Can I Get Life Insurance with Pancreatic Cancer? The options

If you are looking for life insurance with pancreatic cancer, then you have come to the right blog!  Our agency has ample experience field underwriting various types of cancers in order to provide our clients with the best life insurance options on the market today.

Needless to say, pancreatic cancer can be a life-threatening illness and life insurance companies treat it as a high risk.  Practically, all life insurance companies will naturally be hesitant to offer life insurance coverage to people who are diagnosed with a critical illness, like pancreatic cancer.  However, that does not necessarily mean there are not life insurance options available for people diagnosed with pancreatic cancer.

Will I Qualify for Life Insurance With Pancreatic Cancer?

Simply put, yes, but it will not be easy.  People diagnosed with pancreatic cancer have a low survival rate; although, pancreatic cancer survival rates have been increasing over the past few decades.  According to the American Cancer Society, for all stages of pancreatic cancer combined, the one-year relative survival rate is 20%, and the five-year survival rate is 7%.

life insurance with pancreatic cancer

The main contributor to this extremely low survival rate is that pancreatic cancer is very difficult to detect early on.  By the time the pancreatic cancer is discovered, it often has metastasized (spread) beyond the pancreas to the point where surgical removal is not an option.

However, if surgical removal (resection) is possible, post-surgery survival rates increase to 23-36 months on average with a 10% 5-year survival rate.  However, if the whole tumor is completely removed, survival rates can increase to as high as 20%-35%.

As I am sure you can imagine, most life insurance companies are not eager to take on that type of risk for fully-underwritten term life insurance or whole life insurance.  If you have been recently diagnosed with pancreatic cancer, odds are that the only life insurance option available to you would be guaranteed issue life insurance  Nevertheless, stranger things have happened, and we have learned to never say never when it comes to life insurance.

If you want to consider fully-underwritten term life insurance or whole life insurance, we would be happy to explore those possibilities with you.  However, your chances of qualifying for coverage will increase significantly if you have been free from cancer for at least 2 years (preferably 5 years) and you detected the pancreatic cancer in its early stages (stage 0 or stage 1).  Otherwise, we would suggest purchasing guaranteed issue life insurance.

How Can I Purchase Guaranteed Issue Life Insurance With Pancreatic Cancer?

I know that it sounds too good to be true but stay with me here.  The life insurance industry has created life insurance for people whose health is otherwise too poor to qualify for traditional life insurance coverage.  There are no health questions on the application, no medical exam, and the life insurance company will not care if you have been declined for coverage in the past.  The only thing you need to do in order to purchase guaranteed issue life insurance coverage is to apply and pay the premium.  It is as simple as that.

What is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is a policy that anyone can purchase regardless of their health with no questions asked.  These types of policies are generally only available to people ages 40 and up and are typically modified whole life policies with death benefits ranging from $5,000-$25,000.  Although, there is no rule that prevents you from buying multiple guaranteed issue policies with different life insurance companies if you desire to have higher coverage amounts.

The way the life insurance companies are able to offer this coverage is by issuing the life insurance policy with a modified death benefit during the first 24 months of the policy.  While every life insurance company has slightly different policies on how their modified death benefit works, the companies we work with follow these loose guidelines; however, please note that rules may vary depending on the particular life insurance company and the particular product:

  • The guaranteed issue policy pays full death benefits for accidental deaths from day one of the policy.
  • During the first 24 months of the guaranteed issue policy, the death benefit for medically-related deaths will be a return of all premiums paid plus interest (often 10%).
  • From month 25 and beyond, the full death benefit will pay for all covered deaths both medically-related and accidental.

Occasionally, people are concerned about the 24-month waiting period when the policy only issues return of all premiums paid plus interest (often 10%) for medically-related deaths.  This is understandable, but our agency still believes that people with pancreatic cancer, especially in cases where the pancreatic cancer was caught in stage 0-1 and entirely removed surgically, receive a great value even with the waiting period.

Currently, there is no financial product available to our knowledge that is offering such a competitive rate of interest on the premium dollars that you would be paying for the coverage.  While not as ideal as a level death benefit with 1st-day coverage, the return of premium option is still a great value given the available alternatives or lack thereof.  Even in a worst-case scenario, your beneficiaries will still receive all the money you paid into the policy plus a generous rate of interest.

In addition, if you were diagnosed with pancreatic cancer in its earlier stages and were able to remove the cancer entirely, there is a meaningful probability that you could outlive the 24-month waiting period, at which point the life insurance policy pays full death benefits!

What Does a Guaranteed Issue Life Insurance Policy Cost?

Guaranteed issue life insurance was created as an affordable way to help people with serious medical illnesses cover their final expenses like burial and funeral costs.  However, that does not mean that you cannot purchase higher amounts of coverage if your budget allows. These charts below illustrate example rates for common death benefit amounts and age bands:

DEATH BENEFIT MALE AGE 55 FEMALE AGE 55
$5,000
# 29.45
$ 22.62
$10,000
$ 56.90
$ 43.23
$15,000
$ 84.35
$ 63.85
$20,000
$ 125.17
$ 95.34
$25,000
$ 155.96
$ 118.68
DEATH BENEFIT MALE AGE 60 FEMALE AGE 65
$5,000
$ 32.58
$ 26.01
$10,000
$ 63.17
$ 50.02
$15,000
$ 93.75
$ 74.03
$20,000
$ 138.18
$ 110.15
$25,000
$ 172.22
$ 137.19
DEATH BENEFIT MALE AGE 65 FEMALE AGE 65
$5,000
$ 43.08
$ 31.78
$10,000
$ 84.15
$ 61.57
$15,000
$ 125.23
$ 91.35
$20,000
$ 169.40
$ 135.37
$25,000
$ 230.27
$ 168.72

Final Thoughts

Pancreatic cancer can be difficult not only for the person diagnosed with the condition but for their loved ones as well.  Due to the life-threatening nature of pancreatic cancer, qualifying for fully-underwritten term life insurance or whole life insurance can be difficult.

Unfortunately, there are not many life insurance options for many people diagnosed with pancreatic cancer outside of guaranteed issue life insurance.  Nevertheless, our agency is committed to finding you the best life insurance plan available.  We can compare the rates of a number of guaranteed issue life insurance companies and can underwrite you over the phone before we rule out any fully-underwritten term life insurance or whole life options.

If you are looking for affordable life insurance with pancreatic cancer, we are here to help.  Our agency has assisted folks just like you find affordable life insurance coverage after a cancer diagnosis.  Give one of our veteran agents a call or fill out a quote request to go over your life insurance options today!

Resources: American Cancer Society

Leave a Reply