Term Life Insurance for Cancer Survivors


You may think that it is impossible to get term life insurance if you’re a cancer survivor, but that assumption may not be correct. There are life insurance policies available for cancer survivors, even if they’re not as common as policies for the general population.

The requirements for term life insurance for cancer survivors will be more specific. It will depend upon your personal circumstances, the company that you apply to, the type of cancer you had, and the time that has passed since you went into remission.

Never assume you can’t get life insurance with a history of cancer

We generally assume that if you have a history of cancer that getting life insurance is close to impossible. And while that may have been true many years ago, the situation is evolving rapidly.

Life insurance companies are in business to make money, and they only do that by writing life insurance policies. The more people they can cover, the larger the customer base is. And in point of fact, there are millions of cancer survivors in the United States. That creates a huge market for potential business for life insurance companies, one that they can no longer overlook.

As a result, some insurance companies have tailored term life insurance policies specifically to the needs of cancer survivors. Though the policies are generally more expensive than what they are for non-cancer survivors, they nonetheless represent an opportunity to obtain much needed coverage. Even if you have to accept a reduced death benefit in order to make the policy affordable, it will be far better than having no life insurance coverage at all.

Cancer treatments are advancing rapidly

There’s a second factor that is causing life insurance companies to enter the cancer survivor market. In the past few decades the survival rate has increased substantially for dozens of types of cancer. Where 30 or 40 years ago a cancer diagnosis was practically a death sentence, today millions of people are living full lives after a bout with cancer.

The insurance companies recognize this, and it is contributing to the expansion of life insurance coverage into the cancer survivor market. Just as life insurance companies routinely offer coverage to smokers, they are now offering it to cancer survivors as well as to survivors of other serious diseases.

Don’t try to withhold the information

If you’re a cancer survivor and want to apply for life insurance, it’s important that you are prepared to fully disclose your medical history. The insurance company will want to work with you, but you’ll have to do your part by providing all of the details.

Not only will it be important to give correct information up front, but you’ll need to be fully prepared to supply any supplemental documentation that the insurance company requests. The company may look for specific medical reports, as well as documentation of treatments that you have undergone. This will help the insurance company to provide the right coverage for your needs.

Typical requirements for life insurance for cancer survivors

There are life insurance policies available specifically if you are cancer survivor. However, there are certain qualifications in order to be eligible for them. Which would be required, and to what degree, will depend upon the specific insurance company and your individual circumstances.

You must be in remission. This requirement is for the most part to confirm that your bout with cancer is behind you.

Time must have passed since your last treatment. This is yet another validation that your cancer episode is over. The waiting period depends upon the company and the type of cancer, but generally runs from as little as a few months to as long as five years.

You must be in good health otherwise. This requirement is typical for all insurance applicants, as companies look to reduce risk. You already have a history with cancer, so the insurance company will want to know that you are in good health otherwise. This can also affect the level premiums that you will pay, since multiple health risks will result in premiums that could be prohibitive, or impair your ability to get coverage at all.

If you have had a cancer episode in your life, don’t assume that you are unable to get life insurance. You may have a few extra hoops to go through, but it is likely that there is a plan out there that will fit your needs.