Life Insurance for Cancer Patients and Current Cancer Survivors
Yes- You have Options!
Life Insurance for cancer patients can be tricky. Same goes for for life insurance for cancer survivors.
Maybe you are still going through the treatments for cancer and want to know your options.
The bad news first? The options are limited and are different than your typical traditional term or permanent whole life insurance policy. Maybe you have been in remission for a while and are trying to begin planning for your future. If this is the case, we guarantee, you have more options than you think. The rates may be even lower than you expected as
Life insurance for cancer patients or cancer survivors won’t be the easiest task.
We don’t want to feed you any baloney or act like obtaining life insurance as a cancer patient is a walk in the park.
Several things to need to line up and many different aspects need to be considered and carefully thought out by yourself and your life insurance agent.
Is getting life insurance as a cancer survivor difficult ? It can be. What about life insurance for cancer patients? Is it doable?
That all depends
We have done it hundreds of times. It really comes down to some diligence by you and your life insurance agent. Are hope being this ultimate guide to obtaining life insurance as a cancer patient can serve as a useful tool to helping plan you and your family’s protection and financial future.
What Types of Cancer does Good Life Protection Handle?
Cancer has been a major health concern around the world for decades. For a while, it was growing at rapid paces. Surprisingly, over the last few decades, the rates for new cancer cases has been on the decline somewhat. According to Cancer.gov the following are the most common forms of cancer currently and as of 2018.
- Bladder Cancer
- Breast Cancer
- Colon and Rectal Cancer
- Endometrial Cancer
- Kidney Cancer- Including Renal Cell and Renal Pelvis
- Liver Cancer
- Lung Cancer
- Non- Hodgkin’s Lymphoma
- Pancreatic Cancer
- Prostate Cancer
- Thyroid Cancer
Here’s how the number of new cases diagnosed, and deaths play out by cancer type for 2018.
What about other Cancer Types?
We cover the cancer’s mentioned previously however, we work with individuals with all forms of cancers which includes many other forms of cancer.
If you have a cancer not mentioned above. Check out the other cancers Good Life Protection works with to obtain affordable life insurance for here.
ACUTE MYELOID LEUKEMIA
BILE DUCT CANCER
CANCER IN ADOLESCENTS
AIDS RELATED CANCERS
ACUTE LYMPHOBLASTIC LEUKEMIA
ASTROCYTOMAS (BRAIN CANCER)
BASAL CELL CARCINOMA (SKIN)
ATYPICAL TERATOID/RHABDOID TUMOR
DUCTAL CARCINOMA IN SITU (BREAST CANCER)
CARCINOMA OF UNKNOWN PRIMARY
CARDIAC (HEART) TUMORS
CENTRAL NERVOUS SYSTEM
CHRONIC LYMPHOCYTIC LEUKEMIA
CHRONIC MYELOGENOUS LEUKEMIA
CHRONIC MYELOPROLIFERATIVE NEOPLASM
CUTANEOUS T-CELL LYMPHOMA
FALLOPIAN TUBE CANCER
FIBROUS HISTIOCYTOMA OF BONE
ESTHESIONEUROBLASTOMA (HEAD AND NECK CANCER)
EXTRACRNIAL GERM CELL TUMOR
EXTRAGONADAL GERM CELL TUMOR
HAIRY CELL LEUKEMIA
GASTRIC (STOMACH) CANCER
HEAD AND NECK CANCER
GASTROINTESTINAL CARCINOID TUMOR
