Life Insurance Guide for Cancer Patients (2024)
Life insurance for cancer patients is possible to obtain, but costs can be expensive depending on the level of coverage you want. Many cancer patients choose guaranteed issue life insurance policies because they require no medical exam. However, these policies usually only have $25,000 maximum coverage. Read more to find out everything you need to know about life insurance for cancer patients.
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Kristen Gryglik
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Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
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UPDATED: Nov 27, 2023
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UPDATED: Nov 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- A cancer diagnosis will make getting life insurance more difficult, but it will not make it impossible to get life insurance
- Your current cancer status will greatly affect the type of life insurance policy you will be able to get, if you are in remission you will have a better chance at getting higher coverage
- Current cancer patients will likely be limited to choosing between guaranteed issue and final expense life insurance policies
Life insurance for cancer patients depends a number of factors, but the most important is if your cancer is current or in remission. Most life insurance companies will not sell whole life insurance or term life insurance policies to people who currently have cancer.
However, that doesn’t mean you cannot get life insurance if you have cancer. You will be able to get life insurance if you have cancer, but your options will be limited.
Typically, cancer patients buy guaranteed issue or final expense life insurance policies that don’t require medical exams. These policies don’t have high coverage levels, but they offer life insurance for cancer patients.
If you’re ready to buy life insurance for cancer patients, enter your ZIP code above to compare cheap life insurance for cancer patients.
Table of Contents
Can I get life insurance if I have cancer?
You might think that you can no longer get life insurance now that you have a cancer diagnosis, but this is not true. Getting life insurance with cancer is possible, but your options will be limited.
Every diagnosis and cancer situation is different. Your form of cancer may have a shorter path to treatment than more advanced types of cancer. However, if you are a current cancer patient, you will not be able to purchase whole life insurance or universal life insurance policies. Insurance companies will offer you the chance to buy guaranteed issue life insurance. This type of life insurance does not require a medical exam, but coverage is generally limited to a maximum of $25,000 dollars.
Average Monthly Guaranteed Issue Life Insurance Rates Based on Age, Gender, and Policy Amount
| Age At Purchase | Policy Coverage Amount | Average Monthly Rates (Men) | Average Monthly Rates (Women) |
|---|---|---|---|
| 50 | $10,000 $15,000 $25,000 | $30 $43 $70 | $24 $34 $56 |
| 60 | $10,000 $15,000 $25,000 | $42 $62 $101 | $32 $47 $77 |
| 70 | $10,000 $15,000 $25,000 | $70 $103 $170 | $51 $75 $122 |
These policies are generally very affordable even if you do have cancer. It is important to note that in some cases your benefits might take time before they fully take effect. People with cancer should understand the ins and outs of their guaranteed issue life insurance policy before purchasing it.
If you need additional help purchasing cancer life insurance coverage, either as a cancer patient or a cancer survivor, the Insurance Information Institute has helpful resources designed to help you make the best decision regarding your insurance. Finding insurance with cancer is a process that requires a lot of research to find the best coverage options for your situation.
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Can I get life insurance if my cancer is in remission?
If your cancer is in remission or you are cancer-free, congratulations! This is a huge milestone in your health journey. At this stage, there are some options of insurance for cancer survivors. You will likely be able to purchase traditional term and whole life insurance policies again. However, your insurance rates will likely always be higher as a result of your cancer.
Policies for cancer patients and survivors will vary. You should discuss your history of cancer, and the type of cancer, with your insurer or insurance agent.
A cancer policy can be added to your life insurance policy to exclude coverage in the event of cancer recurrence, and this can help lower your rates. It will leave you uncovered if your cancer returns.
Life insurance for cancer patients is possible to get, but the coverage you get is going to depend on how much you want to pay for life insurance.
If you’re ready to compare affordable life insurance for cancer patients, enter your ZIP code below to see life insurance quotes for cancer patients.
Case Studies: Life Insurance for Cancer Patients
Case Study 1: John’s Guaranteed Issue Policy
John, a cancer patient, was unable to purchase traditional whole life or term life insurance policies due to his ongoing treatment. However, he was able to secure a guaranteed issue life insurance policy that required no medical exam. Although the coverage was limited to a maximum of $25,000, the policy provided John with some much-needed life insurance coverage during his treatment.
Case Study 2: Mary’s Remission Status
Mary, who had successfully completed her cancer treatment and was in remission, had more options available to her. She could now consider traditional term and whole life insurance policies. However, due to her cancer history, Mary’s insurance rates were higher compared to individuals without a cancer diagnosis. She also had the option to add a cancer policy to her life insurance coverage, which would exclude coverage in the event of cancer recurrence but help lower her premiums.
Case Study 3: Peter’s Limited Coverage
Peter, a cancer patient, opted for a final expense life insurance policy that didn’t require a medical exam. While the coverage amount was limited, Peter found these policies to be affordable and suitable for his needs. He understood the importance of thoroughly reviewing the policy’s terms and benefits to ensure it met his specific requirements.
Frequently Asked Questions
Can cancer patients get life insurance?
Yes, cancer patients can still get life insurance coverage. However, the availability and terms of the coverage may vary depending on several factors such as the type and stage of cancer, current treatment status, and overall health condition.
Will having cancer affect the cost of life insurance?
Having cancer can affect the cost of life insurance. Insurers assess the risk associated with the individual’s health condition and may charge higher premiums or apply exclusions and limitations on coverage. The specific impact on the cost will depend on various factors, including the type of cancer, stage, treatment history, and overall prognosis.
Can I apply for life insurance while undergoing cancer treatment?
It is possible to apply for life insurance while undergoing cancer treatment. However, the availability of coverage and the terms may be limited. Some insurers may require a waiting period after the completion of treatment or a certain period of remission before considering an application.
Will I need to provide medical records for a life insurance application?
Yes, for life insurance applications, you will typically need to provide medical records, including information about your cancer diagnosis, treatment history, and overall health. The insurance company will evaluate these records to assess your risk profile and determine the terms of coverage.
Can I get life insurance if I have a history of cancer but I am now in remission?
Yes, if you have a history of cancer but are now in remission, you may be eligible for life insurance coverage. Insurers will consider various factors, such as the type of cancer, duration of remission, and overall health, to determine the terms and cost of the coverage.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.