Life Insurance for Cancer Survivors

Life Insurance for People Diagnosed with Cancer

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

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.

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.

Life Insurance for People Who Have Beat Cancer

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

An unwritten rule is there needs to be a minimum of 5 years between 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.

Best Life Insurance Companies for Cancer Survivors and Patients

There are many 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.

Best 6 Life Insurance Companies for Cancer Survivors

Company A.M. Best Rating Customer Satisfaction
Protective Life A+ 4.3 / 5
Prudential A+ 4.2 / 5
John Hancock A+ 4.1 / 5
AIG A+ 4.0 / 5
Lincoln National A+ 4.0 / 5
Banner Life A+ 4.2 / 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

The leader in high-risk underwriting, Protective offers several options for those people 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.

Our Protective Life Insurance Review

 

Prudential

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. They offer both term and whole life, at the rates below.

My Term – $32/mo.

Term Essential – $49/mo.

Our Prudential Life Insurance Review

 

John Hancock

One of the most recognized brands in the world, John Hancock offers some very relaxed underwriting for those who have survived cancer. Their policies and excellent claims and customer service have made them one of the most sought-after insurance and investment companies worldwide.

John Hancock Term – $32/mo.

Our John Hancock Life Insurance Review

 

AIG

Offering 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

Our AIG Life Insurance Review

 

Lincoln National Life Insurance Co.

Lincoln National Life is a part of the Lincoln National Group of companies. Founded in 1939 in Nebraska, the company has been offering very competitive and compassionate forms of life insurance since they started.

Guaranteed Issue Life – $40/mo.

Our Lincoln National Life Insurance Review

 

Banner Life

With some movement and acquisitions throughout its history Banner is owned today by Legal & General Group since 1981. It has been reported that Banner usually receives 8 times fewer complaints than the industry standard. Founded in 1949, Banner has been a lead player in the life insurance industry, offering competitive policies for those who have survived cancer.

OPTerm – $28/mo.

Our Banner Life Life Insurance Review

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 $125.00 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.

Types of Life Insurance Available

1. Whole Life Insurance for Cancer Patients

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 for Cancer Patients

This type of insurance is popular due to its low cost. If the applicant is cancer-free for more than 5 years than usually they can get a Standard Plus / Regular Plus rate. Term 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 for Cancer Patients

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 for Cancer Patients

This type of insurance is also a whole life policy with all the features of any whole life policy, but health questions will ask that cover the major health-related areas such as heart disease, stroke, 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 for Cancer Patients

Both Burial and Final expense insurance are usually a whole life insurance policy 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 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 $91.00 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 $128.00 a month.

Life Insurance for People with Terminal Illnesses

Terminal illness is a devastating diagnosis, but not completely without hope. Some people live for years after such a diagnosis. There is insurance for those types of terminal illnesses such as ALS, which can cause premature death, but is rare – and heart disease and other terminal illnesses can be covered by Guaranteed Issue Life Insurance.

What to do if you have been diagnosed with cancer or terminal illness
For insurance purposes, it is best for someone in that type of crisis situation to take as much final expense or burial insurance as can be afforded through a guaranteed issue whole life 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.

Frequently Asked Questions About Illnesses and Life Insurance

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.

Finding Life Insurance for Cancer Survivors and 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 50 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 policy for you and your family.

Compare Life Insurance Rates for cancer Patients

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