Are you worried about finding life insurance after a cancer diagnosis? You’re not alone – but don’t stress. This article covers life insurance for cancer patients and survivors, providing helpful tips and guidance on securing affordable coverage.
Life Insurance for Cancer Patients
Can you get life insurance? Yes! Life insurance for cancer patients depends on the type and stage of your cancer, as well as your treatment status. Here’s what’s available:
- Term life insurance, universal life insurance, and whole life insurance: Available after treatment and possibly during a postponement period.
- Guaranteed Issue Life Insurance – No medical exams or health questions, perfect for those in treatment. Coverage amounts are limited (up to $25,000) and come with waiting periods.
Some of the best life insurers for high-risk cancer patients include:
- Prudential
- Lincoln National
- Mutual of Omaha
- Corebridge Financial
- John Hancock
Life Insurance After Cancer
If you’re a survivor wondering, “Can I get life insurance after cancer?” – the answer is yes!
Insurance companies look at:
- Type and stage of cancer
- How long you’ve been cancer-free
- Your current health
Sometimes, insurers add extra costs known as:
- Flat Extras: Temporary charges lasting 1-10 years
- Table Ratings: Permanent increases in premiums.
Table ratings typically occur if you have other health issues like heart conditions, diabetes, or GI conditions like Crohn’s disease or ulcerative colitis.
Insider Tip
If you have a flat extra, shop for new quotes each year – your rates might improve the longer you’re cancer-free.
Does Life Insurance Cover Death from Cancer?
Absolutely! Life insurance pays if the policyholder passes away due to cancer, as long as you were honest about your health when you applied.
Traditional Life Insurance – Pays beneficiaries upon death from any cause.
Guaranteed Issue/Graded Policies – Usually have a waiting period of 2-4 years before the full benefit is available.
Life Insurance Options by Cancer Type
We have detailed guides for many cancer types. Click the links below to learn more:
- Bladder Cancer Life Insurance
- Breast Cancer Life Insurance
- Cervical Cancer Life Insurance
- Colon Cancer Life Insurance
- Kidney Cancer Life Insurance
- Melanoma & Skin Cancer Life Insurance
- Prostate Cancer Life Insurance
- Testicular Cancer Life Insurance
- Throat Cancer Life Insurance
Each guide explains underwriting details, recommended insurers, and tips to secure the best rates.
Life Insurance by Cancer Stage
The lower the cancer stage, the easier it is to get life insurance. How quickly you can get coverage depends on the type of treatment received.
- Surgery – Coverage may be available right after surgery
- Radiation or Chemotherapy – Require a 12-month postponement period from the date you complete all treatment.
Stage 1 or Less
If you were diagnosed with stage 1 cancer or in situ cancer, life insurance is available within a few months after surgery.
Stage 2
Most stage 2 cancers require a postponement period of 12 months or longer.
Exceptions to this are some T2a and T2b prostate cancers, which may be insurable 3 months after surgery.
Stage 3
If you have stage 3 cancer, companies require a 5-year postponement period from the time you complete treatment.
Stage 4
Stage 4 – Guaranteed issue policies are available:
- No medical questions or exams
- Fast approval, even with advanced cancer
Remember, these policies have lower coverage amounts and waiting periods but can still offer peace of mind.
Life Insurance After Remission
Survivors often qualify for traditional policies after 1-5 years cancer-free, depending on the cancer type and severity. Even if you’ve been denied before, there’s still hope!
Even if you’ve been denied in the past, we may still be able to help you.
How Does Cancer Underwriting Work?
It starts with us asking you questions about your cancer history. We’ll then contact companies for underwriting feedback (it takes about 3 days). After that, the next steps are as follows:
- Application – We’ll apply to the best company
- Medical Records – We’ll order your medical records for review
- Paramedical Exam – We’ll have it scheduled if required
- Underwriting Review – The underwriter reviews all records and lab results.
- Decision – Approved as applied, at a different rate, postponed, or declined.
If you have other health issues such as a heart condition or gastrointestinal issue, underwriting will also factor that into rates.
We keep you informed throughout the process. If the outcome is unexpected, we’ll review that to plan the next steps, including applying to a new company if available.
We work for you, not the insurance company.
Frequently Asked Questions (FAQ)
Yes, but indirectly. Tests like the Complete Blood Count (CBC) may indicate blood or immune system cancers. PSA tests may indicate prostate cancer is present.
Depending on the type, you may be able to get life insurance in as little as 3 months for stage 1 melanoma, prostate, thyroid, and colon cancers
While most companies will postpone coverage if you have cancer, certain prostate cancers may still be insurable. Guaranteed issue coverage is an option for those aged 45 and older.
Yes, life insurance covers deaths, and as long as you disclose your medical history when buying life insurance, the company will pay the death claim.
Get Affordable Life Insurance Today
Navigating life insurance after cancer doesn’t have to be complicated. We’re here to help you every step of the way.
Ready for a personalized quote? Contact us today to learn about the best life insurance options available.
