diagnosis, your loved ones will likely remain covered and receive the death benefit if you pass away. However, applying for life insurance after a cancer diagnosis is more complicated.

Life insurance companies base their decisions on risk calculations, and cancer typically results in a shorter life expectancy, making insurers less likely to approve coverage. The length of time since your diagnosis or remission is a crucial factor, with many companies requiring a minimum of five years in remission before considering you for traditional life insurance.

Types of Life Insurance Available for Cancer Patients

While it may be challenging to obtain traditional life insurance during or immediately after cancer treatment, there are alternative options available:

• Simplified Issue or Guaranteed Issue Life Insurance: These policies don't require a detailed medical history or medical exams, and you won't be denied coverage due to pre-existing conditions like cancer. Simplified issue is for individuals in good or fair health, while guaranteed issue is geared towards older individuals or those with health problems. The trade-off is higher premiums and possibly a lower death benefit.
• Group Life Insurance: Some employers offer optional life insurance as an employee benefit, often at a reduced cost or no cost. This type of insurance is typically guaranteed coverage and is easier to qualify for than individual policies.
• Life Insurance Riders: If you already have a life insurance policy, you may be able to add riders that allow you to access some or all of your death benefit while still alive to help with cancer-related expenses. Examples include accelerated death benefit riders (terminal illness riders) and chronic or critical illness riders.
• Cancer Insurance: Some companies offer cancer insurance, which provides cash benefits specifically for cancer patients to cover medical bills and other expenses. However, this usually needs to be purchased before a cancer diagnosis or after several years of remission.

Factors Affecting Life Insurance Eligibility

When evaluating your eligibility for life insurance after a cancer diagnosis, insurers consider various factors:

• Date of Diagnosis: The more recent your cancer diagnosis, the higher the rates and the fewer policy options available. Insurers often have a cut-off point, such as five years in remission, before offering traditional life insurance.
• Cancer Type: Cancers with higher survival rates and lower chances of recurrence will improve your chances of approval and qualifying for affordable premiums.
• Treatment, Medications, and Health: For traditional life insurance, you'll need to provide details about your overall health, treatments received, and their impact on your cancer.
• Lifestyle: Engaging in risky hobbies or behaviours can increase your premiums.
• Family History: A history of cancer in your family may result in higher premiums.
• Relapses: Any relapses or recurrence of cancer may negatively impact your ability to obtain traditional coverage.

Tips for Getting Life Insurance After Cancer

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

• Work with an Independent Agent: Independent agents work with multiple insurance companies and can help you find insurers that are more willing to cover cancer survivors. Look for an agent specializing in impaired risk underwriting.
• Shop Around: Restrictions and costs vary significantly between insurers, so it's essential to get multiple quotes to find the best coverage for your specific situation.
• Improve Your Health: Improving your overall health through healthy lifestyle choices can positively impact your eligibility and potentially lower your premiums.
• Avoid Risky Behaviours: Refrain from risky hobbies, such as skydiving or scuba diving, as these will factor into your quotes and result in higher rates.
• Maintain a Clean Record: Keep a clean driving and criminal record. Any DUIs, arrests, or convictions may affect your eligibility or result in higher rates.

Life insurance for cancer survivors

Being diagnosed with cancer can be emotionally and financially taxing for patients and their families. The stress of treatment and keeping track of health expenses can be overwhelming. This is why life insurance for cancer survivors can be particularly helpful, especially if you are a primary source of income for your dependents.

Types of Life Insurance Policies

There are several types of life insurance policies available for cancer survivors. These include:

• Term life insurance: This type of insurance lasts for a set number of years, such as five, 10, or 20 years, and then expires. It is typically less expensive than whole life insurance.
• Whole life insurance: This type of insurance covers you for your entire life and usually builds cash value that can be accessed. The premiums are generally higher than those of term life insurance policies.
• Simplified issue life insurance: This type of insurance does not require a detailed medical history or medical exams. It is designed for individuals with good or fair health and involves answering a few medical questions.
• Guaranteed issue life insurance: This type of insurance does not require any medical exams or health questions and guarantees a payout. However, the premiums are typically higher, and the death benefit may be lower.
• Group life insurance: Some employers offer optional life insurance as an employee benefit, which can be cheaper and easier to qualify for than individual policies.
• Cancer insurance: This type of insurance provides cash benefits specifically for cancer patients to help cover medical bills and other expenses.

