The best life insurance for cancer patients in 2021
When you are diagnosed with cancer, having adequate life insurance in place can become a priority. You will have peace of mind knowing that your loved ones will benefit from financial security in the event of death.
With an excellent reputation for customer satisfaction and a range of life insurance policies including streamlined underwriting options, Mutual of Omaha is our overall choice for cancer patient life insurance. They should have an option suitable for most people who have been diagnosed with cancer.
The AARP deserved our top pick for Guaranteed Issuance Policies, because no matter what your health concerns are, they won’t deny your request. You will also have no worries about medical history or questions. However, you will need to be 50 years of age or older and want to join AARP.
If medical exams seem like a barrier to life insurance, look to United Home Life, our category leader for no medical exams. With a range of non-medical whole life insurance policies, they can be a good choice for someone with cancer.
Finally, Fidelity Life may offer term and lifetime options for people in remission, depending on your condition. If you don’t qualify for standard policies, they also have guaranteed issue options.
What is life insurance for cancer patients?
Life insurance is an agreement between you and an insurance provider that states that you will pay premiums to the insurance company, and if you die during the period of coverage, they will pay a death benefit to your beneficiaries.
Policies can be term or lifetime. Permanent life insurance provides lifetime coverage while term policies only cover a defined period (eg 20 years).
Term and permanent life insurance policies generally cover cancer. If a person dies of cancer during the period of coverage, the policy will pay the death benefit to the named beneficiaries.
Note that policies such as accidental death and dismemberment do not cover cancer; they only pay a benefit if you die from an accidental cause.
Can I buy life insurance after a cancer diagnosis?
If you don’t have a life insurance policy in place, it will likely be more difficult and more expensive to do after being diagnosed with cancer. However, each case is different and life insurance companies consider a range of factors if you have had cancer, including the type and stage of the cancer.
With many cancers, life insurance providers typically don’t accept policy claims for two to three years (or more) after your remission. Initial premiums will cost significantly more during this time, as this is when the company assumes the greatest risk for paying a policy. Over time, the risk of cancer recurrence decreases as does the cost of premiums.
You will need to authorize the insurer to contact your health care provider. They will ask you for your medical history, and these details could affect your policy. Some insurers will require a physical exam before considering your claim.
How Much Does Life Insurance Cost For Cancer Patients?
Usually, life insurance for someone who has had or currently has cancer is more expensive. These policies cost more because the insurance company cannot calculate your risk by analyzing your health data.
Also, you won’t have so many options available to you. Many insurance companies do not qualify you for term and whole life insurance policies, leaving you to choose from a limited range of guaranteed issue policies.
When can I buy life insurance as a cancer survivor?
You may find that life insurance companies are unwilling to issue policies for several years after remission, but over time the risk of cancer recurrence decreases, as does the risk of insurance companies. .
The insurer will likely ask many questions about your cancer diagnosis and treatment to establish the level of risk. They may ask you questions about the date of your diagnosis, your family history, the type and stage of cancer, and the treatment regimen. Expect that they will want to verify this information in your medical file.
Each provider has their guidelines, and some are more flexible than others. If you’ve been diagnosed with cancer, talk to several companies to find the one that’s best for you.
We evaluated 21 insurance companies with suitable life insurance policies for cancer patients before choosing our top four picks. We took various factors into account in our assessment, including the cost of monthly premiums, the amount of benefits, and ease of application and purchase. Additionally, we looked at the company’s reputation and policy offerings.
We also looked at how easy it is to get a quote and whether people need to undergo a physical medical exam as part of the application process. Since customer satisfaction and financial stability are also relevant factors, we also looked at customer reviews and AM Best ratings before deciding on the best life insurance options for cancer patients.