Life insurance for breast cancer survivors

With breast cancer touching so many lives, it’s an illness that we are all, unfortunately, familiar with. In the United States, 1 in 8 women will receive a breast cancer diagnosis in her lifetime, and each year, thousands more join that journey. In 2024 alone, an estimated 310,720 women and 2,800 men will be newly diagnosed. But beyond these numbers, there is resilience and hope. 

Thanks to advancements in early detection and treatments, breast cancer has one of the best survival rates, especially when caught in its early stages. In fact, the five-year survival rate for localized cases now stands at an encouraging 99 percent.

This progress means that for the more than four million breast cancer survivors in the U.S., living fully beyond the diagnosis is not only possible, but it also brings new goals — like finding the right life insurance coverage. Although securing life insurance as a breast cancer survivor may come with some hurdles, many options are available, and you’re not alone in this journey. Bankrate is here to help you explore your breast cancer and life insurance options, offering guidance and tips to find a policy that aligns with your unique path forward. 

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Whole life insurance combines life insurance with an investment component.

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Life insurance after breast cancer

Navigating life after a breast cancer diagnosis is a journey of resilience and hope. And for many survivors, securing life insurance is one more step toward planning a safe, steady future. Though breast cancer is a significant health factor in underwriting, the good news is that coverage is achievable, especially with today’s advancements in detection and treatment.

The role of pre-existing conditions

When applying for life insurance, pre-existing health conditions like breast cancer are a significant consideration for insurers. Underwriters examine these conditions to gauge any potential risks to the policyholder’s longevity. This doesn’t mean coverage isn’t possible — many survivors are successfully insured each year. However, the specifics of your health history, particularly with cancer, will play a role in determining the type and cost of your policy.

Coverage options during active treatment

If you’re currently undergoing treatment for breast cancer, approval for traditional life insurance policies may be deferred until treatment concludes. Guaranteed-issue life insurance can be an option during this time. These policies don’t require health questionnaires or a medical exam, making them accessible even to those with ongoing health challenges. However, guaranteed-issue policies come with limitations: they typically offer lower coverage amounts and carry higher premiums due to the added risk for the insurer. For those in treatment, guaranteed-issue life insurance can provide short-term peace of mind until more comprehensive options become available post-treatment.

Life insurance options in remission

Once you’re in remission, life insurance for breast cancer patients can expand to include traditional policies like term, whole or universal life insurance. Underwriters will carefully review your health journey, assessing factors such as:

• Age at diagnosis: Younger age at diagnosis may impact premium rates due to potential long-term health considerations.
• Cancer stage and tumor details: Early-stage diagnoses may receive more favorable underwriting than advanced stages, and details about tumor size and nodal involvement can also influence decisions.
• Time in remission: Many insurers prefer a stable remission period — often around five years — before offering standard policies. However, options may be available sooner depending on your unique case.

Breast cancer survivors face unique challenges, yet insurance providers today recognize the resilience and progress of each individual’s journey. With the right knowledge and resources, securing life insurance coverage is still achievable, whether through guaranteed-issue policies during treatment or traditional options post-remission. 

Types of life insurance for people with breast cancer

Finding life insurance after a breast cancer diagnosis can be an emotional road, but there are encouraging options available to secure the future for yourself and your loved ones. Thanks to progress in both medical and underwriting fields, breast cancer survivors have a variety of paths to explore. Here’s a guide to life insurance options that may meet your needs, whether you’re ready for traditional policies or considering alternative coverage.

Traditional life insurance options

If you’re in remission and qualify, you may consider a traditional life insurance policy like term, whole or universal life insurance. Each of these comes with unique benefits:

• Term life insurance: Term policies provide coverage for a specific period, typically 10, 20 or 30 years, with fixed premiums. If you opt for term life, consider a convertible term policy, allowing you to convert to permanent coverage later without a new medical exam. This can be invaluable if your health changes, providing continuous coverage without prequalification.
• Whole life insurance: This permanent policy offers lifelong coverage as long as premiums are paid, up to a typical coverage age range of 95–121 years. Whole life builds cash value over time, which can act as a financial cushion down the line.
• Universal life insurance: Universal policies are also permanent but with more flexibility in premium payments and death benefit options. This may be beneficial if you anticipate potential income changes but want lifelong coverage.

No medical exam life insurance options

If you’re not eligible for traditional insurance due to recent treatments or health changes, no medical exam policies can be a helpful alternative:

• Guaranteed issue life insurance: This policy requires no medical exam or health questions, making it accessible if you’re in treatment or have recent health history. Coverage amounts are lower, but guaranteed issue policies can offer protection while you wait for traditional eligibility.
• Simplified issue life insurance: With a few health questions and no medical exam, simplified issue life insurance provides higher coverage amounts than guaranteed issue. It’s often slightly more affordable than guaranteed issue though approval will depend on answers to general health questions.

Group life insurance coverage

If individual policies are challenging to secure, group life insurance through an employer or association can offer coverage with no medical requirements. Some employers allow employees to purchase voluntary group life insurance at a group rate, providing a potential coverage option without a strict underwriting process. This route can be particularly helpful if traditional policies aren’t yet available. Talk with your employer’s Human Resources department to find out what options are available.

The cost of life insurance for breast cancer survivors

Several factors, including the type of coverage, the coverage amount, policy length and individual health profile determine the cost of life insurance for breast cancer survivors. Insurers group applicants into classifications that reflect their overall health, lifestyle and risk level. These classifications help determine the base premium, with each category representing different levels of insurability and cost. 

