A lot of clients frequently ask a specific question about applying for life insurance after being diagnosed with cancer.
The question is simple in nature. Can you buy life insurance after being diagnosed with breast cancer?
Here is what I can tell you on this topic.
So, can you buy life insurance after being diagnosed with cancer? Yes, you can buy life insurance after being diagnosed with cancer if you meet certain criteria. This will include meeting the waiting period requirement and assuming the rest of your health is in good standing. Overall, you can obtain life insurance after being diagnosed with cancer.
Life insurance for cancer survivors is not impossible, but you need to be cancer free first.
Then you need to find expert high-risk life insurance brokers that know how to underwrite cancer since not all life insurance companies will view cancer history the same.
You’ll know you are working with an expert high-risk life insurance broker if they dig in on your cancer history.
If they aren’t asking you questions, then they aren’t the right agent for you.
The reason you want to work with an independent broker and not your friendly neighborhood State Farm agent is they work with multiple companies.
However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.
You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.
How to Get Life Insurance after Cancer Diagnosis
Once you have located an expert high-risk life insurance broker, you need to give them all the information they will need to match you with the best life insurance for cancer survivors.
Your agent will need to know the following information in order to increase your chances of being approved for life insurance after cancer.
What type of cancer did you have? Getting someone approved after basal cell skin cancer is a lot easier than if you have stage four pancreatic cancer.
How long have you been cancer-free, including treatment? Depending on the type of cancer you had, life insurance companies can postpone your application for up to ten years!
What stage and grade of cancer did you have? The lower the stage and grade, the easier it is to purchase life insurance after a cancer diagnosis.
Have you had multiple occurrences of the same or different types of cancer? The more bouts of cancer that you have the harder it is to get approved for life insurance.
Are you in good health otherwise? Life insurance companies will factor in things like obesity or tobacco use if you’re a cancer survivor.
Are you keeping up with your regularly scheduled doctor’s visits? The life insurance company will want to be sure cancer hasn’t returned so you must see the doctor regularly.
If you’re declined for traditional life insurance, you can either purchase a guaranteed issue life insurance policy or accidental death policy while you wait for your life insurance eligibility.
What Rates can I get After Being Diagnosed with Cancer?
The cost of term life insurance after being diagnosed with cancer can vary depending up the type of cancer you had and its severity.
You can be eligible for preferred best rates with certain carriers after low-risk cancers, such as basal or squamous cell skin cancer, relatively quickly, assuming you otherwise qualify.
For other cancers that are caught early on, such as breast cancer or prostate cancer, your best-case scenario is usually a standard rate if you’ve been cancer free for 2-5 years.
Even if you’ve been cancer-free for over 5 years after a high-risk cancer diagnosis, you can still be looking at a high cost for term life insurance once you’re eligible again for life insurance.
Even after 5 years, life insurance companies are still concerned that cancer may return if you had a high-risk cancer diagnosis.
Therefore, they often charge a “flat extra” fee temporarily.
A temporary “flat extra” is an extra charge usually in the early years of your policy to compensate the insurance company if cancer returns.
The way the “flat extra” works is the surcharge is multiplied per 1000 units of life insurance. For example, $2.5 flat extra for a $250,000 policy costs an extra $625 per year on top of your rate.
Buying Life Insurance for Seniors with Cancer Diagnosis
Buying life insurance for seniors with cancer can be just as difficult for a young person if you need a large death benefit amount.
However, if you want to cover final expenses, many more options open up. Once you surpass age 40, you are eligible for guaranteed issue life insurance.
Guaranteed issue life insurance guarantees that you will be excepted for coverage and usually will go up to $25,000 in death benefits to cover your final expenses and burial costs.
Instead of underwriting you, guaranteed issue life insurance has a 2-year waiting period on medical deaths before the death benefit will pay in full.
You can lean on a company such as AIG for these policies.
You can also read a review of AIG Life Insurance here.
However, this isn’t a bad deal for cancer patients as the likelihood of outliving the waiting period is high with many cancer diagnoses.
If you do die during the waiting period, the life insurance company will refund your premiums paid plus interest to your beneficiary, so you will not lose any money.
Once you are cancer-free for 2 years, level death benefits (first-day coverage) becomes available with certain final expense policies. These policies don’t have waiting periods.
Final expense policies don’t require a medical exam and can issue you a policy based on a prescription history check, and you answer a few health questions.
Final Thoughts: Life Insurance after Cancer is Possible
Finding affordable life insurance after being diagnosed with cancer is better left to the pros. An expert high-risk life insurance broker is your best chance at finding a deal.
Certain companies will be more conservative on waiting periods and “flat extra” surcharges. If you request a quote, our expert agents will evaluate your case and give our honest assessment.
You can request a quote from the quote box on the side of our website. Makes sure to have your cancer history details on you so our agents can narrow down your options.