Life Insurance For People With Cancer
You can still get affordable coverage if you’re in remission or have a family history of cancer, but you’ll likely be denied a traditional policy if you’re in treatment.
- updated last on March 3, 2023
Quick Article Guide:
- Do Cancer Patients Qualify To Get Life Insurance?
- Types Of Life Insurance For People With Cancer
- Steps To Look For The Best Life Insurance Coverage
- Here Are Some Questions That You Will Encounter Along The Way
- You Need To Know That There Are Four Ratings Used By Life Insurance Providers. However, They May Vary According To Name.
- Common waiting periods for life insurance
- Patients Who Are In Treatment Stage
- Top 5 Cancer Types For Men And Women
- How Coach B. can help cancer patients and survivors
What Are Your Cancer Life Insurance Eligibility Chances?
If you or someone you know has been diagnosed with cancer, it does not mean that you cannot qualify for life insurance for stage 4 cancer patients. According to the National Cancer Institute, around 1.5 million suffered from this illness in 2014. However, death from this illness has shown a decreasing number.
Since 1991 deaths from this illness have decreased by 20%, according to the American Cancer Society. Although you cannot apply for life insurance while in treatment, you can do so after. Today, there are increasing numbers of insurers giving life insurance for people with cancer opportunities to apply and get the coverage they need. Insurers can offer you great coverage after finishing the treatment.
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Types Of Life Insurance For Cancer Patients
It is good to know that there are two types of insurance coverage available to people with cancer. One is the Term Life, and the other one is the Whole Life Policy. It is the same type of policy being offered for healthy people and with no underlying health condition.
When it comes to term life, you need to remember that it is available only for a specific period of 5 to 20 or more years. Also, the premium is lesser compared to the whole life. The reason for its affordability is that it only offers a death benefit. Unfortunately, one may not be able to get anything if you outlive the term. The insurer will only make a payout if you die within the term.
The whole life policy can cover you for a lifetime plus investment through cash value. This cash value grows in the course of the policy. It is why the whole life policy offers a much higher premium than term life. Both policies are available for cancer patients, but it is easier to apply for whole life coverage.
Steps To Look For The Best Life Insurance Coverage
One of the best options for people who are working is to get life insurance with your employer. However, you will lose the policy when you leave your job. Therefore, it is advisable to get an individual policy. One of the most important factors of applying for life insurance is honesty, even for an average applicant. You must disclose all necessary information, especially about your health condition.
However, it is tough to disclose having cancer. Disclosing that you are a cancer patient indeed makes it harder to acquire a policy. If you want to lighten your burden, you can get the service of an independent expert agent from Coach B. With an experienced agent, they can help you get the best policy choice from different insurers at the lowest possible rates.
Life Insurance For People With Cancer Will Encounter Some Questions Along The Way.
- What is the type of cancer?
The chances of getting the insurance coverage you need depend on the type of cancer you have. Also, other essential factors are the stage of cancer and where it is located inside the body. Insurers want to know the rate of its survival and if it is curable.
- Can you give me your current medical records?
Insurance providers will surely ask for a copy of your medical records. You must also have contacts of all your doctors as insurers will contact them and ask several questions.
- Are you already cancer-free?
One of the most important factors to get the best deal is if you are already cancer-free.
- Are you visiting all of your specialists?
Insurers during the underwriting process will make some follow up regarding notes written on your medical records. It is to know if you are continuously visiting al your specialist to monitor your health condition.
- When was your last treatment?
Most insurers require a waiting time of 10 years from your last treatment. However, you can still find some providers who are lenient and may offer a shorter waiting time.
You Need To Know That There Are Four Ratings Used By Life Insurance Providers. However, They May Vary According To Name.
- Preferred plus
- Preferred rating
- Standard rating
- Substandard rating or table rating
A cancer patient can get a standard rating right after the waiting period if your cancer is a low-risk type like skin, testicular, prostate, and early breast cancer stages. Some insurers may offer a higher monthly premium for other types of cancer, but it may lower over time.
Family History of Cancer
Knowing your family history of cancer can help you take proactive steps to mitigate your risks, such as lifestyle modifications and regular screenings. It’s essential to know the types of cancers that run in the family and if there are any screening tests recommended for you. Talk to your doctor and consider genetic testing if necessary to gain a complete picture of your cancer risk.
Patient In Treatment
If you are in the treatment stage and want to apply for life insurance, you can opt for a guaranteed life insurance for cancer patients. The drawback is the fact that it has the highest premium among all types of coverage. Also, it is graded. The insurer will give the payout if you manage to live within a specific period set by the insurer. Typically, this type of policy offers small coverage of $5000 to $50000. The primary purpose of getting it is to cover all expenses related to your death. It is possible to renew the policy if you want without any medical examination.