Not all insurers underwrite risk factors in the same way. Therefore, while you may be categorized as one particular risk class at Insurance Company A, it is possible to receive a different risk class at Insurance Company B. The exact classification names may also vary slightly by insurer, but the most common risk classes are as follows:

• Preferred plus: This is the top rating given to those in excellent health with no significant medical issues and low-risk lifestyle choices. Generally, a history of cancer would exclude an applicant from this category, as insurers reserve this rating for those with minimal health concerns.
• Preferred: Those in very good health, often with only minor health issues, may qualify here. While a history of cancer makes this classification unlikely, some survivors with an extensive remission period and excellent overall health could potentially qualify, depending on the insurer’s guidelines.
• Standard plus: This middle-tier category is for individuals in good health with manageable medical conditions or minor risk factors. Cancer survivors with a long remission history and no recurrence might qualify, though this varies by provider.
• Standard: Applicants with average health, who might have some moderate health conditions, often fall into this category. Many breast cancer survivors could be placed here, especially if the cancer was low-risk and has been in remission for a substantial time.

In addition to these core categories, insurers often assign smoker classifications within each tier due to the added risk smoking poses to life expectancy. 

For breast cancer survivors, even those with a strong remission record, insurers may apply “substandard” ratings or other charges based on their underwriting practices:

• Table ratings: This method adds a cost percentage to the standard rate, often in increments (labeled as Table A, Table B, etc., up to Table H or higher). Each table adds around 25 percent to the base rate, so a Table B rating would mean the standard rate plus an additional 50 percent. The severity of the cancer, age at diagnosis and other health conditions influence this rating.
• Flat extras: This approach adds a fixed amount to each $1,000 of coverage, such as $5 per $1,000, as a “flat extra” charge. For breast cancer survivors, flat extras are often applied temporarily — typically five years after remission — until the risk of recurrence declines further.

If you’re initially assigned a higher premium, remember that this isn’t necessarily permanent. As more years pass in remission, you may qualify for a better rate. Consider reapplying after several years to explore more favorable rates, but remember to keep your current policy active until a new one is officially in place.

How to find the best life insurance company

Finding the right breast cancer life insurance company can make a significant difference in both premium costs and coverage options. Insurers vary in how they assess applicants with a history of cancer, which means shopping around is essential to secure the best policy.

1. Benefits of shopping around

Because life insurance companies each have unique underwriting guidelines, comparing options gives you a better chance of finding a company that offers fair rates and terms. For example, one insurer may be open to covering you after three years in remission, while another may require a five-year cancer-free period. By comparing, you can find the one that aligns with your health history and timing.

Additionally, looking at customer satisfaction ratings from sources such as J.D. Power and financial strength scores from AM Best can provide insight into how the insurer treats its clients and how reliably it can meet its future financial obligations. High ratings mean the insurer is more likely to offer consistent support, timely payouts and better service overall.

2. Be ready to share health details

When applying for life insurance, especially after a breast cancer diagnosis, it’s important to provide details about your diagnosis and treatment. Insurers will typically ask for information such as:

• Stage and type of breast cancer
• Age at diagnosis
• Treatment plan and any follow-up care
• Time since remission and stability of health

Having this information ready can streamline the application process and help underwriters assess your risk accurately.

3. Be transparent on your application

It’s important to be honest about your medical history on your life insurance application. Any discrepancies between what you report and what’s in your medical records could lead to higher premiums, policy cancellation or even denied claims later. Providing accurate information upfront shows insurers that you’re a reliable applicant, which can work in your favor during underwriting.

Getting life insurance with a family history of breast cancer

For those with a family history of breast cancer, the thought of buying life insurance can bring up questions and concerns. You may wonder how your family history affects your chances of approval or impacts premiums. The good news? If you are cancer-free, many life insurance companies could offer you affordable rates, though there are a few things to keep in mind during the process:

• Family history on the application
  • Most insurers ask about family health history, including any parental or sibling cancer diagnoses.
  • Being cancer-free yourself generally allows you to qualify for standard or preferred rates, even with a family history.
• Apply sooner rather than later
  • Applying while you’re young and healthy often results in lower premiums.
  • Locking in a policy early can protect you from future health-related premium increases.
• Consider riders for added protection
  • Critical and chronic illness riders allow you to access a portion of your death benefit if you’re diagnosed with a qualifying illness.
  • Accelerated benefit rider lets you access funds in case of terminal illness, providing financial flexibility if your health changes.

Frequently asked questions

• Will getting genetic testing done affect my life insurance?

  In some states, life insurance underwriters can request access to any genetic testing results, such as those from a BRCA gene test. While each insurer approaches genetic information differently, these results can sometimes influence your rates. To protect your options, you could consider securing life insurance coverage before moving forward with any genetic testing.

• What if I am diagnosed with cancer after I buy life insurance?

  If you’re diagnosed with cancer after your policy has been in place, rest assured that your policy remains intact as long as premiums are paid on time. Life insurance providers cannot cancel your coverage due to a diagnosis post-purchase. For term life insurance, options like renewability or converting to a permanent policy can help ensure coverage continues if your health changes.

• Is it too late to get life insurance if you have cancer?

  While traditional coverage may be challenging to secure during active cancer treatment, guaranteed-issue life insurance can be a helpful option. Though limited in coverage, guaranteed-issue policies don’t require medical questions or exams. Also, if you have access to employer-sponsored life insurance, this can be a valuable option, often available regardless of health status.