Can I Get Life Insurance After Cancer?

Obtaining life insurance after a cancer diagnosis is a common concern. It is often possible to secure coverage, even with a history of cancer, though the process involves specific considerations. The availability and cost of policies depend on a thorough evaluation of your health and medical history by insurance providers. Various options exist to provide financial protection for your loved ones.

Factors Affecting Eligibility

Life insurance companies evaluate several medical and health-related criteria when an applicant has a cancer history. The specific type of cancer plays a significant role in this assessment. For instance, skin cancer or early-stage prostate cancer may be viewed differently than more aggressive forms like pancreatic cancer, impacting approval and premium rates. Insurers also consider the cancer’s stage and grade at diagnosis, which indicate its advancement and aggressiveness.

The history of treatments received, such as surgery, chemotherapy, or radiation, and their outcomes are important factors. An important consideration is the remission period, which is the time elapsed since the last treatment and the duration of being cancer-free. Longer remission periods, often five years or more, generally improve the chances of qualifying for more traditional and affordable policies. Past recurrences of cancer can further influence insurability, as they may suggest a higher future risk.

Beyond the cancer history, an applicant’s overall health, age, and any co-existing medical conditions, such as heart disease or diabetes, are assessed. Lifestyle factors, including smoking or alcohol use, can additionally affect risk assessment and premium calculations.

Types of Policies Available

Individuals with a cancer history may find different types of life insurance policies more accessible depending on their health status and the time since diagnosis.

Fully Underwritten Policies

These policies, including traditional term life and whole life insurance, involve a comprehensive evaluation of medical history and often require a medical exam. While they typically offer the most competitive rates and higher coverage amounts, qualifying with a cancer history can be challenging, especially if treatment was recent or the cancer was aggressive.

Simplified Issue Policies

Simplified issue policies offer a more accessible alternative, requiring applicants to answer a limited number of health questions but generally waiving a medical exam. These policies are often easier to obtain for those with a cancer history, though they usually come with higher premiums and lower coverage limits compared to fully underwritten options. Approval is not guaranteed and depends on the answers provided.

Guaranteed Issue Policies

Guaranteed issue policies are the most accessible option, as they require no medical questions or exams, ensuring acceptance regardless of health history. However, this convenience comes at a cost. They typically have the highest premiums, the lowest coverage limits, and often include a waiting period—usually two to three years—before the full death benefit is paid out. If the policyholder passes away during this waiting period from a health-related issue, beneficiaries may only receive a return of premiums paid, sometimes with interest.

Group Life Insurance

Group life insurance, often provided through employers, can also be a viable option for individuals with a cancer history. These plans frequently have minimal or no individual medical underwriting requirements, making them accessible to employees regardless of their health status. However, coverage amounts in group policies may be lower than individual plans, and coverage typically ends if employment ceases.

Information for Your Application

Preparing a comprehensive collection of information is important before starting a life insurance application, particularly with a cancer history. This preparation ensures a smoother process and helps the insurer accurately assess your risk. You should gather:

A detailed medical history, including the exact type of cancer, its stage and grade at diagnosis, and precise dates of diagnosis.
Documentation of your treatment history, specifying the dates and types of all treatments received, such as surgeries, chemotherapy cycles, and radiation therapy.
Confirmation of your remission status, including the date of your last treatment and evidence of ongoing remission.
Names, addresses, and contact details of all treating physicians and medical facilities, as the insurer may need to contact them directly.
Copies of pathology reports and relevant test results, as these documents provide objective evidence of your diagnosis and recovery.
A complete list of all current and past medications, particularly those related to cancer or other health conditions.
Standard personal and financial information, such as identification, address, income, and assets, to determine appropriate coverage amounts.

The Underwriting Review

Once a life insurance application, along with the prepared information, has been submitted, the underwriting review process begins. The insurer will typically start by requesting and reviewing your medical records from the doctors and facilities you provided. This allows them to verify the medical history and treatment details submitted in your application.

As part of their assessment, the insurer may request a paramedical exam, which often involves measuring height and weight, checking blood pressure and pulse, and collecting blood and urine samples. In some cases, a full medical exam may be required, or additional tests like an electrocardiogram (EKG) for higher coverage amounts. Insurers may also contact your doctors directly to obtain Attending Physician Statements (APS), which are detailed reports from your treating physicians summarizing your health condition, treatment, and prognosis. This provides the underwriter with a medical professional’s perspective on your health.

An underwriter then evaluates all gathered information, including medical records, exam results, and the APS, to determine the level of risk associated with insuring you. Based on this risk assessment, several outcomes are possible:

Approval at a standard rate: If your health profile is deemed low risk.
Approval with a higher premium: Known as a “substandard” or “rated” approval, which may involve “table ratings” or “flat extras” due to increased risk. A table rating typically adds a percentage to the standard premium, while a flat extra is a specific dollar amount added per $1,000 of coverage, often for a set number of years.
Postponement: If more time needs to pass since treatment or diagnosis to observe stability.
Denial: Though this does not necessarily mean permanent ineligibility, as underwriting guidelines vary between companies.

The timeline for this entire underwriting process can vary significantly, ranging from a few days for straightforward cases to several weeks or even months for more complex medical histories.