Purchasing life insurance for cancer survivors can be challenging, depending on your health history. But it can usually be performed with good results in application approvals and affordable premiums. This will depend on what type of Cancer you have had in the past and its severity stages.
If you currently have a form of this condition or have ever had it in the past. Life insurance for cancer patients and survivors can be available depending on your current medical status with many top-rated life insurance companies.
The most accurate way to see if you qualify for coverage and at what cost is to contact an experienced independent agent. Agents such as us can run a simple medical pre-screen to determine the outcome before you ever even apply. This will give your agent the information to correctly shop the market for you and choose the most applicable carrier.
Table of Contents
- Can You Get Life Insurance if You Have Cancer?
- Does Life Insurance Cover Cancer?
- What Questions Will the Insurance Companies Ask?
- The Statistics of Being Diagnosed With Cancer Are Rising
- What Are the Most Common Forms of Cancer?
- Are Mortality Statistics Higher for Men Than Women?
- Can Choosing a Specific Company Help Get Lower Rates?
- What Are the Best Companies for Cancer Survivors?
- What Are the Best Types of Life Insurance for Cancer Survivors?
- Can You Get Life Insurance After Cancer?
- What Is Guaranteed Issue Life Insurance?
- How to Get the Best Rates for Cancer Survivors
- Applying for Life Insurance With Skin Cancer
- Purchasing Life Insurance With Breast Cancer
- Life Insurance for Prostate Cancer Survivors
- What Is the Best Strategy to Get the Best Rates?
- Where Can I Get the Best Cancer Life Insurance Quotes?
- Have You Previously Applied and Been Declined for Coverage?
- Should I Connect With an Independent Insurance Agent?
- How Can I Apply for Life Insurance for Cancer Survivors?
- Will a Medical Pre-Screen Help Before I Apply?
- In Conclusion
Purchasing life insurance for cancer survivors is usually simple if you have been cancer-free for ten or more years.
This question cannot be answered quickly because it can go either way. However, here is an essential list of what is needed to know to answer this question accurately:
- What type of cancer do you have?
- When was it first diagnosed?
- What stage is your Cancer in?
- What is medically being done for you?
- What is the medical prognosis?
- Is it affecting other areas of your health?
Your insurance agent can run a simple medical pre-screen, which is more than asking you questions and completing a short pre-screen form. This information would then be used to consult with a life insurance medical underwriter to determine if applying would be advised and its possible outcome.
Life insurance policies will cover Cancer with no problem. You just have to ensure your policy is not restricted to accidental death only. Usually, a person who owns a policy covering accidental death only knows about it.
These policies are rare, but some buy them to cover hazardous occupations, dangerous sports, and hobbies. Not many people want an accidental policy because they do not cover any forms of death by natural causes.
Here are just some of the most critical questions the carriers will ask:
- What was the grade and stage of cancer when it was first discovered?
- Did the cancer cells reach the lymph nodes?
- If your treatments have ended, when was the last day of treatment?
- Did you ever have a cancer recurrence?
- What medication did you take, and are you still required to continue taking medication?
Getting approved for life insurance for cancer survivors is becoming much more common. Using the right life insurance company is the key to your application’s success.
The Statistics of Being Diagnosed With Cancer are Rising
Cancer survivors are expected to total over 22 million people by 2030!
The American Cancer Society has just come out with some impressive statistics. A recent report estimates that over 8 million males and almost 9 million females in the United States have cancer history. About 2 out of every 3 Cancer survivors (nearly 70%) were diagnosed five or more years ago.
Almost 1 in 5 of these cases were diagnosed over 20 years ago. Nearly 2/3s are aged 65 years or older. The medical report also estimates that in the United States, 66,000 Cancer survivors are age 14 and under and 48,000 in the age category of 15 to 19.
These statistics help the male gender purchase life insurance for Cancer survivors much easier.
These are the most common forms of cancer in the United States.
- Breast cancer
- Lung cancer
- Prostate cancer
- Colon cancer
- Melanoma cancer of the skin
- Bladder cancer
- Non-Hodgkin lymphoma
- Kidney cancer
- Liver cancer
- Pancreatic Cancer
- Thyroid cancer
- Endometrial Cancer
- Renal pelvis cancer
It is well-known that far more men die from cancer than women.
