Can You Get Life Insurance if You Have Cancer?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Understanding Life Insurance Eligibility for Cancer Patients

Eligibility Factors:

  • Type and Stage of Cancer: The type and stage of cancer significantly influence eligibility. Early-stage cancers or those with high survival rates may have better chances.
  • Treatment and Remission Status: Current treatment plans and remission status can affect eligibility. Patients in remission may be more likely to qualify.
  • Overall Health: General health outside of cancer diagnosis is also a factor. Other health issues can complicate eligibility.

A Warning Before Applying For Life Insurance

Don’t apply for life insurance on your own if you currently have cancer or are a survivor. Use an independent life insurance agency (like The Annuity Expert) to guide you through the process. Why? Because if you apply without proper guidance, there is a high probability that you will be declined coverage. If you are declined, most insurance companies will not consider you for coverage for at least 2 years. The service is free of charge to you, making using an insurance agent a “no-brainer.

Types of Life Insurance Available for Cancer Patients

  1. Guaranteed Issue Life Insurance:
    • No medical exam or health questions.
    • Higher premiums and lower coverage amounts.
    • May have graded death benefits (limited payout in initial years).
  2. Simplified Issue Life Insurance:
    • No medical exam but requires health questions.
    • Premiums are generally higher.
    • More coverage than guaranteed issue policies.
  3. Group Life Insurance through Employers:
    • Often does not require a medical exam.
    • Limited coverage but can be a viable option.
  4. Specialized Cancer Insurance Policies:
    • Specifically designed for cancer patients.
    • May provide coverage for cancer-related expenses.

Factors to Consider

  • Cost: Premiums can be significantly higher for cancer patients.
  • Coverage Limitations: Be aware of any limitations or exclusions.
  • Waiting Periods: Some policies may have a waiting period before coverage becomes effective.

Life Insurance Options for Cancer Patients

Insurance TypeMedical ExamCoverage LimitPremium CostWaiting Period
Guaranteed IssueNoLowHighYes
Simplified IssueNoModerateModerateVaries
Group Life (Employer)NoVariesLowNo
Specialized Cancer PolicyNoVariesHighYes
Life Insurance For Cancer Patients

Life Insurance Underwriting For Cancer Patients and Survivors

When underwriting a cancer history, the following factors are essential in assessing the risk:

  • Age of the applicant
  • Type and grade of cancer or tumor
  • The tissue of origin (i.e., colon, prostate, breast, etc.)
  • Type of treatment (surgery, chemotherapy, and radiation treatment)
  • Grade Time since treatment has ended.
  • Stage Any recurrences or relapses
  • Time since diagnosis
  • Time since treatment has ended.
  • Any recurrences or relapses

Overall The Best Life Insurance For Cancer Patients: Lincoln Financial. Contact us below for a free quote and assistance.

Thyroid Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you are a thyroid cancer survivor:

  • Early-stage thyroid cancers can be considered for life insurance once in remission for at least one month.
  • If the cancer is more advanced, the waiting period is longer.
  • No aggressive histology was present.
  • The tumor was removed entirely.
  • No more than one relapse of the cancer and all treatment was concluded.

Cervical Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you are a survivor of cervical cancer:

  • Stage 1 cervical cancer can be considered for life insurance once in remission for at least one month, depending on the type.
  • Stage 2 cervical cancer can be considered for life insurance once in remission for at least two years, depending on the type.
  • Life insurance for Stage 3 cervical cancer can be considered once in remission for at least four years.
  • Stage 4 cervical cancer is typically not eligible for life insurance

Prostate Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you previously had prostate cancer:

  • Early-stage prostate cancers can be considered for life insurance once in remission for at least one month, depending on the age at diagnosis and the cancer details.
  • The more advanced the prostate cancer, the longer the waiting period will be to get insured.

Testicular Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you are a testicular cancer survivor:

  • Life insurance for Stage 1 can be considered once in remission.
  • Stage 2 can be considered for life insurance once in remission for at least one month, depending on the age of diagnosis and cancer details.
  • Stage 3 is eligible for life insurance once in remission for at least two years, depending on the age at diagnosis and cancer details.

Brain Cancer or Tumor Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you previously had brain cancer:

  • Acoustic neuroma and benign meningioma wholly removed with no recurrence can be considered for life insurance once removed.
  • If the brain cancer is in remission for at least two years, one could get highly-rated insurance coverage.

The Best Life Insurance For Brain Cancer: Prudential

Breast Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you are a breast cancer survivor

  • Life insurance policies for most early-stage breast cancers that are effectively treated can be considered at least two years after treatment is completed depending on the cancer type.
  • Advanced breast cancers would require a more extended waiting period to be considered for life insurance coverage.
  • If there are any recurrences or distant metastasis, the coverage will typically be declined.

Colon Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you are a survivor of colon cancer:

  • Stage 1 colon cancer can be considered for a life insurance policy once in remission for at least one month, depending on the cancer type.
  • Stage 2 colon cancer is eligible to be considered once in remission for at least two years, depending on the type.
  • Life insurance policies for Stage 3 colon cancer can be considered once in remission for at least four years, depending on the type.
  • Stage 4 colon cancer is typically ineligible for life insurance coverage.
  • Every carrier is different, so please contact us before applying.

