How to get life insurance with skin cancer

According to the Health Canada, the number of skin cancer cases have been steadily rising in Canada over the past 30 years. It’s estimated that 1 in 73 Canadian women and 1 in 59 men will develop skin cancer within their lifetime.

Can I qualify for life insurance after being diagnosed with skin cancer?

Yes, it is possible. If you were diagnosed with melanoma, you may be able to get coverage — though you may have to pay higher premiums. Some factors considered by insurers include the specific type of skin cancer you had, the stage and grade of your cancer, when you were diagnosed, when your last treatment was and your risk factor for getting skin cancer again.

After a skin cancer diagnosis, the insurer may choose from one of 4 options when choosing whether or not to extend coverage:

1. Offer coverage as normal. Many forms of non-melanoma skin cancers are considered to be very low risk and won’t affect your ability to get life insurance at all, particularly if your cancer was caught early. If your diagnosis doesn’t affect your long-term risk, you may be eligible for normal coverage. You’ll likely be required to provide medical records proving you’re in remission.
2. Add exclusions to your policy. Insurers might write into your policy that it won’t pay your beneficiaries if you die from complications due to cancer. Carefully read any exclusions before deciding if the policy is worth the risk.
3. Increase your premiums. Your insurer may offer full coverage but at higher premiums than somebody who’s never experienced a health issue might pay.
4. Deny coverage. You may find insurers who aren’t willing to offer coverage if you’re not in remission or have experienced multiple recurrences.

How common is skin cancer?

According to the Canadian Cancer Society, the most serious type of skin cancer, melanoma, is the 7th highest expected type of cancer expected in both men and women.

• Males
• Females

Critical illness insurance and skin cancer

Critical illness insurance is a type of life insurance that pays out a lump sum when the insured is diagnosed with a serious medical condition. The money can be used to help offset the cost of care, missed work, medical expenses and anything else.

Many critical illness policies will pay out if the insured is diagnosed with skin cancer, but there are often requirements you’ll need to meet. For example, some insurers will only pay out for melanomas or metastatic cancers.

If you’re interested in adding a critical illness benefit to your life insurance policy, talk with your insurer to find out more about what it covers, when it pays out and what exclusions you need to be aware of.

Compare life insurance providers

Making sure your loved ones are taken care of no matter what health crisis you face can eliminate some pressure in otherwise stressful situations. Compare life insurance providers in the table below to find the one best suited to your situation.

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Name	Product	Types of Insurance	Coverage Range	Issue Ages	Medical Exam Required	Province Availability
PolicyMe Life Insurance		Term Life, Critical Illness	$100,000 - $5,000,000	18 - 75	No	AB, BC, MB, NS, ON, PEI, SK, NL, YT, NT, NU	Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.	Get a quote More Info	Compare	loading Fetching your data...
RBC Life Insurance		Term Life	$50,000 - $1,000,000	18 - 70	No	AB, NS, ON, PEI	Select from two unique RBC term life insurance plans to get flexible and affordable coverage that suits your lifestyle and budget. Get a free quote through Walnut.	Get a quote More Info	Compare	loading Fetching your data...
PolicyAdvisor		Whole Life, Term Life, Universal, No Medical	$25,000 - $25,000,000	18 - 75	No	AB, BC, MB, ON	PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.	Get a quote More Info	Compare	loading Fetching your data...

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Bottom line

If you’ve been diagnosed with skin cancer or if you have a family history of skin cancer, it won’t automatically disqualify you from getting a life insurance policy. Learn more about life insurance and compare providers to find one that fits your needs, and talk with your preferred insurer to learn more about how your medical history will affect your insurance premiums.

Frequently asked questions

• Can I get life insurance immediately after being treated for skin cancer?

  Usually no, but it depends on your insurer and the type of cancer you had. If you had a local non-melanoma cancer, you may be able to get insurance right away. But some insurers will require you to be in remission for a certain amount of time, like 6 months to a year, before you’ll qualify for insurance — especially if you had melanoma or metastatic cancer.

• Will my life insurance pay out if I get diagnosed with skin cancer?

  Usually no, but it depends on your policy and cancer. Life insurance policies often pay out upon diagnosis of a terminal illness but the survival rates for skin cancer are high, so most people won’t receive a benefit.

  However, if you have critical illness insurance, you may receive a lump sum payment to help with the costs.

• Can my insurer raise my rates if I get diagnosed with skin cancer?

  No, your insurer can’t raise your rates on an active policy if your health changes. But if you take out a new policy, they can charge you higher rates.