Life insurance for those with cancer
Key takeaways
- A cancer diagnosis is a challenging time for you and your family, but it doesn’t exclude you from getting life insurance.
- Depending on the kind of cancer, treatment options, and prognosis, term and whole life insurance may be available.
- No exam policies are also available, though those usually have lower payouts and higher premiums.
Can you get a life insurance policy if you have been diagnosed with cancer?
Yes, people who have been diagnosed with cancer can still get life insurance. While your options may be more limited, getting covered can provide important financial protection for you and your family.
A cancer diagnosis brings plenty of uncertainty and worry. Your ability to obtain life insurance doesn’t have to be another thing you’re concerned about.
What types of life insurance are available for people with a cancer diagnosis?
Does life insurance cover cancer patients? If you’ve received a diagnosis, the types of policies available to you will depend on when you were diagnosed, the stage of your cancer, your treatment plan, and whether you’re currently in remission. These factors may also affect your premiums.
Here’s a closer look at your potential options.
Term Life and Whole Life
Term and whole life are typically for people in good health, so you’ll likely need to be in remission to qualify. You may not have access to either of these options if you’re currently in treatment for cancer, if your cancer has metastasized or advanced, or if you’ve only been in remission for a short time.
- A term life policy typically provides a level premium and a guaranteed death benefit, with your premium based on a medical examination, your age, and a calculation of your risk of death during the policy term. Explore term life from Fidelity Life.
- A whole life policy typically has higher premiums based on your medical exam and risks, and a guaranteed death benefit. With a whole life policy, there are no term limits, and the policy includes a savings component so you can accrue cash value over time. Explore the whole life from Fidelity Life.
No medical exam life insurance
If you have trouble buying term or whole life because of your health, no medical exam life insurance doesn’t require an exam for purchase (or have health requirements at all, in some cases). These policies have higher premiums and lower death benefits, but can be good options if term or whole isn’t available to you. The main options include:
- Simplified issue life insurance: Best for people in good to fair health, this policy allows you to skip the medical exam and fill out a short questionnaire about your health history instead.
- Guaranteed issue life insurance: If you’re older or have significant health issues, this policy can provide a guaranteed way for your family to pay funeral expenses, medical bills, or other expenses after your death.
Life Insurance Riders for People With Cancer
Can cancer patients and survivors get a life insurance policy?
Yes, people with cancer can still often qualify for life insurance. The policy options, rates, and coverage amounts may not be as favorable, but securing life insurance with cancer can offer a financial lifeline for your loved ones, especially when the future is uncertain. Let’s take a closer look at the options based on your cancer status.
Life Insurance for People With a Cancer Diagnosis
If you have a history of cancer, keep in mind that your eligibility and rates for coverage will vary depending on the type of cancer, the severity of your illness, and how long ago you were diagnosed. Usually, if you’ve had early-stage cancer or have been cancer-free for over five years, you’ll have more options. If you have late-stage cancer, are currently undergoing cancer treatment, or recently entered remission, your options will be much more limited. Insurance companies consider each person’s health history individually, so talk to an agent about the options available to you.
Life Insurance for People in Cancer Treatment
Life Insurance for People With Cancer Remission
After you’ve been in remission for five years, your options will open up significantly. In many cases, you can buy term or whole life insurance after being cancer-free for five years, but this varies depending on your insurance company and the type or severity of your cancer. Some companies want to see you in remission for 10 or more years for certain cancers. On the other hand, you may be able to buy more types of life insurance after being in remission for two years with certain cancers, like skin cancer.
Life Insurance for People With a Family History of Cancer
Having a history of cancer in your family won’t prevent you from getting covered. When you apply for life insurance, the life insurance company will review your family’s medical history, including how many people in your family have been diagnosed with cancer, the age at which they were diagnosed, and how long they lived. While a pattern of cancer may impact your rates, it won’t hold you back from locking in financial protection.
A cancer diagnosis can make everything in your life seem like it’s on pause. Getting life insurance can give you the peace of mind that your family will be able to move forward, no matter what happens. Talk with one of our agents to learn more about coverage options today.
