Life Insurance for Cancer
Way.com: Find the Best Life Insurance Company
No Medical Exams
100% Online
Get estimates in seconds
4.9/5 Rating on the App Store
Way.com: Find the Best Life Insurance Company
No Medical Exams
100% Online
Get estimates in seconds
4.9/5 Rating on the App Store
Key Takeaways
Cancer is not a pleasant word to think about. But once that reality hits you, there are many things to take care of, including treatment, medical bills, and insurance, and if you are not covered, then there is certainly a different set of things to be worked on. For example, can I purchase life insurance after I'm diagnosed with cancer? Are there any life insurance policies for those undergoing treatment? Can a cancer survivor get life insurance after cancer treatments? Here, we address all the common queries related to cancer life insurance.
Getting life insurance after being diagnosed with cancer can be tricky as the criteria for policy provisions varies with each insurance company. Life insurance companies generally consider the medical history for risk assessment and calculating your premium rates.
However, being diagnosed with cancer will not deny you a policy but can result in higher premium rates. This is based on the severity of the cancer, whether it has reached the advanced stage or not, the chances of relapse, and other associated health conditions. Therefore, the chances of getting your policy and the premium rates are based on the conditions mentioned above.
Undoubtedly, being diagnosed with cancer can be a hurdle if you want to purchase life insurance to cover your bases. It is entirely dependent on the insurance company and the criteria they follow. While most companies do not deny the right to a policy purchase, it can take some time for the applicant to qualify for the policy. For instance, while some companies require you to be in cancer remission for at least five years, others can sometimes extend the period to 10 years. However, the general trend based on the type of cancer is between 1 and 5 years. Here is a list that provides you with the waiting period generally required by insurance companies for different cancer types.
| Type of Cancer | Waiting Period |
|---|---|
| Bladder Cancer | 2 years |
| Bone Cancer | 5 years |
| Breast Cancer | 2 years |
| Cervical Cancer | 1 year |
| Colon Cancer | 2 years |
| Kidney Cancer | 3 years |
| Leukemia | 10 years |
| Lung Cancer | 3 years |
| Lymphoma | 2 years |
| Metastatic Cancer | 5 years |
| Ovarian Cancer | 3 years |
| Prostate Cancer | 1 year |
| Rectal Cancer | 2 years |
| Skin Melanoma | 1 year |
Insurance companies view cancer as a condition associated with a high risk of occurrence, and as a result, they will charge higher premiums to compensate for this risk. Several variables, such as the stage of your cancer, age, and general state of health, will determine the total cost of your premiums.
| Age | $15,000 Coverage | $25,000 Coverage | ||
|---|---|---|---|---|
| Male | Female | Male | Female | |
| 50 | $77 | $56 | $123 | $92 |
| 60 | $99 | $77 | $169 | $132 |
| 70 | $149 | $114 | $258 | $195 |
Depending on the type of cancer you had and your circumstances, term life insurance may be an option if you've been in remission for three to five years. Here are the rates for term insurance for those recovering from cancer.
| Age | $15,000 Coverage | |
|---|---|---|
| Male | Female | |
| 30 | $46 | $39 |
| 40 | $70 | $57 |
| 50 | $151 | $120 |
| 60 | $415 | $298 |
Cancer patients can choose from a few different alternatives to life insurance. There are chances that you won't be approved for coverage under a typical term or whole life insurance policy if you're undergoing cancer treatment or have been diagnosed with cancer within the past two to four years.
Here are the types of life insurance available for cancer patients.
| Type of Life Insurance | Category | Specifics |
|---|---|---|
| Guaranteed Issue Life Insurance | Over age 45 |
|
| Group Life Insurance | Below age 45 |
|
| Simplified Issue Life Insurance |
|
|
| Burial Life Insurance | Over age 50 |
|
You can get covered if your family has cancer. The life insurance company will analyze your family medical history, including how many family members had cancer, when they were diagnosed, and how long they lived. While a cancer pattern may affect your rates, you can still get financial protection.
Your policy choice must be based on your requirements and choose what suits your demands and requirements best.
Term life insurance is the most common choice for people who want to protect their income and offer financial security for their families. It lasts a set duration, has few rules and tax constraints, and is cheaper than whole life insurance.
Life insurance is easier to purchase after five years in remission, especially for early-stage cancer survivors. If you're healthy after five years, you can get average rates. However, insurance firms usually wait 10 years before offering term or whole-life policies for stage III or IV cancer.
