Life Insurance for Cancer Patients (2023)
Quick Facts
Buying life insurance for cancer patients can be difficult, particularly because rates tend to be much higher
Most companies will only sell cancer patients a group, burial, or guaranteed issue policy
If your cancer is in remission, you might qualify for regular life insurance rates
Although many people want to buy life insurance, they often wait until they have a reason to need it. One of those life events that make getting insurance an immediate concern is a cancer diagnosis. Unfortunately, life insurance for cancer patients can be challenging to purchase after a diagnosis, especially at affordable rates.
However, cancer patients aren’t without hope. Even patients with a terminal diagnosis can buy burial or guaranteed issue life insurance, which ensures at least a small payout to your beneficiaries.
Read on to explore your options for life insurance after a cancer diagnosis, then compare rates with as many companies as possible to find the perfect plan for your needs.
How to Find Life Insurance for Cancer Patients
Finding the best life insurance for cancer patients is the same process anyone else goes through. You’ll need an idea of what type of coverage you want before you apply for a plan. The most commonly purchased policies are term or permanent life insurance, although cancer patients often need alternative options.
Buying life insurance with a medical condition like cancer usually requires a medical interview. In the interview, companies ask about your diagnosis and where you’re at in your healing journey. The company will also want to know your history if you’re in remission.
A cancer diagnosis does not mean an automatic application rejection. For example, life insurance for cancer survivors typically includes traditional options. You’ll also have a simpler time buying insurance for cancers that are easier to treat. For instance, buying life insurance with breast cancer is easier than for liver cancer.
Whatever your situation, the best way to find the most affordable life insurance after a cancer diagnosis is to research your options.
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Get the Best Life Insurance After a Cancer Diagnosis
No matter what your health situation is, there are a few steps you can take to ensure you get the best life insurance. When you’re ready to buy a plan, consider the following steps:
Look at your finances. Life insurance is a big investment, and cancer can make it cost even more. High-risk life insurance always costs more because you represent a bigger risk to the insurance company. It’s essential to ensure a monthly life insurance payment fits your budget.
Choose your coverage. Picking the right amount of coverage is integral in keeping your rates low. People considering a life insurance cancer payout should buy enough to cover their outstanding debts, beneficiary’s immediate bills, and end-of-life expenses.
Choose your policy. Knowing what type of policy you want before applying can save you time. Since cancer makes things more complicated, an insurance representative can help sort through your options.
Compare life insurance quotes. Comparing quotes from multiple companies is always important, but it’s essential when dealing with a cancer diagnosis. Skipping this crucial step usually leads to overpaying for insurance.
While cancer makes it more complicated, the basic process of buying life insurance is usually the same, no matter who you are.
However, some insurance options for cancer patients are relatively easy to apply for and get approved. Depending on your diagnosis, less popular options like guaranteed issue, burial, and group life insurance might be the right choice.
Life Insurance Coverage Options for Cancer Patients
Although term and whole life policies offer the best value, they’re often not an option for people with a cancer diagnosis. When you need a life insurance policy after you’ve already been diagnosed with cancer, the following options will make sure you have at least some coverage:
Guaranteed issue: Traditional life insurance is hard to get with cancer because of the medical exam required. No-exam life insurance for cancer patients – also called guaranteed issue – doesn’t offer much coverage, but almost anyone can buy it.
Burial: Burial insurance or final expense life insurance doesn’t usually require a medical exam, making it an easy choice for cancer patients. This type of life insurance is meant to cover the cost of your funeral so your loved ones don’t have to worry about finances while they grieve.
Group: Many employers offer group life insurance, which typically does not require a medical exam. Coverage from group life insurance is usually low, but it can be affordable.
These are often the only options available to cancer patients. Finding life insurance for cancer patients in remission might be easier, depending on how long you’ve been in remission.
Best Life Insurance Companies for Cancer Patients
Finding terminal illness life insurance when you have cancer or any other life-threatening health condition can be difficult, but some companies are more forgiving than others. The following companies might be your best option for life insurance after a cancer diagnosis.
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As you can see, some life insurance options offer affordable rates when you have cancer. However, these plans often have low coverage totals and are primarily meant to cover funeral and other end-of-life costs.
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Average Life Insurance Rates for Cancer Patients
The amount you’ll pay for life insurance depends on the type of plan you buy. You saw above that some companies offer life insurance for about $25 a month, but these plans are typically guaranteed issue or burial.
Since life insurance companies consider people with cancer a higher risk to insure, you’ll see much higher rates for term or whole life plans – if you qualify. Life insurance for high-risk individuals always costs more, no matter the reason.
Factors Influencing Life Insurance Eligibility for Cancer Patients
Whether you can get life insurance with a pre-existing condition depends on the company, but that’s not the only thing companies look at. To craft your life insurance rates, most companies look at the following factors:
Age
Gender
Other health issues
Family health history
Occupation
Dangerous hobbies
Tobacco use
These factors significantly impact your life insurance rates. To get an idea, take a look at how much the average smoker pays for life insurance below.