- 197.9 per 100,000 men
- 139.9 per 100,000 women
Life insurance companies use these statistics to determine rates based on the probability of mortality between men and women in the United States.
After your agent has run a medical pre-screen and chosen the best life insurance company to apply with, you can proceed with the next step, the application process. Over 1000,000 cases of Cancer were reported in 2020, and more are expected in 2021.
Approximately 4 out of every 10 Americans will be notified of this disease. This is a common illness, and the life insurance companies in America are getting more liberal with life insurance for cancer survivors. The number of people being diagnosed with cancer has been steadily going up.
The success rate in treating this medical condition has been going up also thanks to medical advancements and research. Finding the best life insurance rates is much easier than in the past—especially when using a tool like our instant quoting system.
Suppose you plan to run a quoting system on a website like ours. Make sure to use the “standard” rates in the drop-down menu, and remember that an agent requires a medical pre-screen to make sure you are comparing rates specifically determined for your health conditions.
This is a sample of cancer survivors’ best life insurance companies. The largest carriers usually are cancer-friendly and liberal with cancer underwriting guidelines.
Prudential has an A+ rating from A.M. Best, and Prudential is a huge icon in the life insurance industry. They are the largest life insurance company in the world. They are an excellent company of choice for Cancer survivors due to Prudential’s size and financial strength. This enables the company to take higher risks than some smaller companies.
Banner Life has an A+ rating from A.M. Best, and Banner Life has been part of the legendary Legal & General Group since 1981. Banner Life was founded in 1949. Banner is one of the most commonly used life insurance companies in the life insurance industry, offering competitive life insurance for Cancer survivors for many years.
The Protective Life insurance company has an A+ Rating from A. M. Best. Protective Life has excellent term and Universal life insurance choices. If you are considered cancer-free, the odds are Protective life has a good choice for life insurance to consider at very competitive rates.
Lincoln Financial has an A+ Rating from A. M. Best. Lincoln Financial is a subsidiary of the massive Lincoln National Group of life insurance companies. They were founded in Nebraska in 1939. Since its inception, the carrier has been offering some of the most competitive and well-designed life insurance products.
AIG American General:
AIG has an A+ Rating from A.M. Best. AIG has always been an excellent choice for high-risk life insurance for cancer survivors and other severe medical conditions. They started selling life insurance in 1918 and quickly became an industry leader. The company’s customer service and reputation have been some of the best.
John Hancock has an A+ Rating From A.M. Best. Needless to say, John Hancock is one of the most prestigious names in the life insurance industry. They provide some of the best underwritings for cancer survivors in the industry. So if you are a cancer survivor, investigate the John Hancock insurance company.
Term Life Insurance:
Affordable term life insurance covers a specific time before it terminates on the policy’s anniversary. It can vary from 5, 10, 15, 20, 25, 30, 35, and 40-year intervals of time. Once these periods have expired, the policy will terminate. You can convert your term policy to universal life and permanent coverage.
Low-cost term life insurance is used more often than all other types of life insurance combined.
Universal Life Insurance:
Universal life remains in force for the rest of your life as long as the premiums are paid. Universal life insurance has taken over as the number one policy design for people that want permanent coverage. Life insurance designed to last the rest of your life gives peace of mind and long-term financial protection.
Universal life insurance with no cash build-up is a product you should consider when shopping for permanent life insurance with the lowest premiums. A cash build-up feature increases costs and is not cost-effective to warrant having it.
Whole Life Insurance:
Whole life insurance is similar to universal life only because it is a permanent plan design. Whole life is also an obsolete policy design for most people. Many companies dropped it from their product line years ago.
Whole life is much more expensive than term life insurance and is not cost-effective. The whole life is still used for small, guaranteed issue life insurance. Seniors mainly purchase these policies.
People who are now considered cancer-free or declared in long-term remission. Usually are eligible for conventional term life or permanent life insurance products. Your specific qualifications to purchase coverage will be based on these main factors that the underwriters will review. The most important factors would be:
- The age you were first diagnosed with Cancer
- The date you were first diagnosed
- Your specific type of cancer you were diagnosed with
- The effect the Cancer has had on your overall health
- Most of all, your last day of medical treatment
The Prudential Life Insurance company is one of the best carriers for severe health conditions such as all forms of Cancer.
Here is a list of types of Cancer and the possible rate classifications you may receive depending on which type you have survived.
