Life Insurance

Where Can I Get Life Insurance With Cancer

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 6 minute read

A cancer diagnosis, even with a positive prognosis, is devastating. Those who do not yet have life insurance face further anxiety and difficulty as a result. Sadly, it becomes somewhat more challenging to secure that vital layer of financial safety for your loved ones subsequently.

While unlikely, it’s not unthinkable. There are a number of life insurance firms that will provide coverage to those who have just gone into remission from cancer. If your cancer has been in remission for a while, getting life insurance will be much less of a hassle.

It’s important to be practical about your expectations for how much and what kind of life insurance you can receive following a cancer diagnosis. Identifying the top life insurance companies that cater to people like you is essential.

Cancer Patients’ Best Life Insurance Companies

Individuals who have been diagnosed with cancer or who are concerned about receiving such a diagnosis in the future may benefit most from the following life insurance providers and plans.

They all excel at something, such as expanding coverage alternatives for those who have been cancer-free for a while or increasing the advantages of guaranteed issue policies. Our top selection provides the greatest benefit to the largest number of possible policyholders, making it the best overall option.

Mutual of Omaha is the best overall.

Because of its adaptable, simple-to-obtain whole life insurance option, Mutual of Omaha is the finest overall life insurance company for cancer sufferers.

Guaranteed issue life insurance policies approve applicants regardless of their health status and don’t require a medical exam. Even if you have a history of cancer, it won’t disqualify you from consideration. The underwriting decision made by Mutual of Omaha is also not affected by the cancer’s stage or kind. Your age, gender, and chosen coverage amount are the sole considerations.

United Home Life is the best option for younger cancer patients.

Anyone under the age of 80 can apply for life insurance via United Home Life Insurance, and that includes minors whose parents apply on their behalf. United Home Life is the finest no-exam life insurance company for young cancer patients and individuals who have survived childhood cancer since they offer guaranteed issue coverage to everyone in this age range.

United Home Life’s Provider product, which is a simplified issue insurance but still requires some health questions, has an expedited death benefit rider at no additional cost for those who have been diagnosed with terminal cancer. People whose cancer is in an early stage or poses little danger may be good candidates for this provider.

Colonial Penn is the best for medical underwriting on whole life policies.

Cancer sufferers can get accepted for coverage up to age 85 at Colonial Penn’s guaranteed issue life insurance policy for a monthly payment of about $10. That’s not terrible, but it’s also not the highlight.

The fact that applicants don’t have to undergo a medical exam to qualify for up to $50,000 in coverage under Colonial Penn’s simplified issue whole life insurance policy is a major selling point.

You will be asked to provide some basic health information and may be disqualified if you are undergoing treatment for or have just gone into remission from a kind of cancer that is considered life-threatening by Colonial Penn. If you are accepted, however, you will likely receive more affordable rates than you would with a guaranteed issue insurance.

Globe Life is the best option for low-cost premiums.

Globe Life has a solid reputation for relatively inexpensive rates, with coverage starting at just $1 per month for children and $3.49 per month for adults. However, this does not mean that it is the most cost-effective life insurance choice for every cancer patient.

While Globe Life does provide simplified issue coverage, they do not provide guaranteed issue coverage, therefore a cancer diagnosis might result in a denial of your application. However, you shouldn’t be disqualified if you have a less severe kind of cancer or if your disease has been in remission for a while.

Haven Life is the best option for people with a cancer family history.

The whole application procedure for Haven Life, a life insurance provider, takes place entirely online. That’s why they’re among the best life insurance companies to deal with.

Despite being unique among cancer-friendly life insurers in not providing guaranteed coverage plans, it’s nonetheless worth noting because of how leniently its underwriters treat applicants with cancer in their families.

Haven is able to provide such cheap rates because of something called a “hidden premium scale.” Haven Simple no-exam term insurance starts at less than $16 per month, which is competitive with some other insurers but not with guaranteed issue insurers in terms of raw pricing. You may have to pay more, but revealing the death of a close member due to cancer will not disqualify you, and you will never have to worry about passing a medical test.

John Hancock is the best option for cancer survivors.

There is a life insurance policy for every stage of life available from John Hancock. John Hancock isn’t the best option for people who are currently undergoing cancer treatment or who are only recently in remission because it doesn’t offer guaranteed issue coverage. 

However, it is a good option for those who have been in remission for a while and no longer qualify as cancer patients for one of two reasons:

  • Term life insurance with death benefits beginning at $750,000 and affordable rates.
  • John Hancock Vitality is a wellness rewards program that may save you up to 25% on your life insurance premiums in addition to providing savings on healthy travel, outdoor equipment, and more.

Globe Life is the best option for higher coverage amounts.

For last expenditure policies with larger coverage levels, cancer sufferers might go to Globe Life, which makes a rare second entry on our list.

Those who have received a recent cancer diagnosis might still qualify for up to $100,000 in coverage. But because Globe Life does not provide guaranteed issue coverage, your health may play a role in determining your price. In general, the cost per unit of coverage increases as the amount of coverage increases.

AIG Direct is the best option for living benefits.

Cancer sufferers and those who have just overcome the disease are good candidates for the guaranteed issue life insurance policy offered by AIG Direct.

One of the things that sets AIG Direct different is its extensive variety of living benefits, or riders that may be added to your policy to increase its value before death. Particularly notable for those with cancer are

  • In the event of a fatal diagnosis, like cancer, the accelerated death benefit rider allows you to receive up to half of your death benefit during your lifetime.
  • There is coverage under the chronic illness rider for those who are diagnosed with a significant but nonterminal disease that hinders their capacity to care for themselves, such as cancer.

Can Cancer Patients Get Life Insurance?

Getting approved for term life insurance after a cancer diagnosis is extremely improbable. Furthermore, you probably won’t be able to get approved for more expensive whole life insurance or other forms of permanent life insurance.

On the other hand, a recent cancer diagnosis shouldn’t stop you from applying for guaranteed issue life insurance. You cannot be turned down for coverage because of a prior ailment like cancer if you have a guaranteed issue. The drawback is that the death benefits for assured issue coverage are often minimal, at $25,000 or less.

How to Select the Best Life Insurance Policy Following a Cancer Diagnosis

It might be difficult to obtain life insurance following a cancer diagnosis. You should learn about your choices and the level of coverage you may reasonably expect to receive. Keeping that in mind, think about…

  • Depending on how old you are, you may only qualify for low-benefit guaranteed issue insurance.
  • To what extent you need a death benefit from your life insurance policy, whether it’s only to pay your final bills or something more important.
  • If indefinite coverage is desired, a permanent life insurance policy is the way to go.
  • Your monthly budget; if you’re eligible, term life insurance rates are significantly cheaper.

In order to get the most bang for your buck, it’s always a good idea to compare life insurance policies from different providers. Even more so if you have a health condition that puts you at danger. Regardless of how your search develops, remember that you are under no need to accept the first offer you get.

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