A cancer diagnosis can not only be shocking but can also be ruinous if you do not have life insurance. It is vital to ensure that you are covered in the event you are unexpectedly diagnosed as it can be financially devastating. Funeral costs in the United States are on the rise and without insurance, your family may struggle to pay your final expense bills.
The American Cancer Society estimates that there will be over two million new cases of cancer in 2025 alone. Make sure you are prepared for the unexpected with a life insurance plan that has you covered.
Are you able to get life insurance following a cancer diagnosis? Do you have to be insured before a cancer diagnosis? We will answer all these questions and review the different policies available to you.
If you’re interested in these or any of our other life insurance options, call us at (866) 786-0725 to learn more. Be sure to check our free online quoting tool for personalized pricing estimates.
Can You Get Life Insurance If You Have Cancer
It doesn’t matter whether you have recently been diagnosed, are currently undergoing cancer treatment, or are in remission. You will be able to find a life insurance plan. However, the type of insurance and the amount of coverage will change depending on your current status.
According to the National Cancer Institute, the most common types of cancer are breast, prostate, and lung cancer. Other types of cancer that are on the rise include:
- Melanoma cancer
- Bladder cancer
- Thyroid cancer
- Kidney cancer
- Endometrial Cancer
- Leukemia
- Pancreatic Cancer
While you can find a plan, it is important to note that it will be more difficult to qualify depending on how advanced your cancer is. What you qualify for and how much coverage you can get will depend on a variety of factors:
- The type of cancer you have been diagnosed with
- The stage your cancer is in
- Your treatment needs
- The prediction for your cancer diagnosis
Final Expense Life Insurance For Cancer Patients
Depending on how advanced your cancer is, you may wonder which option is best.
Cancer-Free for Two Years or More
If you have been cancer-free for two years or more, you will be more likely to qualify for a life insurance plan. Once you have been cancer-free for five years, your options will significantly increase. The eligibility will vary depending on the insurance company and the type of cancer, but providers will be more likely to approve you for coverage.
In The Midst of Cancer Treatment
If you are currently undergoing cancer treatment, it will be more difficult to be approved for a plan.
Most providers that require you to answer health questions or participate in a medical exam will most likely deny you coverage. This will make your options more limited as having been recently diagnosed with cancer or being in the midst of treatment will automatically disqualify you from obtaining insurance from most providers.
Guaranteed issue whole life insurance will be your best bet as you will not have to answer any health-related questions or undergo a medical exam.
In Remission
If you are in remission but have not reached the two-year mark, your options will be limited. You may qualify for simplified issue or traditional life insurance, but it will depend on the company. Most companies will want you to be cancer-free for at least two to five years.
Whether you have been recently diagnosed, are in cancer treatment, or are in remission, Final Expense Benefits can help you find a policy that works with your needs. Call our expert agents at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET.
Critical Illness Rider
Depending on the provider, you may be able to purchase a critical illness rider. This acts as an add-on to your life insurance policy that will provide additional coverage if you are diagnosed with one of the outlined critical illnesses. These illnesses typically include severe conditions such as:
- Heart attack
- Stroke
- Cancer
- Kidney failure
- And certain surgeries
Policies To Avoid For Those Diagnosed With Cancer
After being diagnosed with cancer it is important to find a life insurance policy that fits your needs and provides the coverage you are looking for.
While it may be difficult to successfully obtain coverage from certain providers, there are policies we would not recommend.
Term life may seem like a great option, but generally, individuals who purchase a term life policy will outlive it. You will only be provided coverage for a set number of years and then you will be forced to get a new policy if you outlive your term life policy and this can become expensive depending on your age and health status.
Best Insurance Policies After Cancer Diagnosis
Ideally, it is best to have a life insurance plan before being diagnosed with cancer, as this will most likely cover your treatments and care. Any permanent insurance policy is ideal, such as whole life insurance. A whole life insurance policy will cover you for the rest of your life and the premiums paid will accrue cash value.
If you did not already have a life insurance plan before your diagnosis, you may be able to qualify for simplified issue coverage. It may be difficult to qualify for this type of coverage as it heavily depends on the type of cancer you have and how advanced it is. A guaranteed issue plan is a great option if you cannot qualify for a simplified issue coverage plan. That will provide you with coverage and you do not have to take a medical exam or answer any health-related questions.
As discussed, a person who has been recently diagnosed or is currently undergoing treatment for cancer may be disqualified from receiving coverage or the rate at which they qualify for an insurance policy will be raised.
Life Insurance Without Exam For Cancer Patients
Some cancer patients will get the best life insurance rates with no-exam life insurance. Depending on the provider they will not be required to take a medical exam, but may or may not be required to answer health-related questions.
However, if you are looking for a simplified issue no-exam life insurance policy, you will be required to answer health-related questions. Most companies will ask whether or not you have been diagnosed with cancer. Upon selecting “yes,” many companies will automatically deny you.
Our Picks For The Best No Medical Exam Life Insurance Companies For Cancer Patients
We work with multiple companies offering insurance policies for individuals battling cancer or in remission.
We recommend AIG as a carrier for individuals actively battling cancer as there is no medical underwriting, flexible payment options are available and the monthly premiums are affordable.
For individuals who are in remission or have successfully recovered, we recommend Americo. They allow individuals who have been cancer-free for at least two years to receive standard underwriting assuming there are no other medical complications.
Life Insurance for Cancer Patients in Stage 4
If you are a stage 4 cancer patient, it will be hard to find a company that will provide you coverage. It is most likely that you will only qualify for guaranteed issue whole life insurance or burial insurance. Your approval will be guaranteed with a burial insurance plan. There are no health-related questions or exams to complete and your coverage will be limited.
Generally, the best option would be a guaranteed issue plan at an adjusted rate, with a death benefit maxing out at around $50,000. This number may fluctuate depending on the company and plan. While this number might be lower than you were hoping for, it will provide your family with assistance and some guaranteed issue plans may allow riders that allow you to access benefits early if qualifications are met.
If you’re interested in these or any of our other life insurance options, call us at (866) 786-0725 to learn more. Be sure to check our free online quoting tool for personalized pricing estimates.
What is the Life Insurance Payout For Someone With Cancer
The life insurance cancer death benefit payout will vary depending on the policy. Your beneficiary should receive the full payout unless you had a graded death benefit and passed during the first two years of the policy. If this is the case, your beneficiary will only receive the premiums paid, plus interest.
Conclusion
Life insurance is an excellent way to provide financial security for your family when you pass away. In particular, final expense insurance is a low-cost way to cover major end-of-life expenses and ensure your family isn’t saddled with huge upfront bills at an emotionally draining time.
Final Expense Benefits is here to help you understand the life insurance market and see how a policy can fit into your financial toolkit. Call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET, to learn more about life insurance, and be sure to use our free online quoting tool for pricing estimates.
FAQ
Can You Get Life Insurance If You Have Cancer?
Yes, you can get life insurance if you have cancer. However, depending on the severity and the type of cancer, the coverage you qualify for will differ.
Does Life Insurance Cover Cancer?
You will be covered if you purchased a life insurance plan before being diagnosed with cancer. Typically, life insurance will cover most ailments, so you will likely be protected. If you have been diagnosed, but do not currently have life insurance, you can still find a plan, but options will be limited.
Do All Insurance Companies Have The Same Guidelines For Cancer Patients?
No, the coverage and options offered will differ depending on the company. Some providers will be more willing to work with cancer patients than others. This is why it is crucial to compare prices and consult with an agent to find the best fit.