Preferred Best or Preferred:
- Stage 1 Seminoma Testicular Cancer
- Thyroid Cancer (Papillary type)
- Skin Cancer (Melanoma type)
- Cervical Cancer
- Uterine Cancer
- Prostate Cancer
Standard or Substandard classifications:
- Colon Cancer
- Breast Cancer
- Lung Cancer
- Bladder Cancer
- Renal Cancer
Keep in mind that there is no absolute way to determine what rate class you will receive or even if you will be approved unless you apply if you have a history of cancer in your family, such as parents or siblings.
We find that Lincoln National and Protective life do an excellent job. Prudential, American General, Transamerica, and Banner Life are also excellent. But as I said, the proof is in the pudding, and you must apply to be sure of anything formally.
Guaranteed Issue life insurance is a type of final expense life insurance policy. It is for people with severe pre-existing health conditions. Typically only a $25,000 death benefit is available.
But it can also be partially withheld if the policyholder dies within two years of purchasing the insurance. Each policy design has its different pros and cons that you have to consider. There is no one perfect plan design that will work for everyone. Everyone’s situation is a little extra for their need for life insurance.
Purchasing life insurance for cancer patients or even active Cancer is a snap when applying for guaranteed issue products. The only problem is that most people want more than the maximum $25,000.
Life insurance can be affordable even if you are a cancer patient in remission. You should get coverage that you and your family need and won’t break the bank. There are several great ways that you can lower your monthly premiums.
Similar to being classified as overweight or obese. If you use tobacco products such as cigarettes, you could cause your rates to increase by over 300% or be declined. Regardless of your current health, using tobacco products will inflate your premiums. If you want to keep your cancer life insurance quotes as low as possible, stop smoking as soon as possible.
The one sure-fire way to concentrate on improving your health is by losing significant weight. This could mean doing several different things to help. Being overweight or obese will be one of the fastest ways to pay more money for life insurance before considering applying for life insurance, exercise, eating an excellent, careful diet, and losing some weight if you are considered overweight. Many overweight people have had their life insurance applications decline yearly.
Basal and Squamous Cell Carcinoma:
Basal cell and Squamous cell carcinoma are the most common types of skin cancer. It is diagnosed in approximately 90% of skin cancer patients. These skin cancers grow very slowly and are easily removed, a significant and positive factor.
If you’re in good health except for Skin Cancer, you will likely be approved for standard term life rates. The same will hold for universal life insurance also. The most financially secure life insurance companies will often have the best rates.
This can typically be a more dangerous form of skin cancer. Melanoma cancers only appear in about 5-8% of all skin cancer cases diagnosed. But can, unfortunately, account for the most skin cancer deaths.
However, if it is diagnosed and treated early enough, there is a good chance of a full recovery. The main issue with melanoma is that it can metastasize. As a result, it can spread to other locations in the human body, including the lymph nodes and many significant organs.
If Cancer has been completely removed, employing surgery has been cancer-free for one or two years. Then, you may be approved for a term life insurance policy or one of the excellent permanent plan designs such as universal life.
What If Your Skin Cancer Has Spread?
Suppose the skin cancer has had time to spread and be treated with either chemotherapy or radiation treatments. Then you may have to be Cancer free for as long as ten years.
After that, you can be eligible for a life insurance policy in less time, but you will most likely have to pay a higher life insurance premium.
Many cases of skin cancer can be successfully treated and allow you to purchase coverage easily. However, remember that life insurance for cancer survivors is based on a case-by-case basis.
If you are a breast cancer survivor, the life insurance companies will need to know whether you are in a complete state of remission. The life insurance companies will ask you questions like when you were first diagnosed.
The types of medical treatments you received and how regularly you’ve been re-tested. Also, how long you’ve been free of Cancer. The longer you’ve been cancer-free, the better your chances of getting approved.
Just remember, applying for life insurance does not cost a penny. The life insurance companies are the ones who pay for the complete application process.
This is another prevalent form of Cancer in the US. A life insurance company will want to look at the two main issues, including your (PSA) levels. As well as your Gleason score too. The Gleason score determines how likely it is for Cancer to spread.
If the level is low, the cancer spreading is much less, excellent news. The most essential issue life insurance companies will be looking at is how long you’ve been cancer-free, especially since your most recent surgery or other medical treatment.