Leukemia Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you previously had Leukemia:

Acute Lymphoblastic Leukemia (ALL)

Acute Myeloid Leukemia (AML)

  • Adults can be eligible for life insurance once in remission for at least three years.
  • Children at least 16 years old must be in remission for at least five years before being able to be considered for a life insurance policy.

Chronic Lymphoblastic Leukemia (CLL)

  • Applicants aged 55 and older with stage 0 can be considered for life insurance after two years of remission.
  • Applicants diagnosed under the age of 55 will typically be declined coverage.

Lung Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you previously had lung cancer:

  • Stage 1 lung cancer can be considered for life insurance once in remission for at least three years.
  • Some stage 2 lung cancer types are life insurance eligible once in remission for at least four years.
  • Other types of stage 2 lung cancer and all stage 3 and 4 lung cancers are not typically eligible for life insurance.
  • You’ll be declined if you’re still smoking tobacco products.

Melanoma Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you previously had melanoma:

  • Stage 0 melanoma can be considered for life insurance policies once removed.
  • Stage 1A melanoma can be considered for a life insurance policy once in remission for at least one month.
  • Stage 1B melanoma can be considered for life insurance coverage once in remission for at least one year.
  • Stage 2A melanoma is eligible for live insurance coverage once in remission for at least two years.
  • Life insurance for Stage 2B melanoma can be considered once in remission for at least three years.
  • Stage 2 melanoma can acquire a life insurance policy once in remission for at least four years.
  • Stage 3 and 4 melanoma are typically declined coverage.

Ovarian Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you are an ovarian cancer survivor

  • Stage 1 ovarian cancer can be considered for life insurance once in remission for at least one month, depending on the cancer type.
  • Certain stages 2, 3, and 4 of ovarian cancer are eligible once in remission for at least one year.
  • Other types of stage 2, 3, and 4 ovarian cancers are typically declined coverage.

Kidney Cancer Life Insurance Eligibility

Below is a list of scenarios that can help you get life insurance coverage if you previously had kidney cancer:

  • Stage 1 kidney cancer can be considered once in remission for at least two years.
  • Stage 2 kidney cancer can be considered once in remission for at least three years.
  • Stage 3 kidney cancer can be considered once in remission for at least four years.
  • Stage 4 kidney cancer is typically declined.

Hodgkin’s Disease and Non-Hodgkin’s Lymphoma

Below is a list of scenarios that can help you get life insurance coverage if you previously had Hodgkin’s disease:

Hodgkin’s Disease

  • Stages 1, 2, and 3A can be considered for a life insurance policy once in remission for at least one year, depending on the cancer details.
  • Stages 3B, and 4 are typically declined life insurance coverage.

Non-Hodgkin’s Lymphoma

  • Stages 1, 2, and 3 can be considered for a policy once in remission for at least one month, depending on the cancer details.
  • Stage 4 is typically declined coverage

Life Insurance Companies For Cancer (We Recommend)

Lincoln Financial is a top-rated insurance company that has been in business since 1905. They offer a wide range of products, including life insurance, health insurance, and annuities. Lincoln is known for their aggressive underwriting of cancer policies and table shave program, which can save policyholders money on their premiums.

Disclaimer: We are licensed life insurance agents for Lincoln. If you need a quote or want to apply, contact us below. There is no charge for the service. We strongly discourage applying without the assistance of an agent because if you apply on your own and get declined coverage, for whatever reason, no other life insurance company will consider you for coverage for approximately two years.

Evaluating Annuities with Enhanced Death Benefits

  • Purpose: Offers financial security similar to life insurance for those who might not qualify due to health reasons.
  • Function: Accumulates value over time and pays out a death benefit to beneficiaries.
  • Accessibility: Generally easier to obtain for individuals with serious health conditions.

Example: One particular annuity offers a 30% bonus that can be accessed at death. There’s no medical underwriting involved, and it’s guaranteed on day 1. For easy math, a $100,000 annuity will equal $130,000 in death benefits immediately.

Life Insurance With Cancer

Conclusion

Navigating life insurance options as a cancer patient can be challenging but not impossible. It is crucial to understand the types of policies available, along with their limitations and costs. It’s important to compare different policies and consult with insurance professionals to find the most suitable option. Contact us today for a free quote.

Cancer Life Insurance Quotes

If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure you get coverage so you don’t get declined.

Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before you can get any life insurance.

Impaired Risk Life Insurance
First
Last
Have You Been Declined Life Insurance Coverage Before?

Frequently Asked Questions

What are the best life insurance companies for cancer patients?

Because of their higher maximum coverage levels, affordable rates, and strong financial rating with, A.M. Best, Banner Life, AIG, and Pacific Life are the best life insurance companies for cancer patients.

Can you get life insurance if you have cancer?

The answer is yes, but it depends on the stage of your cancer and other factors.

Can I get life insurance if I had cancer ten years ago?

Absolutely. A decade-long distance from a cancer diagnosis significantly improves your chances of getting life insurance. Insurers often see this long remission period favorably. However, it’s essential to note that the nature of cancer and treatment details still play a role in the policy’s terms.

Can I get life insurance after cancer remission?

Indeed, you can. It’s important to understand that life insurance companies often operate based on risk assessment. Generally, the longer the remission period, the lower the perceived risk and, consequently, the better the insurance policy terms

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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