Life insurance for cancer patients

A cancer diagnosis can bring a wave of new concerns, from managing health to planning for the future. For many, securing their family’s financial stability becomes an essential part of that journey. Life insurance might seem like a challenging topic to tackle — questions about eligibility, affordability and the options for those with a history of cancer can add to the uncertainty. While it’s a complex area, there are pathways to coverage and support. 

The Bankrate insurance team is here to help you navigate these questions with clear and practical insights, so you can feel informed and empowered to make decisions that offer peace of mind for you and your loved ones. Whether you’re currently managing treatment or are in remission, life insurance options exist, and we’re here to walk you through them step by step.

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Whole life insurance combines life insurance with an investment component.

• Coverage for life
• Tax-deferred savings benefit if premiums are paid
• 3 variations of permanent insurance: whole life, universal life and variable life include investment component

Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.

• Fixed premium over term
• No savings benefits
• Outliving policy or policy cancellation results in no money back

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Can you get life insurance after a cancer diagnosis?

Navigating life insurance after a cancer diagnosis might feel like a daunting task, but options do exist. Traditional life insurance policies, like term, whole and universal life insurance, typically rely on a detailed medical underwriting process. If you’ve been recently diagnosed or are currently undergoing cancer treatment, approval for these policies may be difficult. Insurers are cautious about the risks associated with active cancer and, as such, may defer traditional coverage until you’ve been in remission for a certain period.

However, there are alternatives. Policies with less stringent requirements — such as group life insurance through an employer, simplified issue policies or guaranteed issue life insurance — offer pathways to coverage with fewer or no health-related questions. These options may come with limitations, like lower coverage amounts and higher premiums, but they can offer financial protection when it’s most needed.

The specifics of your cancer history — type, stage and treatment outcomes — play a big role in eligibility. Insurers may view less aggressive forms of cancer or those with favorable prognoses more favorably, especially if you’re in good health otherwise. Understanding which options align best with your health situation can help you find coverage that offers peace of mind and support for your loved ones.

What are the types of life insurance for cancer patients?

Because life insurance eligibility is based on your health, a cancer diagnosis is likely to affect the types of life insurance for which you qualify. You may need to look into a more specialized type of life insurance.

There are several different types of life insurance that may be available for cancer patients. If you were recently diagnosed or currently undergoing treatment, the easiest types to get are those that don’t require a medical analysis during the underwriting process.

Guaranteed issue life insurance

Guaranteed issue life insurance can be an accessible option for those facing significant health challenges, including a recent cancer diagnosis. Here’s how it works and what to consider:

• Eligibility: This type of policy is generally available for individuals aged 50 to 80, making it an option for those who may not qualify for traditional life insurance due to age or health conditions.
• Coverage cap: Coverage amounts are typically limited, usually maxing out at $25,000. This amount is often intended to cover final expenses, such as funeral costs and outstanding bills, rather than providing substantial financial support.
• Graded death benefit period: Most guaranteed issue policies come with a graded benefit period, often lasting two to three years. During this time, if the insured passes away due to natural causes — any death that isn’t considered accidental — the beneficiaries won’t receive the full death benefit. Instead, they may get a portion of the premiums paid, often with a small interest rate. Once the graded period ends, the full death benefit is available regardless of the cause of death.
• No health questions or medical exams: True to its name, guaranteed issue coverage does not require any medical underwriting, so you won’t need to answer health questions or undergo an exam. This makes it a straightforward option for those with significant health issues that could complicate approval for other types of life insurance.
• Higher premiums: Premiums for policies that do not require medical underwriting are typically higher, reflecting the increased risk the insurer takes on by providing coverage without medical exams and questions.

Burial insurance

Burial insurance, often referred to as funeral or final expense insurance, falls under the category of permanent life insurance. This particular type stands out because it typically doesn’t require a medical exam. Its primary purpose is to cover end-of-life expenses, which can be substantial.

The median cost of funerals in the United States is around $8,300. This figure can vary depending on individual preferences and the specific needs of grieving families. Burial insurance aims to alleviate the financial burden on your loved ones, allowing them to focus on the emotional aspect of mourning rather than the financial stress of funeral arrangements.

It’s important to note that while burial insurance offers ease of access due to the lack of a medical exam requirement, the costs of these policies can be relatively high.

Group life insurance

Group life insurance could be a lifeline, especially when health concerns might otherwise limit coverage options. Here’s how it works and why it might be a good fit:

• No health exam needed: Group life insurance is typically offered without a medical exam. That means if you’re navigating a recent cancer diagnosis or currently undergoing treatment for cancer, you can likely still qualify without having to pass a health screening. It’s a way to secure some coverage when traditional options may be off the table.
• Employer-sponsored benefits: If you’re employed or have a working spouse, you may both have access to group life insurance through your jobs. Many employers even cover part or all of the premiums. Better yet, some employers allow you to add your spouse to your policy or vice versa, which can help build a stronger financial safety net.
• Know the “actively at work” clause: Most group policies have an “actively at work” requirement, meaning you need to be working regularly to keep the coverage. If you’re considering extended time off for treatment or recovery, it’s wise to check if this rule might affect your coverage. Your HR department can explain the details and any potential impact if you’re unable to work for a time.
• Modest coverage amounts: Group life policies often cover up to one or two times your annual salary. This is likely not as much as traditional life insurance policies offer, but it could potentially be enough to cover immediate needs or final expenses. When paired with other savings or a spouse’s policy, it can still add up to meaningful support.

Does the type of cancer matter to life insurance companies?

Absolutely. When it comes to life insurance underwriting, the type of cancer plays a pivotal role in determining coverage options and rates. This is largely due to survival statistics and the varying risks associated with different cancers. Certain cancers, particularly those detected early or with higher survival rates, may be viewed as less risky by insurers, potentially opening the door to more favorable coverage options.