GASTROINTESTINAL STROMAL TUMORS
HEPATOCELLULAR (LIVER) CANCER
GERM CELL TUMORS
HISTIOCYTOSIS, LANGERHANS CELL
GESTATIONAL TROPHOBLASTIC DISEASE
KAPOSI SARCOMA ( SOFT TISSUE SARCOMA)
ISLET CELL TUMORS, PANCREATIC NEUROENDOCRINE TUMORS
KIDNEY (RENAL CELL) CANCER
LANGERHANS CELL HISTIOCYTOSIS
MALE BREAST CANCER
MALIGNANT FIBROUS HISTIOCYTOMA OF BONE AND OSTEOSARCOMA
LIP AND ORAL CAVITY CANCER
MELANOMA, INTRAOCULAR (EYE)
MERKEL CELL CARCINOMA (SKIN CANCER)
METASTATIC SQUAMOUS NECK CANCER WITH OCCULT PRIMARY
MIDLINE TRACT CARCINOMA WITH NUT GENE CHANGES
MULTIPLE ENDOCRINCE NEOPLASIA SYNDROMES
MULTIPLE MYELOMA/PLASMA CELL NEOPLASMS
MYELOGENOUS LEUKEMIA, CHRONIC
MYELOID LEUKEMIA , ACUTE
NASAL CAVITY AND PARANASAL SINUS CANCER
OSTEOSARCOMA AND MALIGNANT FIBROUS HISTIOCYTOMA OF BONE
NON-SMALL CELL LUNG CANCER
PANCREATIC NEUROENDOCRINE TUMORS (ISLET CELL TUMORS)
PAPILLOMATOSIS (CHILDHOOD LARYNGEAL)
RENAL CELL (KIDNEY) CANCER
PARANASAL SINUS AND NASAL CAVITY CANCER
PHARYNGEAL CANCER (HEAD AND NECK CANCER)
PLASMA CELL NEOPLASM/MULTIPLE MYELOMA
PREGNANCY AND BREAST CANCER
PRIMARY CENTRAL NERVOUS SYSTEM LYMPHOMA
PRIMARY PERITONEAL CANCER
SALIVARY GLAND CANCER
SMALL CELL LUNG CANCER
THYMOMA AND THYMIC CARCINOMA
SMALL INTESTINE CANCER
SOFT TISSUE SARCOMA
TRANSITIONAL CELL CANCER OF THE RENAL PELVIS AND URETER
SQUAMOUS NECK CANCER WITH OCCULT PRIMARY
STOMACH (GASTRIC) CANCER
UNKNOWN PRIMARY, CARCINOMA OF
UNUSUAL CANCERS OF CHILDHOOD
URETER AND RENAL PELVIS, TRANSITIONAL CELL CANCER
WILMS TUMOR AND OTHER CHILD KIDNEY TUMORS
YOUNG ADULTS, CANCER IN
So, what Needs to Happen to Obtain Life Insurance?
The Lookback Period
Possibly, the most important factor regarding your chances of an approval for life insurance with cancer or in remission for cancer is known as the look back period.
This is the amount of time the life insurance carrier wants to see lapsed since the cancer entered remission. Some cancers require longer lookback periods than other cancers require.
Let’s look at how long the life insurance carriers want to see the cancer in remission for as of September 2018.
|TYPE OF CANCER||WAIT ( IN YEARS )|
CERVIX (IN SITU)
ESOPHAGUS / ESOPHAGEAL CANCER
HODGKINS AND NON-HODGKINS LYMPHOMA
|TYPE OF CANCER||WAIT ( IN YEARS )|
BASAL CELL CARCINOMA
1 - 7+
6 MONTHS - 2 YEARS
2 - 5
1 - 6
A good rule of thumb is that most life insurance carriers will want to see at least 5 years, but this does not always hold true. Sometimes you can qualify much sooner than that. It’s also not very common for a life insurance carrier to offer life insurance for cancer patients that don’t fit the guidelines we have laid out for you.
The life insurance carriers use information from medical databases and follow guidelines published regarding the estimated mortality for cancers and typically have a final review by a medical director for the company or carrier.
What can you do to Improve your odds of getting approved?
Life insurance carriers love to see that you are currently in remission. As stated before, it will be tough to gain an approval for life insurance if you are still completing treatment unless you aim for a guaranteed issue life insurance policy.