Permanent life insurance typically covers your complete life, regardless of when you pass away. These policies frequently contain a cash value component that can increase over time. Permanent life insurance is the most common form of coverage if you wish to leave an inheritance to your beneficiaries or assist them in covering final expenses.
If you are approved for a life insurance policy, but your health takes a turn for the worse, riders can protect you and your family from financial strain.
A terminal illness rider, also known as an accelerated benefit rider, is a very helpful addition to life insurance policies for cancer patients. With the help of this rider, if you have a recurrence and are given a terminal diagnosis, you can collect a portion of your death benefit early. This can assist your family in paying for medical bills, hospice care, or other costs.
Here are the best life insurance companies for seniors that cater to the financial requirements of a cancer patient. The different policies offered; the AM best rating of the companies is discussed below.
| Company | Policies Offered | Best Option | AM Best Rating |
|---|---|---|---|
| Here are the best life insurance companies for seniors that cater to the financial requirements of a cancer patient. The different policies offered; the AM best rating of the companies is discussed below. | |||
| TruStage | Term, Whole | Guaranteed Issue | A |
| SBLI Life Insurance | Term, Final Expense, Whole | Best No-Exam Options | A- |
| Mutual of Omaha | Final Expense, Indexed Universal (IUL), Term, Universal (UL) | Best Overall | A+ |
| Transamerica | Final Expense, Term, Whole, Indexed Universal | Final Expense Policy | A |
TruStage offers guaranteed issue coverage with online purchases and same-day approval. Guaranteed issue coverage has a $20,000 coverage and higher premiums. It offers a $100,000 simplified issue whole life policy without a medical exam.
| Pros | Cons |
|---|---|
| Online application process | Expensive policies |
| No medical exam | No option to customize |
| Offers online quotes | It doesn't offer living benefits with its policies |
SBLI Life Insurance offers affordable policies and a no-cost terminal illness rider with all policies. Depending on the type of cancer you have, if you are between 18 and 60 and have been in remission for a few years, you may be able to get term or whole-life insurance with underwriting from SBLI.
| Pros | Cons |
|---|---|
| Affordable policy options | Unavailability of universal life insurance policies |
| No medical exam for up to $75,000 coverage | Unavailability of chronic or critical illness riders |
| Terminal illness rider included with all policies |
In addition to providing the most comprehensive coverage without requiring a medical exam, it is the best option for guaranteed issue life insurance. Omaha's prices may be higher than those of its competitors. However, it stands out in terms of its financial stability and customer satisfaction level.
| Pros | Cons |
|---|---|
| Provides living benefits to cancer survivors | Traditional whole-life policies are unavailable |
| Guaranteed issue policies can be applied online |
Depending on the type of cancer you had, Transamerica has three different policies for final expense coverage that you may be eligible for if you have been in remission for at least two years. However, it has an average customer satisfaction.
| Pros | Cons |
|---|---|
| Offers accelerated death benefits | Average customer satisfaction |
| Up to $50,000 coverage without medical exam | More NAIC complaints |
| Final expense policies are available. |
A cancer survivor can get life insurance based on the type of cancer, the chances of relapse, family history, and based on the needs of the insurer.
Yes, a person can still get life insurance even after a cancer diagnosis. However, your options might be limited.
It's possible that you could qualify for a guaranteed issue policy or burial insurance, but you might not be able to get other kinds of coverage. Working with a qualified agent who can better understand your requirements could be beneficial if you are a cancer patient receiving chemotherapy or any other type of cancer treatment.
Yes, the type of cancer is a matter of interest to the insurance companies. They consider the severity and the chances of survival and decide on a waiting period based on similar criteria.
Yes, people who have had cancer can get insurance from a company. Your insurance benefits will depend on your cancer, how long you've been cancer-free, and how you were treated. Other types of life insurance, like guaranteed issue, cover final expenses and don't have medical requirements but have high premium rates.
Access your digital insurance card through the app. You no longer need to carry your physical insurance card with you.
Receive reminders before your renewal. Way.com will also send new quotes from up to 45 insurance companies with your renewal reminder.
Keep everyone on your policy up to date by sharing your insurance information.
Make changes to your policy right from the app (coming soon) and ask for expert advice.
For the best user experience, please download our Way app.
or
