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Purchasing Life Insurance As A Cancer Survivor

Best Life Insurance after Cancer

Throughout my time helping clients, I have come across clients that had beat cancer and they wanted to get protection because they understood the value of life insurance from their experience with it. As with any medical condition, each insurance carrier views cancer differently and may approve depending on the conditions. This article details all the considerations one must have when looking for life insurance as a cancer survivor. 

Cancer Categories

To best explain this, I will first identify five categories related to cancer diagnoses:

Currently Diagnosed with Cancer (any internal cancer): This is anyone that is currently diagnosed with cancer and/or battling cancer. 

One Form of Cancer in Lifetime with Chemo/Radiation Treatments: This is someone that has had one form of cancer in their life and beat it, however they had to receive chemo or radiation therapy during their treatment process. 

One Form of Cancer in Lifetime without Chemo/Radiation Treatments: This is someone that has had one form of cancer in their life and beat it. They did not receive chemo or radiation therapy during their treatment process. Usually this is for someone that caught the cancer early and surgically removed it. Most commonly done with a mastectomy.

Multiple Cancer Occurrence: This is someone that has either had the same cancer twice, or two variations of internal cancer and finished treatment for both.

Metastatic Cancer: This is cancer that has spread to other parts of the body. 

How Insurance Carriers Determine Eligibility

Each carrier has medical factors they consider when deciding eligibility for approval of a life insurance policy. That holds true with any condition. Specifically, for cancer, here is a non-inclusive list of the factors they consider broken down by the different categories mentioned above:

Currently Diagnosed with Cancer (any internal cancer):

Term Policy: Unfortunately, you cannot receive any term policy while currently diagnosed with cancer 

Whole Life Policy: You can only receive a guaranteed whole life policy. You will have higher monthly premiums and a 2-year waiting period. This means your policy will not pay out in full if death occurs within the first two years. The insurance carrier only pays out what you had paid into it monthly with an additional percentage, usually 10%. 

One Form of Cancer in Lifetime with Chemo/Radiation Treatments:

Term Policy: Receiving chemo or radiation treatments does affect the way that insurance carriers rate you. Numerous term policies will approve after treatments end, typically after a waiting period of around five to seven years after. This is carrier dependent and can change. 

Whole Life Policy: Most whole life policies will approve. Most companies require a two-year period after your last treatment. A handful of insurance carriers require a three-year period. 

One Form of Cancer in Lifetime without Chemo/Radiation Treatments:

Term Policy: Never having chemo or radiation treatments is positive. Numerous term policies will approve after the surgery, typically after a waiting period of around two years after. This is to ensure no reoccurrence of cancer.

Whole Life Policy: Most whole life policies will approve. Most companies require a two-year period after your last treatment. A handful of insurance carriers require a three-year period. 

Multiple Cancer Occurrence: 

Term Policy: With having cancer more than once, it truly depends on if you required chemo or radiation treatment both times, how long has it been since you were last treated, what stages of cancer were they. A good rule of thumb is that you will not receive with a term, and if you are the insurance carrier will rate it heavily with increased premiums. 

Whole Life Policy: You can only receive a guaranteed whole life policy. You will have higher monthly premiums and a 2-year waiting period. This means your policy will not pay out in full if death occurs within the first two years. The insurance carrier only pays out what you had paid into it monthly with an additional percentage, usually 10%. 

Metastatic Cancer:

Term Policy: Unfortunately, you cannot receive any term policy if ever diagnosed with metastatic cancer 

Whole Life Policy: You can only receive a guaranteed whole life policy. You will have higher monthly premiums and a 2-year waiting period. This means your policy will not pay out in full if death occurs within the first two years. The insurance carrier only pays out what you had paid into it monthly with an additional percentage, usually 10%. 

Work with a Licensed Advisor

Navigating the life insurance industry can be difficult, even for licensed agents. That is why it is extremely important you work with an advisor to assist you with which plan you can be approved for at a level rate. An independent advisor will be able to find you a policy that fits your needs, budget and most importantly, will approve you. If you are looking for an advisor, use the quoting tools on this website here, and find a plan you like, click apply and I will reach out to serve you and your family. To read some more life insurance topics, click here. Until next time!