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What is the Best Life Insurance Plan for Cancer Patients?

Having the right life insurance policy can offer peace of mind that your family will be cared for financially if you pass. If you’re a cancer patient, you may be wondering if you can still qualify for life insurance. The good news is that there are various options for cancer patients to be insured. Let’s dive deeper into some different types of life insurance plans for cancer patients that may be available.

Types Of Life Insurance For Cancer Patients

Certain types of life insurance will be restricted for those who have received a cancer diagnosis and treatment. But several kinds of policies may be available, including:

Guaranteed Issue Life Insurance

Guaranteed issue life insurance policies can be a quick and convenient option that may not require a medical exam. Since the policy payout is smaller, guaranteed issue plans are often used to cover funeral expenses or leave a small legacy.

As you shop around for a guaranteed issue life insurance policy, take note that they may be more expensive and could come with a graded death benefit that will pay out lower amounts in the years immediately after purchase.

Group Life Insurance

A group life insurance policy offered through an employer can typically cover cancer patients regardless of health status up to a certain limit, so it’s smart to talk to your employer about any policy restrictions and eligibility if you want to participate in the group plan. You may also want to clarify if the policy can be converted to whole life coverage if you leave the company, as is sometimes the case with term life insurance policies.

Term Or Permanent Life Insurance

More traditional policies, like term or permanent life insurance, may be available to cancer patients who have a good prognosis and are several years out of treatment. And since life expectancy is a significant consideration for insurers, you’ll need to have a closer to average life expectancy to get the most favorable rates.

If you’re currently undergoing treatment, you’ve been in remission a short time, or the cancer has metastasized, these types of policies may be unavailable.

How To Choose The Best Life Insurance Plan

A cancer diagnosis may make it more challenging to find a policy with affordable rates. And that’s why it’s essential to shop around for the right option for your needs. Look for:

  • Reputable insurance companies: Idea Only: It’s important to look for caring and reputable insurers with life insurance agents trained in working with cancer patients, as well as a strong financial ratings.
  • Online quote tools: Many companies now let you glimpse possible rates by using an online quote tool. And that means you may be able to grasp the cost of a policy before you submit an application. If online quote tools can’t accept inputs about your cancer diagnosis, it may be a good idea to call the insurer directly for assistance.
  • Policies that work with your diagnosis: As outlined above, certain policies may be unavailable based on your type of cancer, status, and treatment plan. That’s why you should assess different insurance companies and policies to see what coverage you qualify for.

The Bottom Line

Cancer patients already have enough to worry about. Getting the right life insurance policy shouldn’t be a burden too. By looking for reputable insurance companies and policies, you can figure out the best life insurance plan for your unique medical and financial situation.

About The Authors

Karan Emery

Karan Emery - I'm a research scientist interested in learning more about how neural activity influences and shapes human behavior. Project design and management, data analysis and interpretation, and the creation and implementation of testing tools are among my specialties. I enjoy coming up with new ideas and coming up with practical solutions to issues that are widely applicable. My colleagues would describe me as a driven, resourceful individual who maintains a positive, proactive attitude when faced with adversity. Currently, I’m seeking opportunities that will allow me to develop and promote technologies that benefit human health. Specific fields of interest include data analytics, biotechnology, and pharmaceuticals.

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