Can You Buy Life Insurance for Someone Who Has Cancer?
Yes, individuals with cancer can still purchase life insurance, but it may be more difficult to obtain than for those without a medical condition.
Life insurance companies may charge higher premiums or limit the coverage options available to individuals with cancer.
There are several types of life insurance policies specifically designed for individuals with medical conditions, such as guaranteed issue life insurance or simplified issue life insurance.
It is important for individuals with cancer to be upfront about their medical history and work with a trusted life insurance agent to find a policy that meets their needs.
Cancer is a serious medical condition that can impact an individual's ability to obtain life insurance coverage.
However, it is not impossible to purchase life insurance even if you have cancer. In fact, there are several options available for individuals who are looking to secure their financial future while living with cancer.
Top 5 Types of Life Insurance for People with Cancer
Life insurance for individuals with cancer can be difficult to obtain, but it is not impossible.
Here are the top 5 types of life insurance for individuals with cancer:
- Guaranteed Issue Life Insurance: This type of life insurance policy does not require a medical exam or any health-related questions. As a result, individuals with cancer can easily qualify for coverage. However, the death benefit for these policies is usually limited and the premiums can be higher than other types of life insurance.
- Simplified Issue life Insurance: This type of life insurance policy requires a limited number of health-related questions but does not require a medical exam. This type of policy may be a good option for individuals with cancer who want a higher death benefit than what is available with guaranteed issue life insurance.
- Final Expense Insurance: This type of life insurance policy is designed to cover end-of-life expenses such as funeral costs. Individuals with cancer may qualify for this type of policy even if they are unable to obtain a traditional life insurance policy.
- Graded Benefit Life Insurance: This type of life insurance policy pays out a portion of the death benefit in the event of death due to natural causes during the first two years of coverage. After the two-year period, the full death benefit is paid out. This type of policy may be a good option for individuals with cancer who want to secure coverage but are unable to obtain a traditional life insurance policy.
- Modified Life Insurance: This type of life insurance policy requires a medical exam and health-related questions, but individuals with cancer may still be able to qualify for coverage. The death benefit and premium may be adjusted based on the individual's medical condition.
Top 5 Life Insurance Companies for People with Cancer
- Mutual of Omaha: Best overall for life insurance for people with cancer. Offers up to $25,000 of coverage for people ages 45-85.
- AIG Direct: Offers guaranteed issue policies for individuals with cancer. Coverage is available for people ages 50 to 85.
- Gerber Life: Offers up to $25,000 of coverage for people ages 50 to 80.
- Kemper: Offers from $2,000 to $25,000 of coverage for people ages 40 to 80.
- Great Western: Offers guaranteed coverage for people ages 40 to 80. They have competitive rates for people 40-45 years old.
The Most Popular Type of Life Insurance
for People with Cancer
Guaranteed Acceptance Life Insurance
The most popular type of life insurance for individuals with cancer is guaranteed issue life insurance. This is because it does not require a medical exam or health-related questions, making it easier for individuals with cancer to obtain coverage.
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
Top 10 Tips for Life Insurance for People with Cancer
- Shop Around for the Best Rates: It is important to compare life insurance rates from several different companies to find the best policy for your needs.
- Be Honest About Your Medical History: It is important to be upfront about your medical history when applying for life insurance coverage. Failing to disclose your medical condition can result in your policy being cancelled or denied.
- Consider a Simplified or Guaranteed Issue Policy: If you are unable to obtain coverage through a traditional life insurance policy, consider a simplified or guaranteed issue policy.
- Consider a Policy with a Longer Elimination Period: A longer elimination period can result in lower premiums for your life insurance policy.
- Consider a Policy with a Lower Death Benefit.
- Work with a Trusted Life Insurance Agent: A life insurance agent who is familiar with the options available to individuals with cancer can help you find the right policy for your needs.
- Consider a Policy with a Conversion Option: Some life insurance policies allow you to convert to a permanent policy, such as whole life insurance, at a later date. This can be a good option for individuals with cancer who want to secure coverage now but may need more coverage in the future.
- Review Your Policy Regularly: Your medical condition may change over time, so it is important to review your life insurance policy regularly to make sure it still meets your needs.
- Take Advantage of Premium Discounts: Many life insurance companies offer premium discounts for individuals who are in good health or who have taken steps to maintain their health.
- Look for Riders: Riders are additional options that can be added to a life insurance policy to provide additional benefits. For example, some riders provide accidental death coverage or critical illness coverage.
How to Save Money on Life Insurance for People with Cancer
- Choose a Policy with a Lower Death Benefit: Choosing a lower death benefit can result in lower premiums for your life insurance policy.
- Consider a Policy with a Longer Elimination Period: A longer elimination period can result in lower premiums for your life insurance policy.
- Annual Premium Payments: Choose to pay your premiums once per year, as insurers may charge a service fee to process monthly premium payments.
- Buy Now: Premiums increase with age, so lock-in a lower rate as soon as possible.
Top 10 Tips for Life Insurance for People with Cancer
Here are the top 10 tips for life insurance for individuals with cancer:
- Shop around for the best rates.
- Be honest about your medical history.
- Consider a simplified or guaranteed issue policy.
- Consider a policy with a longer elimination period.
- Consider a policy with a lower death benefit.
- Consider a policy with a graded death benefit.
- Consider a policy with a living benefit.
- Consider purchasing a policy with a rider.
- Consider purchasing a policy through your employer.
- Keep your policy in force and up to date.
How to Save Money on Life Insurance for People with Cancer
Saving money on life insurance for individuals with cancer can be done by:
- Shopping around for the best rates.
- Consider a policy with a longer elimination period.
- Consider a policy with a lower death benefit.
- Consider a policy with a graded death benefit.
- Consider a policy with a living benefit.
The type of cancer you have (or had) and your current health will be determining factors in the type of coverage you’re eligible for and how much you’ll pay.
It is important to compare rates and policies from multiple life insurance companies to find the one that offers the best coverage and rates for your specific needs. It is also recommended to work with a trusted life insurance agent who can help you find the right policy and company for your needs.
Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 63 top life insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
Highly Recommended – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
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