I Have Cancer, Can I Get Life Insurance?

Securing life insurance often emerges as a significant concern after a cancer diagnosis. While a cancer diagnosis introduces additional factors for insurers, it does not automatically preclude individuals from obtaining coverage. This article provides practical information on available life insurance options and the application process.

Life Insurance Options with a Cancer Diagnosis

Individuals with a cancer diagnosis have several life insurance options. Fully underwritten policies, including traditional term and permanent life insurance, are more challenging to obtain with a cancer history. However, they are not impossible, especially for those in remission. Eligibility often improves significantly after a specified period of being cancer-free, such as five to ten years depending on the cancer type.

Simplified issue life insurance offers an alternative, requiring fewer health questions and no medical exam. Suitable for individuals cancer-free for several years, it offers a quicker application process than fully underwritten policies. However, they may have higher premiums and lower coverage due to reduced medical scrutiny.

Guaranteed issue life insurance is available regardless of health status, without medical exams or health questions. This option is a last resort for those unable to qualify for other policies, including those undergoing treatment. While accessible, these policies have the highest premiums, lowest death benefits, and often waiting periods before the full death benefit is paid.

Group life insurance, often provided through an employer, can be another viable option. These policies may not require individual underwriting, making them accessible to employees regardless of their health status.

Key Information for Your Application

Gathering specific information is crucial for a life insurance application with a cancer history. This includes detailed medical history: cancer type, stage, and diagnosis date. Complete treatment history, including dates and types of therapies (surgery, chemotherapy, radiation), is also necessary.

Insurers require documentation of your remission status, including last treatment date and remission duration. Accurate information on current symptoms, ongoing medical conditions, or other health issues is important for assessment. Transparency helps insurers evaluate risk.

Contact details for treating physicians and specialists (e.g., oncologists) allow insurers to request medical records with consent, providing a complete health picture. Beyond medical specifics, basic personal and financial information (income, assets, liabilities) may be requested, as insurers consider financial stability.

The Application Submission and Review Process

After compiling information, the application process begins with submission. Applicants can submit forms online, via paper, or with a licensed agent. This initial submission provides the insurer with your stated health and personal details for evaluation.

Fully underwritten policies often require a medical exam, where a paramedical professional collects blood/urine samples, measures height/weight, and checks blood pressure. This provides objective data to verify health information. Some policies (simplified or guaranteed issue) may waive this, relying on health questionnaires.

After submission and any required exams, the application enters the underwriting process, where an underwriter assesses risk. This involves reviewing all collected information, including medical records (with consent), prescription history, and public records. Underwriters may consult medical professionals or request an Attending Physician’s Statement (APS) for clarity.

The insurer communicates its decision: approval, denial, or an offer with modified terms/higher premiums. If accepted, the policy is issued. The process, from submission to issuance, varies: a few days for no-exam policies to several weeks or months for complex, fully underwritten cases.