Life Insurance for Cancer Patients

Learn 3 Best Companies, Rates, & Life Insurance Options

Updated: June 2021

Any diagnosis of cancer is difficult to deal with, but for those seeking life insurance, it can be especially hard.

If you or a loved one currently has cancer or is a cancer survivor, below you will learn exactly what you need to know about applying for life insurance with cancer.

Specifically, you learn the types of life insurance for cancer patients, how your type of cancer might affect life insurance, and the best life insurance companies for people with cancer with sample rates.

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Life Insurance for People Diagnosed with Cancer
Life Insurance for Cancer Survivors
Life Insurance for People with Terminal Illnesses
3 Best Life Insurance Companies for Cancer Survivors & Patients
Sample Life Insurance Rates for People with Cancer
Types of Life Insurance Available for Cancer Patients
Other Frequently Asked Questions About Illnesses and Life Insurance
How To Apply for Life Insurance for Cancer Survivors & Patients

Life Insurance for Cancer Patients

Life Insurance for People Diagnosed with Cancer

There are some cancers that some insurance companies are willing to risk underwriting while the applicant is in treatment, but premiums will be high, and the death benefit will be limited.

The good news is, there are graded and guaranteed life insurance policies that don’t always require medical exams, and some don’t even ask health questions. There are many life insurance companies offering no medical exam life insurance more recently.

The company will carefully review all medical records and all the physician’s reports involved in the applicant’s case. If the prognosis is good, the applicant can get approved for a life insurance policy.

What if You Already Have Life Insurance and are Diagnosed with Cancer?

Life insurance that is purchased before a major illness, such as cancer, is still in full force during and after that illness is treated. And in the event that the insured dies during the course of that illness and premium payments are up to date, the full death benefit is applicable and paid in full.


Life Insurance for Cancer Survivors

A female cancer patient with life insurance

Many people think they can qualify for life insurance soon after remission, but that is not true.

An unwritten rule for cancer survivors is there needs to be a minimum of 5 years between the last treatment and the application for life insurance.

Many companies want 10 years because the recurrence rate can be high with many types of cancer.


Life Insurance for People with Terminal Cancer

Some people live for years after being diagnosed with terminal cancer. There is insurance for terminal illnesses. If you have terminal cancer, need life insurance with heart disease or any other terminal illness, this can be covered by guaranteed issue life insurance.

What should you do if you have been diagnosed with cancer or terminal illness?

It is best for someone with terminal cancer to take out a final expense or burial life insurance through a guaranteed issue whole life policy.


3 Best Life Insurance Companies for Cancer Survivors & Patients

There are many top life insurance companies that provide life insurance for cancer survivors and cancer patients. We took the time to research the best life insurance policies for cancer patients on the market and came up with this list based on our results.

CompanyA.M. Best RatingCustomer Satisfaction
Protective LifeA+4.3 / 5
PrudentialA+4.2 / 5
AIGA+4.0 / 5

Below, there is some more in-depth policy and pricing information for these best life insurance companies.

Rates are based on a 35 year old female seeking 10-year term, $100,000 death benefit in the Regular, to Regular Plus category.

Protective Life Insurance

Protective Life Insurance Logo

Protective Life Insurance is the leader in high-risk life insurance underwriting. They offer several options for those who have survived cancer. Depending on how long you have been cancer free, Protective has options for both Term and Whole life policies.

Whole Life $64/mo.

Term Life $6/mo. – $11/mo.

Prudential

prudential life insurance logo

This iconic brand has some of the most innovative and cutting-edge options for life insurance today. Their name is synonymous with quality life insurance and the best service in its class. Prudential Life Insurance offers both term and whole life, at the rates below.

My Term – $32/mo.

Term Essential – $49/mo.

AIG

AIG life insurance logo

AIG Life Insurance offers some of the best life insurance for those in special cases, or high-risk classifications. AIG has been servicing life insurance policies since 1919. Their customer service and claims service are rated outstanding and they hold some of the best business ratings in the industry.

Guaranteed Issue Whole Life – Death benefit up to $25,000

Best Companies for Cancer Patients Currently Receiving Treatment

For cancer patients currently receiving treatment, these two companies stand out among the rest as the best to consider for guaranteed acceptance life insurance policies.

  • Gerber guaranteed acceptance whole life insurance
  • AIG guaranteed acceptance whole life insurance

Sample Life Insurance Rates for People with Cancer

Many people suffer from cancer, in many forms. It seems today it is more prevalent than ever before. Life insurance companies, as the research into this devastating disease grows, have been offering more product types and options in order to cover those who are suffering from the disease and those who have already beat it.

Some sample rates for the main types of life insurance for cancer patients:

1. No Medical Exam Life Insurance

Usually, the age range for this type of policy is 50 – 85. Several overall health questions are asked and the rate comes in at $69 – $120, usually the death benefit is from $5,000 to $25,000, but can go as high as $50,000.

