A cancer diagnosis can have devastating consequences. Although it can be difficult to get life insurance after being diagnosed with cancer, it is possible. Your diagnosis can affect your ability to get traditional life insurance policies. It will depend on what type of cancer you have, how long you have been in remission, and the length of time you have been there. You will only be able to get guaranteed issue life insurance if you are currently receiving treatment. This policy does not take into account your health. To find the best policy for you, it is best to speak with an agent.
Your current health and the type of cancer you have will determine what type of coverage you are eligible for and how much. Get quotes from Trustage, Mutual of Omaha, and SBLI if you require a guaranteed-issue policy. Transamerica has additional options for those with low-risk or long-term cancer. Once you have narrowed down your options, make sure to compare quotes from different companies to find the policy that meets your needs.
FAQ
If you have had cancer, can you still get life insurance?
Yes. There are many life insurance options available, regardless of where you are at the moment. You may not be eligible for guaranteed issue life insurance if you are currently in treatment for cancer or have been in remission for longer than a year. This policy has lower coverage and higher premiums.
If you have been cancer-free for at most a few years, then you may be eligible for traditional or simplified underwriting. This will enable you to obtain a universal, whole, or term life insurance policy with higher limits. Keep in mind that a previous diagnosis of cancer may increase your rates.
What is the maximum time you can get life insurance after having cancer treatment?
It depends on which life insurance company you have and what type of cancer it was. Your rates may not be affected by basal cell carcinoma. Some forms of cancer may prevent you from receiving life insurance from certain companies for more than ten years. You should consult an agent to determine which companies can cover you based on your current health.
Which is the best type of life insurance for patients with cancer?
A guaranteed-issue life insurance policy is the best option for patients who are currently in treatment. This policy is available regardless of your current health status. However, it has higher premiums and lower coverage. These policies are not available to everyone. Some companies limit their availability to those who are at least 45 years of age. For better coverage and affordability, if you have been in remission for a while, it is advisable to look for companies that offer either traditional or -accelerated underwriting.
A simplified issue policy may be available to you if you answer only a few health questions. It is typically cheaper than a guaranteed acceptance policy and more expensive than a policy with traditional or accelerated underwriting.
How to Choose the Best Life Insurance for Patients With Cancer
Our research on the top life insurance companies was used to compile our list. This included more than 50 data points from 91 life insurers. This includes information on financial strength, customer satisfaction, and complaints as well as information on cost, no-exam options, and policy types and features.
We favored companies that had high financial stability, low customer complaints, and a strong product and resource portfolio. We valued online quoting, application tools, transparent pricing, no-exam policy options, and online quoting.
We paid special attention to companies that offer guaranteed issue and final expense life insurance for cancer patients. Comparing individual offerings among companies was possible by digging deeper into product details, such as cost, graded deaths benefit periods, included riders, and product-specific application process.