Will Cancer Patients and Survivors Qualify for Life Insurance?

Will Cancer Patients and Survivors Qualify for Life Insurance?

Aug 03, 2022

Life and Health Insurance

Will Cancer Patients and Survivors Qualify for Life Insurance?

Buying life insurance after being diagnosed with cancer can be difficult and expensive. Depending on your type of cancer and if it has spread to other parts of your body, you may not qualify for a traditional term or whole life insurance policy for several years. A cancer diagnosis does not mean you are no longer eligible for life insurance. Other solutions are available, though you may need to decide if the price and coverage are reasonable given your financial condition.


Can You Get Life Insurance Despite Having Cancer?

If you have cancer, you may still be eligible for some life insurance policies, but they may be expensive. It all depends on the type of cancer. For example, non-melanoma skin cancers often have no impact on the cost of life insurance. Still, a more malignant diagnosis, like pancreatic cancer, may make it difficult or impossible to obtain coverage.

Whether you are a survivor or in treatment, it is crucial, to be honest with your insurer when seeking life insurance.  Although cancer is covered by life insurance, your beneficiary's claim may be rejected if the insurer can prove that you misled them on your application or willfully misrepresented your health.


Types of Life Insurance for Cancer Patients and Survivors

Cancer patients typically cannot get term or whole life insurance. However, you can qualify for the following life insurance policies.


Guaranteed Whole Life Insurance

You can obtain guaranteed life insurance, commonly known as burial insurance, whether or not you have cancer or are undergoing treatment because the coverage extends for a lifetime.   Most burial life insurance policies aren't available to those under 45 and are generally targeted toward seniors.


Group Life Insurance

Group life insurance is usually provided through your employer. If your or your spouse's job offers group life insurance plans, you might be able to acquire coverage even with cancer. Check the plan's terms for details on medical underwriting for higher levels of coverage.


Final Expense

Intended for people over 50, this policy helps pay for end-of-life costs, medical bills, or debts. Since there is no need for a medical exam, it may benefit cancer survivors. Additionally, because the coverage amounts are lowertypically $5,000 to $35,000the premiums are less expensive than standard policies.


How Long Will It Take to Qualify for Life Insurance After Having Cancer?

The waiting period for life insurance after cancer can vary depending on the type, the invasiveness, and the chance of recurrence. You may need to wait two to five years after your last treatment before being approved for term life or whole life insurance. If your cancer is in remission but undergoing more than one follow-up appointment year, you may still be considered a patient in active treatment. Remember that some insurance companies have higher underwriting requirements for specific cancers requiring remission for a minimum of 10 years.


Tips to Increase Your Chances of Getting Life Insurance After Having Cancer

Maintaining good health and avoiding high-risk occupations will make it easier for you to find affordable life insurance.

Working with a knowledgeable and independent life insurance agent is usually a good idea. Independent agents work with several insurance providers and will be aware of providers more receptive to insuring cancer patients. You should also find an independent agent specializing in impaired risk underwriting specifically.


Consult with EastEnd Insurance Agency

If you're worried about not qualifying for life insurance or rates being too high, contact the agents at EastEnd Insurance Agency to choose from various affordable life insurance solutions. We can find insurance that works well for you and explain several alternatives available to cancer patients or survivors.

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