If you’ve undergone regular testing and you are under the care of a doctor. If you also have a clean bill of health, you may be eligible for life insurance at very affordable rates.
Sometimes the Wisest Decision Is to Wait Before You Apply
Purchasing life insurance for actual Cancer patients will typically not be a simple task. Depending on your condition, all you can do is wait until you have completed your treatment and then apply for a policy.
If you can remain Cancer free, you may lower your life insurance rates over time. However, your rate depends on your cancer type and how long you’ve been in remission.
When shopping for the best life insurance for cancer patients. The most important thing you can do is provide the company with as much positive information as possible.
Compare life insurance quotes from multiple companies that work well with cancer survivors. No two insurance companies are going to underwrite the same. Ensure you connect with an independent agent (such as us) who can shop the entire market for you.
He can compare rates and options on your behalf, unlike a captive agent who only shows you one company. Don’t apply until after all of your tests. Life insurance companies want to know that your health is stabilized. Suppose your tests show that you are in complete remission.
Then, you can potentially qualify for lower life insurance rates. Give it some time. The longer you have been in remission, the more likely you will receive the best life insurance rates.
We highly recommend calling us for a free pre-screen to provide you with quotes that will be accurate based on your specific health history.
You can get the best cancer life insurance quotes from us. We have been helping people with severe medical conditions buy life insurance for over 25 years. If you want to see the top companies and their rates, please use our quoting system. In the drop-down menu under “health class,” use “standard.”
We can give you a more accurate quote over the phone after asking you a few questions concerning your condition if you want to get the most accurate rates possible before you apply. Call us and let us give you a quote after performing a 10-minute medical pre-screen.
Remember that quoting life insurance for Cancer is difficult without knowing all the facts. Also, all life insurance rates are regulated by law, meaning nobody can sell the same carrier’s specific plan design for more or less than another.
The first and most important thing is to try not to be discouraged if you have this condition. I understand that this is easier said than done. If you’ve been denied coverage before you’ve gotten past the waiting period, apply again after the 10-year waiting period is over if possible.
Also, I strongly recommend calling us for our opinion, and we will pre-screen your condition and shop the market for you. You may have previously applied with an inexperienced agent and possibly the wrong carrier to use in the first place if you are a cancer survivor and have been in remission for several years.
However, there is an excellent chance of finding an affordable term policy with excellent rates.
An independent insurance agent will always provide you with the lowest possible rates. The independent agents are also known as Brokers. They represent many different insurance companies. They can choose the best life insurance companies for cancer survivors who wish to apply for life insurance coverage.
We use over 40 life insurance providers to shop the market for the lowest rates. Captive agents such as State Farm use only one company, not even being competitive. These captive agents work for carriers that specialize in homeowners and auto insurance.
However, the independent agents have the advantage of life insurance companies that provide high-risk life insurance for people with severe medical conditions.
Applying over the telephone is by far the best method to use!
You have three ways to apply for life insurance. The first is the obsolete 20-page paper application, which we don’t recommend due to time and writer cramps.
The second is the online application which is fine, but several people can run into software glitches or slow internet issues. A quick and straightforward telephone application is the best way to apply. Modern telephone applications take about 15 minutes to complete.
All you have to do is sit back and answer the questions, and a representative from the telephone application department does all the work for you. We use the simple SnapApp system for all our applicants today, and they appreciate the process.
Due to the fact you were diagnosed with Cancer, we always recommend a quick 5-10 minute medical pre-screen to eliminate any surprises later. A pre-screen will also help us choose the best company to place your application. Jumping into an application blind can cause unnecessary problems for the applicant and the agent.
This will also help inform us what companies to apply to. Applying for life insurance for cancer survivors is not tricky, but taking the extra few minutes to run a pre-screen will be time well spent.
Don’t hesitate to contact us with questions about life insurance for cancer survivors. We can find the lowest rates for our applicants because we specialize in risky medical conditions and use over 40 companies. If you are shopping for affordable life insurance, we can help you and help you secure the lowest rates.
We are available seven days a week to get you pointed in the right direction.
All the best,
If you have questions about life insurance for cancer survivors, contact us today to help you with no cost or obligation. Keep in mind that we are brokers and work for our clients, not insurance companies. Our job is to help you get approved for the best policy for your needs with the lowest rates possible. You can also set up a time at your convenience to talk.