Buying Life Insurance After Cancer

If you have a history of cancer, getting life insurance may not be as difficult as you think. However, the sort of cancer you have, your prognosis, and whether you are in remission can all influence the forms of life insurance you can obtain, as well as the cost.

Can you get life insurance with cancer?

It depends. In general, insurers examine your medical history to better understand your life expectancy and calculate cost and eligibility. Cancer, for example, might shorten your life expectancy and increase the insurer’s risk, resulting in higher premiums. In rare situations, you may be denied coverage completely.

But don’t let this stop you from applying. Eligibility requirements vary amongst insurers, therefore it’s critical to compare life insurance rates from various companies. Some insurers are more liberal than others regarding pre-existing diseases, like cancer.

You may want to consult with an independent life insurance agent or broker who has worked with clients in similar situations. An impaired risk expert is an insurance professional who specializes in assisting persons with medical issues or risky hobbies in obtaining coverage.

Life insurance for current cancer patients

If you are currently receiving cancer treatment, or if the illness has metastasized or progressed to an advanced stage, you will most likely be ineligible for standard insurance that sets premiums based on medical histories. However, certain policies may not require you to provide health-related information.

Guaranteed issue life insurance products provide coverage regardless of medical history. These policies are classified as permanent life insurance, which means they typically provide coverage for the rest of your life. The only criteria for applying for a policy is that you are between the ages of 40 and 85.

The disadvantage of this sort of insurance is the expense. Without any information about your health, life insurance firms take a higher risk in insuring you, thus rates are typically higher than for policies that need a life insurance medical exam. Guaranteed issue life insurance typically includes a “graded death benefit,” which implies that if you die of natural causes within the first one to three years of the policy, the insurer will not pay out the full death benefit. 

Basic group life insurance through work is typically guaranteed, which means you don’t have to present any health information to qualify for coverage, and companies frequently pay all or part of the premiums. If you have access to this sort of insurance, you can get coverage even if you have cancer. However, many basic group life plans only cover a few times your annual pay, which may be insufficient for your family. When purchasing additional life insurance via your employer plan, you may be required to give health-related information. It’s also worth noting that group policies are often linked to your employment, so if you leave, you may lose coverage.

Life insurance for cancer survivors

If you are in remission, you may be eligible for typical term or permanent life insurance plans. In general, the longer you’ve been cancer-free, the greater your chances of finding a cheaply priced policy.

Term life insurance covers you for a set number of years, such as ten or twenty. It is often less expensive than permanent coverage and pays only if you die during the term. Term life insurance may be an excellent option if you require coverage for a specific period of time, such as the years when your children rely on you financially.

Permanent life insurance normally provides coverage for your entire life and pays out regardless of when you die. These insurance frequently have a monetary value component, which can increase over time. Whole life insurance is the most popular type of permanent coverage. Permanent plans can be a good choice if you wish to leave an inheritance for your beneficiaries or assist them pay for last expenses like funerals. 

Be aware that each insurer has its own set of life insurance underwriting requirements, and how cancer is rated varies greatly between firms. They may consider the type of cancer, the length of time since remission, adherence to follow-up treatment, and other variables. 

What if I have a family history of cancer?

When you apply for life insurance, the insurer may inquire whether any of your close family members, such as your parents or siblings, have a history of certain conditions, such as cancer. Insurers look for trends to predict the likelihood of you contracting the condition. For example, if multiple close family members have developed lung cancer, an insurer may presume you are also at risk. A single cancer diagnosis in your family is unlikely to have a significant impact on your life insurance application, unless a close member, such as a parent, was diagnosed when they were young, such as before the age of 55. This varies by company.

Regardless of the type and severity of the cancer, you must submit truthful information on your application. Insurers may deny claims to life insurance beneficiaries if the application contains inaccurate or misleading information. When applying for life insurance, make careful to be as exact as possible.