Whole Life Insurance For Cancer Survivors
In the following article, we will go over all you need to get a quote for whole life insurance for cancer survivors. If all you want is a quote click here.
Here are two shocking statistics shared by the National Cancer Institute:
- In 2016, approximately 1,685,210 new cancer cases will be diagnosed in the United States.
- In 2016, approximately 595,690 people will die from cancer.
Furthermore, it is estimated that approximately 14 million Americans live with cancer.
It goes without saying that anyone diagnosed with cancer will face various challenges.
First and foremost, this will change the way you view your health. Your health and well-being will always be front and center from treatment to testing.
Secondly, cancer can significantly impact a person’s financial situation. For example, treating this disease can cost one person millions upon millions of dollars. Even with health insurance, there are bound to be out-of-pocket expenses.
Getting Whole Life Insurance For Cancer Survivors
On top of this, cancer survivors often find it difficult to purchase any insurance. However, whole life insurance can become very attractive if you or someone you know goes through cancer treatment. Because you understand the importance of buying coverage that lasts forever. However, you may find one of two things to be true:
- You are not sure if you can get life insurance after your type of cancer
- You are scared that the price will be too high
While there are definite challenges associated with buying any life insurance as a cancer survivor, it’s important to note some key steps you can take to improve your chance of doing so.
Waiting Period And Possible Rating After Cancer
Each company has guidelines for how much you have to wait after you have had cancer and/or cancer treatment. Also, each type of cancer is treated differently.
However, here we have general guidelines that could help you determine if you are eligible to get whole life insurance after cancer.
Depending on the severity of treatment or state of cancer you had, the price of the policy will vary.
Colon Cancer
Whole Life Insurance after Colon Cancer guidelines
You can get life insurance after colon cancer. However, there are many variables to consider. The price associated with colon polyps depends on the number, type, and microscopic characteristics.
Non-Adenomatous Polyps
You will not have an increase in risk for colorectal cancer. Therefore you could get up to a Preferred rating.
Adenomatous Polyps
Preferred offers may also be available in cases with a few adenomatous polyps, if there are favorable microscopic features and the polyps have been completely removed.
If you do regular follow up, those with several adenomatous polyps or those that have certain unfavorable microscopic characteristics may qualify for standard rates. However, you may get a small temporary rating.
Colorectal cancer risk will depend on the depth of invasion through the bowel wall and the presence or absence of lymph node involvement. Many cases of colorectal cancer can be underwritten within 2-4 years from completion of therapy and would be charged a temporary extra premium.
Breast Cancer
Whole Life Insurance after breast cancer guidelines
Offer will depend on the type of cancer, staging, treatment, and time elapsed since the end of treatment.
In situ (not invasive, Stage 0)
Best cases, you will be eligible to get a Preferred rating.
Others Stages
May require 1-yr postpone period after completion of therapy followed by either: Temporary rating, Low Substandard permanent rating, or Standard.
Invasive Breast Cancer Best Cases
Temporary Rating Other
Lymph nodes negative – You will have to wait for 1-5 years then you will get a temporary rating.
Some will also require a Low Substandard permanent rating
Lymph nodes positive
You will have to wait for 1-5 years, and after that, it will depend on each situation.
Thyroid Cancer
No spread to lymph nodes or other organs
Postpone for 1- 3 years followed by Temporary Rating
With spread outside of the thyroid
Individual Consideration
Hodgkins
Best Cases with a low stage
You will have to postpone for 2 – 3 years from the completion of successful treatment. Then you will get a Temporary Rating.
Higher stage
Postpone for 3 – 5 years from completion of successful treatment followed by a Temporary and Permanent Rating.
Bladder
Papillary (superficial, Stage 0 or 1)
In best cases you could get a Preferred rating.
Others, no recurrences
Usually Postpone for 1 – 3 years after completion of treatment, then a temporary rating.
With 1 – 3 recurrences
May require a permanent rating in addition to above
With more than three recurrences
Individual Consideration
Invasive, Stage 2
Postpone for 3 – 5 years after completion of treatment, then a temporary rating Invasive, Stage 3 or higher – Individual Consideration
Kidney
Stage 1, tumor limited to kidney
Postpone for 3-4 years following completion of treatment, then temporary rating
Higher stages
Postpone for 3-4 years following completion of treatment then Individual Consideration depending on your health and follow-up records.
Lung Cancer
No current tobacco use
Postpone period of at least five years after completion of treatment followed by one of the following: Temporary rating Permanent Substandard rating. Individual Consideration
Continued tobacco use
You will not be able to get coverage.
Prostate Cancer
Age < 70, treatment successful
Low stage, low grade – You can get apply for whole life, but you will get a Temporary Rating.
The higher stage, higher grade – You will need to wait for 2-3 years before you apply. Then you will get a Temporary Rating.
Age > 70, treatment successful Low stage, low grade – Standard possible
The higher stage, higher grade – Postpone for 1-3 years followed by Temporary Rating and/or Permanent Rating
Treatment unsuccessful or untreated, all ages – You will have to wait for 1-3 years and then Individual Consideration.
Other Types
There are hundreds of different types of cancer, each with specific guidelines for life insurance. Just because we didn’t list cancer, it doesn’t mean that you will not be able to a policy.
Getting Universal Life Insurance For Cancer Survivors
Another alternative that may be more cost-effective is Universal Life Insurance. The previous rules that we listed for all cancer types also apply to get universal life insurance.
The main advantage of universal life for cancer survivors is that the cost of the insurance will be significantly lower than whole life insurance. However, you can still get guaranteed permanent life insurance that you cannot outlive.
Related Topics
Whole Life Insurance for Diabetics
Whole Life Insurance FAQs: Can You Afford Whole Life Insurance?
Whole Life Insurance For Smokers
Get A Quote For A Whole Life or Universal
Just complete our form to get a quote.
Remember, there are many moving parts to applying and getting approved. But rest assured that we can help you find the right whole life insurance after any cancer.