Factors Affecting Life Insurance Eligibility for Cancer Survivors

Several factors can impact a cancer survivor's eligibility for life insurance, including:

• Prognosis, treatment, and time since diagnosis or remission: Insurers will consider the specifics of your diagnosis, the treatments received, and the time that has passed since your last treatment.
• Type and stage of cancer: Cancers with higher survival rates and lower recurrence rates may result in lower premiums and increased approval odds.
• Family history of cancer: A history of cancer in your family may increase your risk and impact your eligibility and premium rates.
• Lifestyle habits: Factors such as alcohol or tobacco use, risky hobbies, and a clean driving and criminal record can influence your eligibility and premium rates.
• Other health issues: Pre-existing health conditions, such as diabetes or high blood pressure, can also affect your life insurance eligibility and costs.

Tips for Improving Your Chances of Getting Life Insurance

To increase your chances of obtaining life insurance as a cancer survivor:

• 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.
• Engage in a low-risk profession, as certain occupations may be subject to higher premiums.
• Avoid risky hobbies like mountain climbing, skydiving, or scuba diving, as these can increase your premium rates.

In conclusion, while obtaining life insurance as a cancer survivor can be challenging, there are various options available depending on your specific circumstances. It is essential to carefully review the terms and conditions of different policies and seek advice from independent financial advisors or insurance brokers to find the best coverage for your needs.

Life insurance for those in remission

If you have been diagnosed with cancer, it is important to know that you still have options for life insurance. The best way to ensure coverage is to have a term or whole life insurance policy in place before you get sick. This way, if you are diagnosed with cancer and it becomes terminal, your existing policy will be there to help your loved ones.

Qualifying for Life Insurance After Cancer

The length of time you will need to be in remission to qualify for life insurance depends on the insurance company and the type of cancer. Some companies may require a minimum of five years in remission, while others may need up to ten years. Some cancers, like skin or prostate cancer, may have shorter waiting periods.

It is important to shop around and get multiple quotes, as the restrictions and costs for cancer survivors vary greatly by insurer. The type of insurance you qualify for will depend on your insurer, your type of cancer, your current health status, and more.

Types of Life Insurance for Cancer Survivors

If you are in remission, you may be able to qualify for traditional life insurance again. Traditional life insurance comes in two basic types: term and whole life. Term life insurance is less expensive and bought for a set period, such as five, ten, or twenty years, after which it expires. Whole life insurance lasts until you die and typically has higher premiums than term policies.

If you are unable to qualify for traditional life insurance, there are alternative options available:

• Simplified Issue or Guaranteed Issue Life Insurance: This type of insurance does not require a detailed medical history or medical exams, and you won't be denied coverage because of pre-existing conditions like cancer. Simplified issue is for those with good or fair health, while guaranteed issue is geared towards older individuals or those with health problems. The trade-off for easy approval is higher premiums and a lower death benefit.
• Group Life Insurance: Some employers offer optional life insurance as an employee benefit, which is typically guaranteed coverage.
• Life Insurance Riders: If you already have a life insurance policy, you may be able to add on or activate riders for additional benefits. For example, an accelerated death benefit rider allows those diagnosed with certain terminal illnesses to receive a portion of their death benefit while still alive.
• Cancer Insurance: This is a niche product that provides cash benefits for medical bills and other expenses if you get cancer. However, these policies usually must be purchased before getting cancer or after many years of remission.

Tips for Getting Life Insurance After Cancer

To increase your chances of getting life insurance after cancer, consider working with an experienced independent life insurance agent who specializes in impaired risk underwriting. Additionally, you can:

• Improve your overall health by eating healthy and exercising.
• Avoid using tobacco, 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.
• Keep a clean driving and criminal record, as DUIs, arrests, and criminal convictions may affect your rate or disqualify you from coverage.

Types of life insurance for cancer patients

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 for cancer patients seeking life insurance. The type of insurance you can obtain will depend on factors such as the type of cancer, the stage it is at, your current health status, and how long you have been in remission. Here are some of the options:

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 your medical history or undergo a medical exam. However, these policies tend to be more expensive, with higher rates and lower death benefits than traditional policies.

Simplified Issue Life Insurance

Simplified issue life insurance is another option for cancer patients. While there is typically no medical exam required, you may need to fill out a short health questionnaire. This type of policy can be a good choice if you are cancer-free but not in perfect health.

Group Life Insurance

In some cases, you may be able to access group life insurance through your employer. This can often come in the form of guaranteed issue, meaning you won't be penalised for your cancer diagnosis.

Final Expense Life Insurance

Final expense life insurance is designed to cover end-of-life costs, such as funeral expenses and outstanding medical bills. This type of insurance is available to individuals over 50, and no medical exam is required.

Traditional Life Insurance

If you have been in remission for several years, you may be able to qualify for traditional life insurance, such as term or whole life insurance. However, you will likely need to undergo a medical exam and answer questions about your previous cancer diagnosis and treatment. The longer you have been cancer-free, the better your chances of obtaining this type of insurance.

Frequently asked questions