Life Insurance For Cancer Patients Or Survivors

Written by Jeff Root

Are you new to this website? If so, you can receive guaranteed acceptance insurance quotes right now by using the free quote tool on this page. You will instantly see prices from many insurance companies offering high-quality insurance for cancer patients and survivors in your state. 

If you’re shopping for insurance and have cancer or are in remission, you have come to the right place. We discuss in-depth how to effectively and efficiently shop for guaranteed acceptance high risk life insurance on this website and many of the most common conditions, like cancer. 

According to The American Cancer Society, cancer is the second leading cause of death in the United States. For this reason, it can be tricky to apply for an affordable life insurance policy. Rest assured, though, that it is possible to qualify for coverage and have it be cost-effective.

The Best Life Insurance for Cancer Patients or SurvivorsAt Guaranteed Issue Life, we’ve helped many cancer clients secure affordable guaranteed acceptance policies.

In this article, we break down the complexities of life insurance with cancer and how countless people have found the peace of mind they were looking for. By the end of it, you’ll know how insurance carriers respond to cancer, what to expect in the application process, and how to find the best insurance product for you.

Qualifying For Life Insurance For Cancer Patients

Cancer is one of the health conditions that every single life insurance company will ask about. For some life insurance carriers and types of life insurance products, having cancer is an immediate “knock out” question, meaning instant decline. For others, a variety of factors influence what policy makes the most sense.

The types of questions you’ll be asked about your cancer include:

  • What type of cancer do you or did you have?
  • Your age when first diagnosed with cancer.
  • The type of cancer you were diagnosed with.
  • The stage of cancer you were diagnosed with.
  • What treatments you received.
  • And your last date of treatment?
  • How many times have you had cancer?

Let’s dive deeper into the timeline of cancer. If you have had cancer in the last 2 years, you will only qualify for guaranteed issue life insurance. This type of policy comes with the 2-year waiting period and slightly higher rates. With cancer so recently, you are considered a high-risk case and there will be penalties in order to receive coverage. We will discuss this more in-depth below.

If you had cancer over 2 years ago, you may have more options available. Once the 2-year mark has passed, carriers may view you equally as someone who has never had it. This, however, is completely dependent on which carrier and requires an independent agent who has experience working across all of them to recommend the right one.

That said, the number of carriers with a 2-year look back is minimal. The majority have a 3-year window. If you’ve been cancer-free for 3 years, then you may qualify for an underwritten policy. Which carrier you go with should be determined with the help of an experienced agent, though, since all will view you differently.

Lastly, if you have had cancer more than once, you will be limited in options. The majority of carriers will want to know if you’ve had it more than once. If the answer is yes, you will be an automatic decline and will refer you to a guaranteed acceptance policy.

Types of Cancer and Life Insurance

According to the National Cancer Institute, there are over 100 types of cancer. For this reason, we are not going to go in-depth about how insurance carriers view each type of cancer.

Some of the more common types of cancer that an insurance carrier will have in-depth questions for include:

  • Breast Cancer
  • Skin Cancer
  • Lung Cancer
  • Ovarian Cancer
  • Cervical Cancer
  • Uterine or Endometrial Cancer
  • Liver Cancer
  • Kidney Cancer
  • Pancreatic Cancer
  • Prostate Cancer
  • Thyroid Cancer

Given the breadth of cancer types, the questions mentioned above will be hugely important in what type of policy is best for you.

Depending on how you answer the questions above, you may only qualify for guaranteed issue life insurance. This will most certainly be the case if you:

  1. Currently have cancer
  2. Have had cancer within the last 2 years
  3. Have had more than one occurrence of the same or different type of cancer
  4. Have had Metastatic cancer that spread to other parts of the body

Where Can I Get Life Insurance With Cancer?

If you currently have cancer, have had cancer in the last two years, have had it twice, or have had metastatic cancer, then you should apply immediately for a high-risk guaranteed acceptance policy. With this type of insurance product, you will not have to answer any medical questions at all (including about your cancer) or have your medical history pulled.