2. Guaranteed Issue Whole Life

This type of policy has no medical exam or health questions. This policy usually has an age range of 50 – 80, with a policy maximum of $5,000 to, $25,000 and starts at around $125 month.

3. Graded Death Benefit Whole Life (Usually Guaranteed Issue)

This policy form has a lower death benefit for the first two to three years the policy is in force. Usually, the death benefit during those years is a refund of the premiums paid plus a small ancillary sum. Once the policy premiums are paid beyond that term the applied for death benefit is allowed.

4. Standard or Standard Plus Term Life Insurance

This higher premium term policy is becoming more popular as more people are surviving cancer in general. Usually, people 35+ years old, seeking $50,000+ face value, in the $30 – $60 premium price range per month.

Flat Extra Charges are Possible

If you are a cancer patient or cancer survivor, you may also be charged a flat extra by the life insurance company. A flat extra is a dollar amount added to your monthly premium, typically calculated per $1,000 in coverage.

For example, if your flat extra is $5.00 and you get a $100,000 policy, you will pay $5.00 x 100 = $500 per month above the standard rating.

Learn more about the flat extra from RiskQuoter.


Types of Life Insurance Available for Cancer Patients

Cancer Patient with Life Insurance

People with cancer and cancer survivors have a number of life insurance options available. Depending on your situation any of the choices below can be a great choice.

1. Whole Life Insurance

For people who have survived cancer, and those who are in treatment, the different forms of whole life insurance can be approved. This permanent insurance has a premium that never changes during the lifetime of the insured, builds a cash value, and can even have an increasing death benefit.

2. Term Life Insurance

This type of insurance is popular due to its low cost. If the applicant is cancer-free for more than 5 years, they can usually get a Standard Plus/Regular Plus rate. Term life insurance has a level premium (premium doesn’t go up or down) for a specified period of time – 10, 20, 30 years. After the term has ended the premium goes up every 5 years until age 80 when coverage ends.

3. Guaranteed Issue Life Insurance

Usually, a whole life policy with a reduced policy face value, guaranteed issue life insurance covers people for the basic needs after death, such as a funeral, burial or small debt payment. It still has all the features of any other whole life policy, but with a capped death benefit.

4. No Medical Exam Life Insurance

No medical exam life insurance is also a whole life policy with all the features of any whole life policy, but health questions will be asked that cover the major health-related areas such as heart disease, stroke, and some cancers. Many seniors who have had cancer often take this coverage to have something to cover expenses when they die.

5. Burial & Final Expense Insurance

Both burial life insurance and final expense insurance are whole life insurance policies with all the features of a whole life policy but a lower death benefit. The difference is usually in the amount of the death benefit. Usually, the lower end of the spectrum is for burial expenses like a casket or cremation, while the higher face values are for final expenses such as debt payment, pay hospital costs, etc.

Some scenarios . . .

  • A 40-year-old female, 5 years cancer free, can take a $100,000 term life insurance policy for around $30 per month.
  • A 40-year-old female diagnosed with terminal cancer might take a guaranteed issue graded death benefit policy for $15,000 to cover funeral and related costs for around $91 per month.
  • A 69-year-old man, with an illness but no major health issues might take a no medical exam whole life insurance policy for $25,000 and pay pretty close to $128 a month.

Other Frequently Asked Questions About Illnesses and Life Insurance

Here are some frequently asked questions about cancer and other illnesses.

Can you get life insurance if you have a terminal illness?

Yes, there are several types of insurance for people who are terminally ill. Guaranteed issue life insurance is one of the types of insurance policies that a person might get who has a terminal illness.

Can you get life insurance if you have cancer?

Yes, there are many types of cancer, and based on the prognosis, several types of life insurance are available.

Do most life insurance policies cover cancer?

If the insured has a policy in force when the cancer is diagnosed there would be no change in coverage. Cancer can cause death, and if that is the case, and the policy is in force, premium payments up to date, and any loans are paid back, then the death benefit would be paid to the named beneficiary.

Is cancer treatment covered by insurance?

Usually covered by health insurance, life insurance can sometimes help in the treatment of cancer, under certain circumstances and with limitations.


How To Apply for Life Insurance for Cancer Survivors & Patients

When searching for life insurance as a cancer patient, you want to do the right research to ensure that you and your family receive the best coverage.

With hundreds of insurers on the market, comparing rates can be a headache, and often times people get rates that don’t reflect their actual situation.

Skip all the headache, and work with one of our independent life insurance agents today. We work with over 20 of the best life insurance companies on the market, to help our clients find the best provider, policy, and premium for their specific situation.

Get expert advice today for free, and find the right life insurance for cancer patients or survivors for you.

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