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Overcoming Obstacles: Life Insurance for People with Cancer

Are you or a loved one currently battling cancer? If so, you may wonder if obtaining life insurance coverage is possible. The good news is despite the many obstacles that cancer presents, there are options available for individuals in this challenging situation. In this article, we will explore how you can navigate the world of life insurance and find a policy that suits your needs, even with a cancer diagnosis.

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While it may be a bit more complicated than obtaining life insurance for those without significant health issues, it is not impossible. Many insurance companies now offer policies specifically designed for individuals with cancer or a history of cancer. These policies often consider factors such as the type and stage of cancer, treatment plans, and overall health.

To secure the best coverage possible, it is essential to work with an experienced insurance agent who assists individuals with pre-existing conditions. They can help you understand your options, guide you through the application process, and advocate for the most suitable policy.

Don’t let cancer hold you back from protecting your loved ones financially. With the correct information and assistance, you can overcome the obstacles and secure the life insurance coverage you need. Let’s explore your options together.

Types Of Life Insurance For Cancer Patients

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.

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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.

  1. 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.

  1. 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. 

  1. Are you already cancer-free?

One of the most important factors to get the best deal is if you are already cancer-free. 

  1. 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. 

  1. 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.

  1. Preferred plus
  2. Preferred rating
  3. Standard rating
  4. 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

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

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.

Meet the team

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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