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Life insurance for cancer patients

Life insurance for cancer patients

If you’ve been diagnosed with cancer, you may still be able to get covered with life insurance to protect your family financially. Here’s what you need to know.

Understanding life insurance and cancer

More than 34 million Americans are living with diabetes today, making up more than 10% of all Americans. If you’re someone living with diabetes, you may be wondering how your condition impacts your life insurance options – or if you can get covered at all.

First, some good news: Many people with diabetes can still buy term life or permanent life insurance. Depending on the type of diabetes you have and your overall health, you may even qualify for better rates. Here’s a quick look at how life insurance for diabetes works.

Can you get life insurance if you have cancer?

Yes, it’s possible to qualify for life insurance, even if you have a past cancer diagnosis. Generally, insurance companies will look at these factors when considering life insurance for cancer patients and survivors:

  • When you were diagnosed: Many insurers consider five years the cutoff point for a cancer diagnosis when deciding if you qualify for traditional life insurance. If you’ve been cancer-free for five years or more, you can often qualify for a term or permanent life insurance policy. With some types of diagnoses, like certain skin cancers or prostate cancer, your life insurance company may approve you even sooner.
  • The type of cancer: Insurers are more likely to approve you if you had a type of cancer with a higher survival rate, like some forms of skin cancer.
  • Treatment and health status: Insurers will want to know about your treatment plan, the types of treatment you’ve received, the date of your last treatment, and how it has affected your overall health.
  • Age and overall health: If you’re young and relatively healthy, you’re more likely to qualify for lower rates. Lifestyle habits, like smoking and drinking, may also factor in.

 Each insurance company has its own guidelines, so you should make sure to consult a life insurance agent about which one is the best fit for you, based on your health history.

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Types of life insurance for cancer patients and survivors

  • Traditional life insurance: If you’ve been in remission for more than five years, traditional life insurance could still be an option. Your options include term life, which offers affordable coverage for 10 to 30 years, or permanent, lifelong options with a cash value component. You may need to take a medical exam to help determine your rates for term life insurance or permanent life insurance.
  • Simplified issue: Cancer-free but not in perfect health? Simplified issue life insurance can help you access the coverage you need. While there’s no exam, you may have to fill out a health survey and submit your medical history. Simplified issue is also relatively affordable, with a $250,000 simplified issue policy costing only slightly more than a traditional plan with a medical exam in many cases. Another plus: You’re eligible for the full amount from day one.
  • Guaranteed issue: If you were recently diagnosed with or are actively still dealing with cancer, guaranteed issue life insurance can still make sure you’re covered. With no medical exam, survey, or medical history requirements, you can’t be turned down based on your health. The premiums tend to be higher and coverage amounts lower than other policies, but it can be a great fit for people who don’t qualify for other insurance. Guaranteed issue also has a graded period at the beginning of the policy, where you would not receive a payout if you died of a health-related issue. If your death is accidental, you still receive payment and most providers will refund premium payments, no matter what. After the graded period, you become eligible for the full amount.
  • Final expense: Designed for people over 50, this policy helps pay for end-of-life costs, medical bills, or debts. It can work well for cancer survivors because it doesn’t require a medical exam. The coverage levels are also lower, usually $5,000-$35,000, which means the premiums are more affordable than traditional policies.

Will life insurance pay out if you die of cancer?

As long as your policy is active and you’re following your policy rules, life insurance companies typically pay out for death because of any type of illness, including cancer. This is tax-free money that your family can use to cover anything they need.

Many families will use life insurance payouts for:

  • Replacing income
  • Paying the mortgage
  • Covering credit card bills or other debts
  • Paying for day-to-day expenses, like groceries and car expenses
  • Saving for college
  • Covering funeral costs or related medical debts

 When you buy a policy, think about those types of expenses and what your family might need to cover. Life insurance should fill the gap between expenses and any savings or other sources of income you may have.

You’ve got questions. We’ve got answers.

What is the cost of life insurance with cancer?

Your rates will vary depending on your current health status and the type of life insurance you apply for. In some cases, you may still be able to qualify for traditional life insurance. If you’re currently receiving treatment for cancer, guaranteed issue is still an option, though it will cost more than traditional or simplified issue policies. Talk to a life insurance agent to help you find insurance for cancer patients or survivors based on your budget, needs, and overall health.

Absolutely. After five years of remission, you can typically qualify for many traditional term life or permanent life policies again. Depending on the type of cancer, some insurers can still help cover you if you were diagnosed more recently.

Life insurance riders are optional features that you can add to your life insurance policy that allow you to adapt your coverage to meet your lifestyle and needs. If you qualify for life insurance after a cancer diagnosis, certain riders can help provide extra protection in case your cancer returns:

  • Terminal illness riders allow you to access some or all of the policy cash payout early if you’re diagnosed with an illness where recovery is unlikely. This helps provide options for cancer patients in terms of financial stability: it will provide for your family over a longer period of time.
  • Living benefit riders allow you to access your life insurance payout should you be diagnosed with a chronic condition or illness that significantly impacts your ability to function and work. This can help cover living and medical expenses during a time where you and your family will need it most.

Don’t worry, you still have options. Here are a few things you can try:

  • Get a life insurance quote from several different insurance companies.
  • Consider alternative types of insurance, like guaranteed life or group life with your employer or a professional organization.
  • Wait until after your remission tests come in or until more time passes since your treatment. Many insurance carriers have a specified waiting period after a cancer diagnosis.
  • Contact a qualified agent to help you apply to the right companies and determine your best options.

It depends on the type of insurance you choose. With traditional life insurance, which requires you to share your family medical history, a previous cancer diagnosis in the family could affect your rates.

With simplified issue, the insurance company may still ask health questions, but it’s much less likely to affect your rate or eligibility. Guaranteed issue is no questions asked, so you can get covered regardless of your family’s medical history.

It depends on what type of life insurance you want to apply for. Term and permanent life generally require them, while simplified issue and guaranteed issue don’t. Learn more about medical exams here.

Life insurance quotes through eFinancial

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