Hands down, it is the simplest, easiest and most unobtrusive method in receiving life insurance protection.

If you’re unfamiliar with the concept of guaranteed acceptance life insurance, here are the main features of this type of policy: 

  • There are no medical questions or exam
  • They are guaranteed acceptance (you cannot get denied)
  • The monthly premiums are fixed
  • The death benefits are guaranteed
  • They accrue cash value
  • There’s no expiration date
  • There is, however, a mandatory graded period

Graded Period with Cancer

Cancer patient walking on the beachThe number one drawback to a no questions insurance policy is the mandatory graded period.

The graded period is the length of time you must stay alive from the date of coverage in order for your policy to be paid-in-full to your beneficiaries. This length of time does vary depending on which insurance carrier you purchase from, but typically is anwhere from two to three years in length. In our experience, most carriers have a two year graded period.

So how does it work?

Well, if you pass away during this timeframe, your beneficiaries will only receive a partial payout. They will receive the premiums paid-to-date plus interest, which is typically around 10%.

In other words, they’ll receive ~ 110% of the premiums to help cover final expenses.

As you can see, it’s imperative that you begin working through the graded period if you must purchase a guaranteed issue policy. Those with cancer will usually require this type of policy, and it’s smart to begin coverage protection as quickly as possible. Also, the amount you pay in monthly premiums is determined by your age at application, so today will always be your most affordable rate. 

Applying for Guaranteed Life Insurance with Cancer

Applying for guaranteed acceptance life insurance when you have cancer is simple. As a no-questions type of policy, you will not need to disclose any information about your cancer. All you need to provide is the personal information of your beneficiary(ies) and your preferred method of payment. The entire process only takes minutes and you will be working your way through the graded period right away.

At this point in time, though, you may not know if guaranteed acceptance is the right plan for your unique cancer story. This is why it’s important that you work with the right company to find a plan for you. Doing so will ensure that you are applying with the right carriers and for the right policy.

There is no one insurance company that can be the best fit for everyone, which is why independent agencies are so helpful. They will be able to shop around and choose from lots of carriers, which ultimately save consumers time and money.

Life Insurance For Cancer Survivors: Non-Guaranteed Issue Coverage Options

As mentioned, there are too many types of cancer to say definitively if you would qualify for a non-guaranteed life insurance for ex-cancer patients. It is simply too subjective to give accurate advice online. If you do see a website telling you that you can qualify for an underwritten policy and have cancer, be wary! There are too many factors to consider and it requires speaking to a qualified agent who can guide the process. Remember, however, if you have had cancer in the last few years, on two separate occasions, or metastatic cancer, then you will not qualify for non-guaranteed life insurance.

Working with Guaranteed Issue Life

Guaranteed Issue Life is an independent agency that will work with you to find the perfect solution for your families life insurance needs. All it takes is one phone call to have a dedicated agent working with you. You may have a lot of questions about life insurance and concerns around your cancer or other high-risk medical conditions. We are here and happy to help navigate the process for you.

Our agents are highly qualified and experienced, as well as licensed in every state. They are well-versed in the unique application processes of every carrier and can easily help you navigate the process. We do this for you 100% free of charge.

So what are you waiting for? If you’re ready to move forward with an affordable policy and have cancer or are in remission, today is the day! Before you call you can even run an instant quote on this page using your attained age.

Thanks for reading this article on guaranteed acceptance insurance and cancer. We look forward to hearing from you!

About Jeff Root & Guaranteed Issue Life
About Jeff Root & Guaranteed Issue Life

Jeff Root is the author of The Digital Life Insurance Agent and host of the Modern Life Insurance Selling Podcast.

Guaranteed Issue Life is a nationally licensed agency, that has helped over 1500 consumers purchase guaranteed issue life insurance. We represent over 30 life insurance companies & transact business in every state.

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