Can I Get Life Insurance After Being Diagnosed With Cancer?

Obtaining life insurance after a cancer diagnosis presents unique considerations. While it can be more complex than securing a policy without such a health history, it is often possible to find suitable options. This process involves understanding policy types, knowing the information insurers evaluate, and preparing an application to navigate the underwriting process.

Understanding Life Insurance Options

Individuals with a cancer diagnosis may find that traditional term and whole life insurance policies become more challenging to obtain. Insurers may offer these policies at higher rates, or an application might be declined, particularly if the diagnosis occurred within the last five years. Eligibility can improve for these traditional policies once a cancer diagnosis has been in remission for several years. Some insurers consider applicants after five years, and for certain cancers like skin or prostate cancer, potentially sooner.

For those unable to secure traditional coverage, several alternative life insurance options exist. Simplified issue life insurance allows applicants to bypass a medical exam, instead requiring a health questionnaire. This option is generally suited for individuals in fair health and can provide faster approval, often within days, with coverage amounts typically ranging up to $150,000. While premiums for simplified issue policies tend to be higher than fully underwritten traditional policies, they are generally more affordable than guaranteed issue options.

Another accessible option is guaranteed issue life insurance, which requires no medical exam and asks no health questions, making acceptance nearly certain for those who meet age requirements, often over 45 or 50. This policy type is typically designed for final expenses, offering lower death benefits, often up to $50,000, and comes with higher premiums. Many guaranteed issue policies include a waiting period, commonly 24 months. If the policyholder dies from natural causes during this period, beneficiaries receive a return of premiums paid plus interest, rather than the full death benefit. Group life insurance, often provided through employers, can also be an avenue for coverage, as it typically involves less stringent medical underwriting than individual policies.

Information Insurers Consider

Life insurance companies evaluate an applicant’s medical history, especially following a cancer diagnosis, to assess risk.

Cancer-Specific Details

A primary factor is the specific type of cancer diagnosed, such as breast, prostate, or melanoma, as some cancers have higher survival rates or lower chances of recurrence. The stage and grade of the cancer at diagnosis, indicating how advanced it was, influence eligibility and premium rates. Early-stage cancers may lead to more favorable outcomes.

The date of diagnosis is also important, with insurers generally more amenable to offering coverage the longer an individual has been cancer-free. Many companies require a period of remission, typically ranging from one to five years, before considering traditional coverage. Some may even require 10 years for certain cancers or advanced stages. The treatment history, including the types of treatments received (e.g., surgery, chemotherapy, radiation, immunotherapy) and their completion dates, provides insight into the cancer’s management and prognosis.

Insurers also examine the applicant’s current remission status and the duration of that remission, along with any history of cancer recurrence. A longer, stable remission period generally improves the chances of approval for more traditional policies.

Overall Health and History

Beyond cancer-specific details, insurers consider:
Other pre-existing conditions
Lifestyle factors such as smoking or weight
General health status
Family medical history, particularly a history of cancer among immediate biological relatives

These factors can influence an insurer’s risk assessment and potentially lead to higher premiums.

Preparing Your Application

Thorough preparation of an application is a key step for individuals seeking life insurance after a cancer diagnosis.

Gathering Medical Records

Gathering comprehensive medical records related to the cancer diagnosis and treatment is important. This documentation should include:
Pathology reports
Detailed treatment summaries
Physician notes
Follow-up reports

Having these records readily available ensures accuracy and can streamline the underwriting process.

Consulting Physicians

Consulting with treating physicians is another important measure. Discussing the current prognosis, health status, and any long-term effects of treatment with doctors can help an applicant provide precise and consistent information on the application. This collaboration with healthcare providers ensures that all medical disclosures are accurate and reflect the most current health situation.

Completing the Application

Applicants should understand the detailed questions asked on life insurance applications regarding medical history. These forms will inquire extensively about the cancer diagnosis, treatment, and remission. Providing honest and complete answers is essential, as misrepresentation can lead to claim denial later, especially if discovered during the policy’s contestability period, typically the first two years.

Seeking Professional Guidance

Considering professional guidance from an experienced insurance agent who specializes in high-risk cases can be beneficial. Such agents possess knowledge of various insurers’ underwriting guidelines for individuals with a cancer history and can help identify the most suitable policy options. They can also assist in organizing the necessary documentation and in accurately completing the application forms.

Submitting Your Application

Once preparatory steps are complete, the life insurance application can be submitted. Applicants may submit their forms online via an insurer’s portal, through a licensed insurance agent, or by mail. The chosen method often depends on the insurer’s capabilities and the applicant’s preference.

Following submission, the application enters the underwriting process, where the insurer reviews all provided information. This process may include a request for additional medical information directly from the applicant’s doctors. For traditional policies, a medical exam may be required. During this exam, a paramedical professional typically measures height, weight, blood pressure, and collects blood and urine samples to check for various health markers.

The timeline for application review can vary, ranging from a few days for simplified issue policies to several weeks or even months for fully underwritten traditional policies, especially with a complex medical history. Insurers assess the risk based on the collected data to determine approval and premium rates. Possible outcomes include:
Approval at a standard rate
Approval with a higher premium due to increased risk
Postponement of a decision until more time has passed (e.g., further into remission)
Denial of coverage

If an application is approved with a higher premium, it reflects the insurer’s assessment of a greater mortality risk. In cases of postponement or denial, the insurer typically provides reasons, allowing the applicant to understand what factors led to the decision. Following up with the insurer or agent periodically can help monitor the application’s status and address any additional information requests promptly.