Here are some key details that insurers typically consider:

• Type and stage of cancer: Different cancers carry unique risks, and the stage at diagnosis (whether early or advanced) often impacts insurability. For example, breast cancer, especially in its earliest stages, tends to have a higher survival rate, which could influence underwriting more favorably compared to more aggressive types of cancer, like pancreatic cancer.
• Date of diagnosis: How long it’s been since your diagnosis is also important. If you’ve been cancer-free for several years, your application may be reviewed more favorably than if you’re still under treatment or recently diagnosed.
• Treatment plan and response: Insurers want to know if your treatment has been completed and successful. If you’re currently in remission, this could positively influence your policy options.
• Metastasis: If cancer has metastasized (spread to other organs, tissue or bones), it’s often viewed as higher risk, which may lead to higher premiums or limited coverage options.
• Previous history with cancer: A single occurrence may be seen differently than a recurrence, which can carry additional risk.
• Family history: Family history of cancer can play a role, especially if it’s impacted multiple close family members. This history may be a consideration, although not necessarily a determining factor in approval.
• Current medications: Your medication regimen offers insights into your ongoing health and recovery, which helps underwriters fully understand your health status.

Can cancer survivors get life insurance?

Yes, many cancer survivors can qualify for life insurance and may even be eligible for traditional policies with higher coverage limits and more affordable premiums. While the path to securing life insurance for survivors may include medical questions and/or an exam, it’s far more accessible than it might be for those currently in treatment.

Underwriters will take a close look at your entire health profile — not just your cancer history. Key details like how long you’ve been in remission, the type and stage of cancer and the success of your treatments all factor into the evaluation. Generally, the longer you’ve been cancer-free, the more options you may have and the fewer restrictions you’ll encounter.

In many cases, cancer survivors who are in remission might qualify for traditional life insurance, such as term, universal or whole life insurance, with competitive rates. However, if other health factors come into play — like high blood pressure or diabetes — those could still influence eligibility and premium costs.

Ultimately, a clean bill of health, a stable medical history and a history of regular follow-up care can open the door to options that protect your family and future in meaningful ways.

Life insurance ratings for cancer survivors

If you’re a cancer survivor and qualify for traditional life insurance, your premiums will be determined by an underwriting rating system. Insurers use these ratings to assess risk, with each tier representing a different level of premium cost:

• Super preferred (preferred plus): Lowest risk, resulting in the most affordable premiums. Typically rare for cancer survivors.
• Preferred: Slightly higher risk, though still relatively low, with competitive premiums.
• Standard plus: Moderate risk, with premiums that are still affordable but slightly higher.
• Standard (regular): Average risk category, with standard premium rates.
• Substandard (table ratings): Higher risk category, typically for those with more significant health concerns. Table ratings include numbered or lettered levels within the substandard tier (e.g., Table 1, Table B), with higher tables meaning higher premiums.

For cancer survivors, being placed in one of these categories often depends on the type and stage of cancer, your remission period and overall health. Survivors of cancers with higher survival rates, such as melanoma, may qualify for a standard or even preferred rating, though it often requires a longer remission period.

In addition to table ratings, some insurers may apply a flat extra charge for cancer survivors. A flat extra is an additional dollar amount added to your premium per thousand dollars of coverage, usually for a fixed period. This means if your base premium is $50 a month, a flat extra of $5 per $1,000 of coverage would add $25 monthly to a $100,000 policy. Once the extra period ends (often five years), the flat extra may be removed if your health has remained stable, potentially reducing future premium costs.

For cancer survivors, understanding these ratings and flat extras can be helpful in making informed decisions about life insurance and finding the coverage that best aligns with both your needs and budget.

Does a family history of cancer have an impact?

If there is a history of cancer in your family, it may impact your insurance rates, but there are several factors to consider. The type of cancer is important since some cancers exhibit stronger hereditary patterns. Insurance carriers often specifically look for family history of colon cancer/polyps, BRCA 1 and 2 positive genes, breast cancer and ovarian cancer. The nature of your relationship with diagnosed relatives (immediate vs. distant family members) and the ages of the relatives when they were diagnosed also matter.

Frequently asked questions

• What is the best life insurance company?

  The “best” life insurance company depends on what you’re looking for in terms of coverage, cost and customer experience. Insurers vary widely in their offerings, customer service quality and financial stability. For example, some may offer specialized policies or riders for unique health conditions, while others may have a strong reputation for customer service or financial resilience. Ultimately, the best life insurance company is the one that meets your individual needs and aligns with your budget, so it’s smart to compare quotes and read customer reviews before deciding.

• Can I get life insurance if I’m currently undergoing chemotherapy?

  Getting life insurance while undergoing chemotherapy can be challenging, but it’s not impossible. Some types of life insurance, such as guaranteed issue life insurance and burial insurance, do not require a medical exam and may be more accessible. It’s important to note, however, that these policies may come with higher premiums and coverage limits. You may want to discuss your situation with a knowledgeable insurance agent or broker to make sense of things.

• Does life insurance cover cancer?

  Yes, life insurance typically covers death from cancer or any other natural cause, as long as the policy was in place before the diagnosis. That’s why it’s wise to purchase life insurance as soon as you identify a need for it. If you secure a policy early, future health issues or even high-risk activities won’t affect your coverage or premiums. However, be mindful of the contestability period, typically the first two years of the policy, during which insurers may review the application for accuracy before paying a claim.

• What happens if I lie on my life insurance application?

  Lying on a life insurance application is a serious matter that can have severe consequences. If the insurance company discovers that you provided false information, it can deny a claim for benefits, cancel the policy or adjust the death benefit. It’s critical to be truthful and accurate when filling out a life insurance application.