Qualifying for Life Insurance After Colon Cancer is not easy.Colon cancer, also known as colorectal cancer, can be a life-threatening condition if left untreated. According to the American Cancer Society, colon cancer is the third leading cause of cancer-related deaths in America. Naturally, life insurance companies will be cautious in offering you life insurance after colon cancer. However, life insurance coverage is possible since colon cancer is curable. If colon cancer is detected early on, we have seen approvals for life insurance at as high as a standard health class!
Will I Qualify for Life Insurance With Colon Cancer?
Qualifying for life insurance with any type of cancer is not easy. The life insurance company will want to know as much information regarding your colon cancer as possible. No-exam term life insurance after colon cancer, for the most part, is out of the question unless significant amounts of time have passed where you have been free of cancer. Otherwise, the life insurance company will want to see recent lab work as well as your medical records. The entire process takes approximately 4-6 weeks to gather all the relevant information and have it reviewed by a life insurance underwriter.
The life insurance company will want detailed information about your colon cancer history such as:
These questions will give your agent a detailed picture of your colon cancer and health history. Remember that an independent life insurance agent can use this information to anonymously compare the rates of multiple life insurance companies in order to gauge what company will give you the best deal so it is important to be as descriptive as possible.
What Rates Can I Expect With Colon Cancer?
Life insurance after colon cancer will knock you out of the preferred health classes with virtually every life insurance company no matter how mild of a case your colon cancer was. Therefore, your best-case scenario would most likely be a standard health class, which is considered the rate of the general population. If your colon cancer is a more severe case, then you could potentially be declined or postponed for coverage.
In addition, we commonly see the addition of temporary “flat extras” added on to the policy for applicants under the age of 65. These “flat extra” fees can vary in cost, but they are usually temporarily added in the early years of your policy. If your colon cancer was a more severe case, then you could potentially be declined or postponed for coverage.
“Flat extra” example: An applicant with a mild case of colon cancer who has been cancer-free for 2 years is approved for $100,000 of life insurance at a standard rate with a temporary “flat extra” of $10 per $1,000 units of insurance for 5 years.
In the above example, the applicant would pay an extra $1,000 annually ($10 x 100 units of insurance) in addition to the standard rate for 5 years. In year 6 and beyond, the applicant would pay only the standard rate with no further “flat extra” payments required.
Common Outcomes for Life Insurance After Colon Cancer:
Life insurance companies have slightly different names for their top health class. You may have heard it called super preferred or preferred plus. Regardless of what it is called, people with a history of colon cancer are ineligible for this health class no matter how mild of a case it was.
Any preferred health class is considered a discount to the standard health class of the general population. Therefore, it is virtually impossible for someone with a history of colon cancer to qualify for these classes due to their health history notwithstanding their current health.
Not every life insurance company offers this discounted health class, but a person with colon cancer history would most likely not qualify for it anyway. Colon cancer history is too risky for the life insurance company to offer a discounted rate better than the general population no matter how mild the colon cancer was unless a significant amount of time has passed where you were free of cancer.
Standard rates of the general population is your best-case scenario if you have a history of colon cancer. We see standard approvals for the healthiest of colon cancer applicants who were diagnosed with a relatively mild case of colon cancer (stage 0 or stage 1). While a standard rate is great, we’ve seen life insurance companies add a temporary “flat extra fee” for up to five years. Afterward, the “flat extra” is removed an the insured would pay standard rates for the remainder of the policy.
This is the health class that we see commonly with cancer cases. Life insurance companies are conservative by nature. While a standard health class is possible for mild cases of colon cancer, it is not guaranteed. If you have additional health concerns, your overall health may warrant a substandard rate
If your colon cancer has progressed to stage 2, life insurance companies will want to see 2-3 cancer-free years since your last treatment before considering you for an offer. After the 2-3-year waiting period, the life insurance company will consider you for coverage with a temporary “flat extra” for 7-10 years.
Additionally, if your colon cancer was a more severe case, you will most likely be declined for life insurance coverage. We usually see declines for colon cancer that has progressed to stage 3 or beyond, or metastasized (spread) into the lymph nodes.
The Final Word
Life insurance after colon cancer can be complicated. Approvals for life insurance after colon cancer will depend on multiple factors, such as the severity of the colon cancer, the length of time that you have been free from cancer, etc. This is an area where you need to work with a knowledgeable life insurance agent who understands the nuances of underwriting colon cancer.
Our agency has helped individuals just like you secure affordable life insurance coverage with a history of cancer. Our veteran life insurance agents ask the detailed questions that the life insurance companies want to know and will compare the rates of multiple life insurance companies in order to get you the best deal. Even if you have been declined for life insurance before, give our agency a chance to get you covered!
If you are looking for affordable life insurance after colon cancer, do not hesitate. Please give our agency a call or fill out a quote request today.
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Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.