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Compared to non-smokers, people who use tobacco see much higher rates. This highlights why it’s always important to compare rates with multiple companies, regardless of your situation.
Case Studies: Life Insurance for Cancer Patients
Case Study 1: John’s Journey to Finding Affordable Life Insurance
John, a 45-year-old cancer patient, was concerned about his financial future and wanted to secure life insurance for his family. However, he found it challenging to find affordable coverage due to his cancer diagnosis.
After extensive research and comparing rates from various companies, John discovered a guaranteed issue life insurance policy that offered coverage starting at $23 per month. This policy provided him peace of mind, knowing that his beneficiaries would receive a payout upon his passing.
Case Study 2: Sarah’s Search for Life Insurance Options during Remission
Sarah, a 38-year-old breast cancer survivor, wanted to protect her family’s financial well-being with a life insurance policy. As a cancer survivor, Sarah had more options available to her compared to those currently undergoing treatment.
She explored different types of policies and ultimately chose a term life insurance plan that offered coverage tailored to her needs. Although the premiums were slightly higher due to her medical history, Sarah felt confident that she had made the right choice for her family’s future.
Case Study 3: Mark’s Consideration of Burial Insurance for Peace of Mind
Mark, a 58-year-old cancer patient with a terminal diagnosis, was concerned about the financial burden his end-of-life expenses would place on his loved ones. He decided to explore burial insurance options, which are designed to cover funeral and related expenses.
Mark found a burial insurance policy that provided a small payout to his beneficiaries, ensuring that they wouldn’t have to bear the financial responsibility of his funeral arrangements. Though the coverage amount was limited, Mark found peace of mind in knowing that this financial burden would be taken care of.
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Finding the Best Life Insurance for Cancer Patients
Although getting life insurance after a cancer diagnosis is difficult, it’s not impossible. Cancer patients need to thoroughly research their options before picking a policy, and they probably won’t have as many plan options. However, a small death benefit is still worth buying if you can find an affordable policy.
The most important step in finding affordable rates for life insurance for cancer patients is to compare rates with as many companies as possible. If you don’t, you’ll likely overpay for your insurance.
Frequently Asked Questions
Can cancer patients get insurance after a diagnosis?
Even a terminally ill patient can get life insurance, though options will be limited. Most patients with cancer can purchase group, burial, or guaranteed life insurance.
Will life insurance companies reject cancer patients?
Although your application will occasionally be rejected, most companies sell life insurance after a cancer diagnosis. However, you’ll likely be ineligible for term or whole life plans.
What life insurance takes cancer patients?
Most companies sell life insurance for cancer patients, but companies like Mutual of Omaha or Transamerica offer the best plans.
Can Stage 4 cancer patients get life insurance?
Generally speaking, Stage 4 cancer patients only qualify for guaranteed issue or final expense life insurance.
Is life insurance for cancer patients expensive?
Since cancer patients are considered high-risk, life insurance rates are usually higher than people without health concerns.
How does cancer stage affect your life insurance?
The higher the cancer stage, the more you’ll likely pay for life insurance. Companies charge more for life insurance for cancer patients depending on the seriousness of your diagnosis — Stage 1 cancer patients will probably see cheaper rates than Stage 4.
Are there certain types of cancer that make it more difficult to get life insurance?
Yes, the type of cancer you have will affect your rates. Life insurance for a cancer diagnosis costs less for more treatable illnesses like breast cancer or melanoma. Cancers that are harder to treat, such as liver or brain cancer, usually have higher life insurance rates.
Is Mutual of Omaha a good life insurance company for cancer patients?
Mutual of Omaha is considered one of the best companies for life insurance for cancer patients. It offers several plan options and affordable rates.
Is AAA a good life insurance company for cancer patients?
AAA offers several life insurance for cancer patients options, though the company is often more expensive than competitors.
Can I get life insurance with a family history of cancer?
While a family history of cancer will impact your rates, you won’t pay the same high rates as life insurance for cancer patients. Depending on other factors, you might see favorable rates.
What documents will I need when applying for life insurance with cancer?
Most companies won’t ask you for documents. Instead, your company will speak with your medical providers when you apply for life insurance for cancer patients.
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Jeffrey Manola
Licensed Life Insurance Agent
Jeffrey Manola is an experienced life insurance agent who founded TopQuoteLifeInsurance.com and NoMedicalExamQuotes.com. His mission when creating these sites was to provide online consumers searching for life insurance with the most affordable term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.
Not only does he strive to provide consumers with t…
Licensed Life Insurance Agent
Dorothea Hudson
Insurance and Finance Writer
Dorothea Hudson has been professionally writing in many spheres since 2013. She has written on entertainment, insurance, finance, travel, technology, AI, renewable energy, crypto, fundraising, and real estate for many websites. Her work has been published for British retailer Marks and Spencer, Kroger Magazine, the Vision Group, and more.
Her passions include writing, music, running, travel, te…
Insurance and Finance Writer
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