Ashley Dannelly If you have cancer or have recently undergone cancer treatment, you may be curious whether you will be able to purchase a life insurance policy.
Finding life insurance for cancer patients can be difficult, but it’s not impossible. Life insurance options for cancer patients are often limited. However, purchasing a life insurance policy can provide financial safety for loved ones.
Can you get life insurance if you have cancer?
Although you have been diagnosed with cancer, you should still be able to find a life insurance policy.
Traditionally, the most common life insurance policies are term and whole life insurance options. In some cases, you may be able to find a term or whole life insurance policy after you have been diagnosed with cancer.
While the purchase of a traditional life insurance policy may not be available, there are specific policies that do not require a medical exam. These life insurance options work well for individuals with a medical history that often limits their eligibility for coverage.
Do I need life insurance as a cancer patient?
Depending on your unique circumstances, you may find that you do not need a life insurance policy. Life insurance policies are often used for the following reasons:
- To cover funeral expenses and other end-of-life costs
- To pay off outstanding debts
- To provide financial help for family members
- To help with the cost of college for kids or grandchildren
- To provide a nest egg for a spouse
Suppose you are under 18-years old, have no debt, and have no dependents, purchasing a life insurance policy may not benefit you. This is because the death benefit of a life insurance policy is often used to pay off debt or provide financial stability for family members and loved ones after you pass away.
If you have children or a spouse, own a home or a business, have anyone who depends on you, or have outstanding debt, a life insurance policy can provide peace of mind during what feels like chaos.
Does life insurance cover cancer?
Life insurance does not cover cancer or cancer treatments. A person’s health insurance would provide coverage for an illness or medical treatments. Although, the life insurance coverage will protect your loved ones financially if you pass away.
As long as you have been honest with your life insurance company regarding your medical condition, your beneficiaries should receive the total amount of the death benefit from your policy.
In some cases — like with a no medical exam life insurance policy — you may not be required to disclose your cancer diagnosis to your life insurance company.
What is the best cancer insurance company for life insurance?
While there is not a specific cancer insurance policy option for life insurance coverage, you may find that certain life insurance companies provide better options for cancer patients.
Some of the best life insurance companies for cancer patients include:
- Mutual of Omaha
- Colonial Penn
- Globe Life
- AIG Direct
- John Hancock
- Haven Life
Many of the companies listed above offer policies, like a guaranteed issue life insurance policy, which includes a level of coverage for cancer patients regardless of their stage of cancer.
The table below shows average monthly rates for a guaranteed issue policy based on the coverage amount.
| Gender | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|
| Male | $206.33 | $308.50 | $415.67 | $519.08 |
| Female | $179.76 | $268.64 | $393.31 | $491.14 |
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While a guaranteed issue policy may seem expensive for a smaller death benefit, someone who is searching for a life insurance option and being turned down by other companies may be interested in this type of policy.
How much is life insurance for a cancer patient?
Shopping for insurance for cancer patients can be confusing because there is no standard average for life insurance rates.
Because so many factors impact a person’s monthly life insurance rates, you won’t know how much you can expect to pay for life insurance coverage as a cancer patient until you begin to shop around for coverage.
The table below shows rates for an average 10-year term life insurance policy for $100,000 for a 35-year-old male who takes a medical exam versus rates for a 35-year-old male who purchases a policy without a medical exam.
10 Year Term For $100,000
| 35 Year Old Male | Medical Exam | No Medical Exam |
|---|---|---|
| Monthly Premium | $7.17 | $8.92 |
| Annual Premium | $83.38 | $99.16 |
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Depending on your age and the type of policy you want to purchase, you may find that rates are not much higher when searching for life insurance with pre-existing cancer.
The next table shows different average monthly whole life insurance rates based on a person’s age and the amount of their life insurance policy.
| $25,000 | $50.000 | $100,000 | $250,000 | |
|---|---|---|---|---|
| 20-Year-Old | $25.88 | $45.46 | $64.22 | $151.11 |
| 25-Year-Old | $27.96 | $49.61 | $75.25 | $178.68 |
| 30-Year-Old | $30.98 | $55.65 | $90.39 | $216.52 |
| 35-Year-Old | $35.22 | $64.14 | $110.60 | $267.05 |
| 40-Year-Old | $40.08 | $73.85 | $134.31 | $326.33 |
| 45-Year-Old | $48.15 | $89.99 | $164.41 | $401.58 |
| 50-Year-Old | $58.36 | $110.43 | $203.53 | $499.36 |
| 55-Year-Old | $72.34 | $138.38 | $255.50 | $629.30 |
| 60-Year-Old | $89.97 | $173.64 | $324.71 | $802.33 |
| 65-Year-Old | $115.08 | $223.87 | $416.64 | $1019.21 |
| 70-Year-Old | $155.99 | $305.68 | $546.97 | $1359.38 |
| 75-Year-Old | $219.48 | $406.13 | $738.11 | $1868.98 |
| 80-Year-Old | $285.86 | $565.42 | $1097.07 | $2801.93 |
| 85-Year-Old | $368.55 | $730.80 | $1455.30 | $3628.80 |
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As you can see, whole life insurance rates tend to be much more expensive than term life coverage. One of the main reasons for this is because a whole life policy will stay with a policyholder for the duration of their life, offering consistent coverage that does not disappear after a certain amount of time.
How can I find a life insurance policy that works for me?
If you are a cancer patient, finding a life insurance policy that works for you may seem like a daunting task. But once you start your research, you will be able to figure out which companies and which policies might be best for you.
If you are in remission, you may find that your past cancer diagnosis barely impacts your rates for life insurance. But if you are currently undergoing treatment for your cancer diagnosis, you can expect to pay higher-than-average rates and potentially be turned down for specific traditional policies.
Shopping around online for coverage will help you determine which companies offer rates and policies that would work for your life and budget. Be sure to compare quotes from multiple companies to get a good idea of your options.