Life Insurance After Cancer
Patients Who Finished The Treatment
People who managed to finish their treatment are considered in the remission stage. However, you will be able to apply after the waiting period required by the insurer. Also, the waiting time depends on the type of cancer.
Patients Who Past The Waiting Time
People who had cancer and finished the waiting period can apply for either term life or whole life insurance coverage.
What Insurance Policy Applicable For You?
Stage of Cancer
- If you currently have cancer, then you can apply for a guaranteed issue life insurance.
- People in the remission stage and within the waiting period can also apply for a guaranteed issue policy.
- If you are in remission but finish the waiting period, you can now apply for term life insurance for cancer patients or a whole life insurance policy.
The waiting period before you can apply for life insurance that you need varies from one insurer to another. No cancer incident is similar. Therefore, an insurance provider may give a different waiting period.
Common Waiting Periods for Life Insurance Policy
Type of Cancer | Likely Waiting Period | Other Factors |
Breast | 1 to 5 years | It depends on the stage |
Lung | 3 to 5 years | With Stage 1, you may need to wait for three years after treatment; Stage 2 is typically 5 years |
Colorectal | 1 to 6 years | Stage 1, 2, and 3 have a different waiting period |
Uterine | 2 to 5 years | For stage 0 or 1 is 2 years, but rates will be high. Rates can lower after 4 to 5 years. Beyond Stage 2 is a denial of the application. |
Hodgkins and Non-Hodgkins Lymphoma | 3 to 10 years | The time period is for Stages 1 & 2 only; beyond that is denied |
Prostate | 6 months to 2 years | Stages 1&2, A, B may have 6 months waiting period; Stage 3, C is 2 years |
Bladder | 1 to 3 years or greater | 1 to 2 years for Stage A and 3 or more for Stage B |
Melanoma | 1 to 5 years | 1 year waiting for early detection; 2 to 5 years for deeper surgery |
Testicular | 6 months to 2 years | 6 months waiting if it does not spread; 2 years for others |
Leukemia | 5 to 10 years | It depends upon the type, but some are not insurable |
Kidney | 1 to 5 years | T0 & T1 waiting time is 1 to 2 years; T2 & T3 may need to wait for 5 years |
Pancreatic | 2 years | Waiting period if possible if cancer is detected in early stages; other stages will be declined |
Cervical | 0 to 1 year | For Stage 1 or in-situ cancer |
Esophageal | 3 years | It depends upon the stage |
Larynx | 1 year | It depends upon the stage |
Ovarian | 1 to 5 years or more | It depends upon the stage and whether or not cancer has spread |
Bone | 5 years or more | It depends upon the type, but some are not insurable |
Basal Cell Carcinoma | 0 to 3 months | This type may not have any waiting period if the cancer has not spread |
Can cancer patients get insurance after diagnosis
It is good to know that there is an option for people with cancer currently in the treatment stage. Also, it is available regardless of the type and stage of cancer.
This policy is the Final Expense policy that is available for everyone. The approval of this policy is not based on health conditions. It is the last resort of people who have experienced a denial before for a life insurance policy. However, it is a graded policy with an exclusion period of around two years. It is a requirement for the insurer to pay out in full.
Cancer survivors and those who are still struggling in their treatment can always prepare for unexpected happenings. Everyone, no matter what health condition you are in, should prepare for unforeseen events in life.
Top 5 Cancer Types For Men And Women
MEN
Prostate
Bladder
Lung
Colorectal
Melanoma
WOMEN
Breast
Lung
Uterine
Colorectal
Lymphoma
How Coach B Can Help You Get The Best Life Insurance For Cancer Survivors
There is no need to experience the struggle of finding the best life insurance for you. Coach B. Insurance agents are here to help you find the coverage that you deserve. They have a long list of insurers and underwriters to contact to get the best policy for your needs. You can contact us at 1-800-342-1537.
Frequently Ask Questions
Can you get life insurance if you have cancer?
It is possible to get life insurance even if you have been diagnosed with cancer. Several factors—such as the stage of cancer, the type of treatment, and other health conditions—will affect whether or not you can secure coverage and what rates will apply. However, many viable options exist for getting life insurance after a cancer diagnosis.
Does life insurance Cover cancer deaths?
Yes, most life insurance policies will cover death caused by cancer. Depending on the policy, coverage may vary, so it's essential to consult your provider to ensure your policy adequately covers you in the event of cancer-related death.
Can you get life insurance if you've had cancer?
Yes, it is possible to get life insurance if you've had cancer. However, the terms of the policy and the rate of coverage may differ from those available for individuals who have not had a cancer diagnosis. In most cases, you must wait until at least five years after being declared cancer-free before applying for life insurance.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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