Your options will depend on your diagnosis and current health.
If you’ve had cancer, you can still qualify for life insurance. But how much your premiums cost and what policies you’re eligible for will depend on your medical history.
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Can I get life insurance if I’ve had cancer?
Yes, many past cancer patients are able to get life insurance policies — but you’ll likely need to wait until you’ve been in remission for more than a specific length of time. The waiting period will vary based on the insurer and the type of cancer you had.
You may also need to pay higher premiums. And with certain types of cancer that are likely to reoccur, you may need to get a guaranteed-issue policy.
What are insurers assessing when I apply for life insurance with cancer?
Insurers review each case on an individual basis to assess the risk you present, or likelihood that your policy will need to be paid out. They’ll look at several different factors, including the type of cancer you had, the grade and stage of cancer you had, the treatment plan you underwent and how long you’ve been in remission.
Guaranteed-issue life insurance
Guaranteed-issue policies aren’t based on your medical history and don’t require medical underwriting. They generally offer lower coverage amounts — around $10,000 to $25,000 — and have higher premium payments than you’d see for a medically underwritten policy. If you’re unable to qualify for a traditional life insurance policy, a guaranteed-issue policy can provide an alternative.
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How much more will it cost?
While some cancer survivors will be able to get a policy at a competitive rate, others can pay several times more for insurance. Low-risk applicants will generally qualify for preferred plus, preferred, standard plus or standard ratings, which have the cheapest rates. Applicants who don’t fit into one of those categories will get what’s called a table rating.
Table ratings put applicants into a stepped system based on risk. For each step of higher risk, rates go up by 25%. At most companies, you can pay anywhere from 25% to 250% more than standard applicants before your application is denied altogether.
How to increase the likelihood of finding life insurance
To improve your chances of getting a policy:
- Collect the right paperwork. You want to have all of your documentation ready before you apply. This includes your complete medical records, pathology reports and records of your treatment plan. The more the insurance company knows about you, your cancer diagnoses and treatment plan, the more likely they may be able to insure you.
- Get a note from your doctor. Ask your doctor to write you a note stating when you had treatments for cancer done, when you went into remission and what your prognosis is. This may help the insurance company get a better understanding of your specific situation.
- Abide by the treatment plan. It’s important for the insurance company to see that you’re sticking with your treatment plan — meaning going to all follow-up appointments or check-ups. The more proactive you are about your health, the more likely you’re to remain healthy.
What questions might I be asked?
Insurers will want to ask a lot of questions about your cancer and your medical history, which can stir up fear, worry and feelings you might’ve thought behind you. Consider leaning on your loved ones for support during the application process, and be prepared to answer questions such as:
- Do you have a family history of cancer? What was the age of onset?
- Has anyone in your family died from cancer? If so, at what age?
- What type of cancer do you or did you have?
- Have you been advised that the cancer is treatable and what’s the percent chance of success?
- What treatments did you receive while you had cancer?
- Are you currently in remission? If so, how long have you been in remission?
- Are you still taking medication or receiving tests?
- What is the contact information of your doctor?
Can I get life insurance if I have a family history of cancer?
Yes, but your family history can affect how much your premiums cost. If a parent or sibling died from cancer before a certain age, usually around 60, an insurer may consider you to be a higher risk. But distant family members and cancers diagnosed in old age generally won’t affect your application.
What if I’ve been diagnosed with cancer and haven’t taken out insurance yet?
In most cases, you’ll need to either choose a guaranteed-issue life insurance policy or wait until after you’re in remission to take out life insurance. But certain types of cancers, like early-stage skin cancers that can be easily removed, won’t affect your ability to get insured.
What happens if I don’t tell my insurer about my condition?
It’s important to disclose all medical information to your insurer. If you omit any information from your application, your insurer will have the right to refuse to pay out your benefit if you die or become terminally ill — even if you’ve been paying premiums.
Can I take out critical illness insurance for cancer?
Critical illness insurance offers a lump sum benefit payment if you suffer from a specified illness. If you’re currently in remission, you may be able to take out a critical illness policy. But you’ll want to check the fine print to make sure a relapse of your previous cancer isn’t excluded from coverage.
The cancers commonly covered under critical insurance policies are:
- Carcinoma in situ of the breast
- Skin cancer
- Prostate cancer
- Hodgkins Disease
- Brain tumors
- Cervical cancer
- Ovarian cancer
- Bowel cancer
- Testicular cancer
- Invasive cancer
- Malignant bone marrow disorder
- Carcinoma in situ of the male or female organs
It’s important to keep in mind that insurers determine application approval and coverage based off of each individual situation.
What can the benefit payment be used for?
The lump sum benefit your policy offers can be used to pay your medical bills, help with your recovery and manage ongoing expenses that may arise from expensive treatments and strenuous rehabilitation processes. You can also use the benefit to offset any time taken off from work that results in missing your regular income.
Each insurance company has its own set of guidelines for covering cancer survivors, so you may need to apply with several companies in order to find one that’s the right fit. Compare life insurance companies to get started.
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