Here’s a few other helpful hints that can greatly help your application success for life insurance for cancer patients.
- Be diligent with all follow up with all physicians and your oncologist.
- Keep your records clean and updated. (The life insurance carrier will want to review your medical records) Not to mention, it helps to provide this information to your agent when shopping for a policy.
- Know the exact dates and information related to your cancer diagnosis.
- When were you diagnosed?
- What stage cancer was it?
- What was the treatment method? Surveillance? Chemo? Radiation?
- What’s the overall prognosis?
- Chances of a recurrence of cancer? 5%? 10%?
Knowing these will dramatically help your life insurance agent which in turns greatly helps your ability to gain coverage for life insurance. Yes, even life insurance for cancer patients.
You’re also going to have to be willing to complete the medical exam. No carriers will approve you for a non-exam life insurance policy unless it’s a guaranteed issue policy.
Here’s a few additional questions you may also encounter on your search for life insurance
What size were the tumor(s)?
Were lymph nodes involved?
Did the cancer metastasize?
The start and completion dates of your treatment.
When was the last date of treatment?
Have you had any relapses?
What kind of medications are you taking?
And Don’t forget…
The rest of your health is also important. Cancer is just one piece of the equation. The life insurance agent and the carrier will want to know about the rest of your health and lifestyle.
What kind of Life Insurance Policy can you Qualify for? Life Insurance for cancer patients!
If you are currently still receiving treatment for the cancer your only option will be guaranteed issue life insurance.
If you have completed treatment and are out of the waiting period, you can apply for all forms of life insurance including term, universal or whole life insurance.
Other Pro Tips to Ensuring that you Get approved!
Here’s a few other helpful tips that can dramatically increase your chances of obtaining life insurance for cancer patients.
- Stay diligent with your doctor
- Keep Medical Records Handy
- Wait extra time if need be
- Be willing to accept a graded policy or guaranteed issue policy if it’s the only option
- Shop with an independent life insurance agent and agency
Don’t worry about the premiums currently when applying for the life insurance. Get your medical records together and choose a carrier with an independent life insurance agent and agency.
The life insurance carrier will typically cover the cost of ordering your medical records and performing a medical exam. This is at no cost to you and no further obligation. If you are out of the recommended waiting time, you can simply apply and see how you do and then tailor a policy to fit your needs and budget after it’s complete.
This will dramatically reduce the stress during the application process and allow you to get everything lined up before making any final decisions about which carriers to choose or how much coverage you need.
Typically, in addition to paying for your records and exam, if you work with an independent agent, that same underwriting will typically be good with most carriers.
Meaning? This simply means you can get your approval and then shop to find the lowest rate and best option to serve to protect your family’s life insurance needs.
Can rates be lowered the Longer you are Cancer Free?
Maybe is the best answer for life insurance for cancer patients.
Some life insurance carriers will consider allowing you to reduce your premium or allow for reconsideration after more time has passed. It doesn’t necessarily mean they always permit this however. It’s also more likely to happen if you were approved and charged what’s known as “flat extra charge” for your additional risk of having cancer.
What Rates Can You Expect? What’s the likely scenario?
Unfortunately, this is a pretty tough question to answer. I know, not the answer you wanted to hear. However, the actual rates you get approved can vary greatly based on…
- Family History
- Type of Cancer
- Time you have waited before applying
- Current Age
- Current Tobacco Use
It’s just too hard to pinpoint exactly where your rate may land. Just remember, you can be approved, and you do have options.
Life insurance for cancer patients doesn’t have to be so intimidating.
Don’t get to worked up about purchasing life insurance whether you’re a cancer survivor, cancer patient or have a family history of cancer. Options are still available, and we are here to help. Work with us or an independent agency and get on the path toward protection for you and your family.
If we missed anything we would love to hear from you. Comment below or fill out a quote request. May the best price win
FILED UNDER – HIGH RISK LIFE INSURANCE