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Life after beating cancer can feel hopeful, but it's also normal to feel cautious. With the huge emotional and financial weight for survivors, it’s not uncommon for cancer survivors to start to consider life insurance policies and wonder if they’re eligible. The good news is that cancer survivors can still get life insurance, so picking the most suitable one is essential. This blog will provide information on navigating life insurance eligibility for cancer survivors and explore how proactive screening may help with long-term vigilance and peace of mind.
Can You Get Life Insurance After Cancer?
What Insurers Want to Know
If you already have life insurance coverage before a cancer diagnosis, your insurance will not be cancelled, you will still be covered as long as premiums are paid1. After a cancer diagnosis and when in remission, you could run into a few more obstacles when looking to purchase life insurance2. Insurance companies usually look at medical history, time since remission, the type and stage of cancer you had, lifestyle habits, and family history of cancer1. Longer remission times tend to be preferable and give a much better chance of qualifying for insurance with lower premiums.
Typical Eligibility Criteria
All insurance companies categorize individuals into four groups, regardless of cancer history. The four categories include3:
- Preferred plus - the "lowest risk" group. People in this group have the lowest premiums.
- Preferred - the second-lowest risk group.
- Standard plus - the second-highest risk group.
- Standard - the "highest risk". Standard insurance policies still offer coverage but require higher premiums.
Which category the insurance company puts you in may depend on the type and stage of cancer you had and the remission time. The type and stage can be important, with often harsher late-stage cancer survivors being more susceptible to higher premiums. In some cases, if an individual is young and otherwise healthy with a few years of remission, they may even qualify for preferred plus3.
Stage 4 and High-Risk Cases
Life insurance can be challenging to qualify for in individuals who have survived stage VI cancer. Still, it is possible with guaranteed issue policies, which do not require a medical exam or a detailed health history1. Some specialized life insurance companies may be able to offer tailored policies for cancer survivors to meet their needs and circumstances.
What Makes You a "Low-Risk" Applicant?
Medical Records and Compliance
Demonstrating that you are a “low-risk” cancer survivor may improve your chances of obtaining life insurance. Some of the main areas insurers may look at include your medical records, compliance with treatment protocols, and lifestyle. Maintaining thorough medical documentation is essential as insurers often require detailed records. These can consist of pathology results, imaging results, operative reports, discharge and treatment summaries, and medication lists4. A lot of the time, these records are kept electronically, so ensuring that these records are accurate and accessible can make the process easier4. These documents can provide evidence of your diagnosis, treatment, and remission status, helping insurers to assess your current health risk accurately.
Lifestyle and Preventive Screenings
Insurers may also look at lifestyle choices and engagement with preventive health measures when assessing cancer survivors' risk. Regular health assessments and screening can show you are committed to early detection and ongoing health management6. Maintaining a healthy lifestyle can also bode well with insurers, maintaining a healthy weight and staying active, in addition to not smoking, can improve insurability and may even reduce premiums5. Proactive screening can demonstrate to insurers that you are serious about keeping track of your health and are invested in being health vigilant6.
Ezra as a Proactive Screening Partner
Insurance companies may see proactive screening as a sign of health responsibility. At Ezra, we provide full-body MRI scans that can provide early screening for abnormalities in up to 13 organs and for over 500 conditions. Demonstrating to insurers that you are committed to being vigilant about your health may increase insurability. If you want to be proactive about your health, consider speaking to your healthcare provider and booking in for one of Ezra’s full-body MRI scans.
Choosing the Right Life Insurance
Policy Types to Consider
There are multiple types of life insurance polices that cancer survivors may be eligible for, these include1:
Guaranteed issue life insurance: This type of policy does not require a medical exam or questions. The application is often more straightforward and guarantees acceptance. However, this generally comes with lower death benefits and higher premiums. There may also be a waiting period of at least a year before they go into effect1.
Simplified issue life insurance: These policies typically require answering a few health questions, but without a medical exam, there are more health limitations with these policies than guaranteed issue life insurance, with more risk of not being eligible. Simplified issue policies have higher coverage amounts and lower yet still high premiums than guaranteed issue policies, and there may be longer waiting times before the full death benefit is payable.
Traditional life insurance: Cancer survivors may still qualify for traditional life insurance. These can include term life insurance, which is bought for a certain amount of time, or whole life insurance, which provides coverage for the entire life1. Medical exams and a review of medical records are typically required, in addition to answering detailed questions about medical history. Typically, insurers will assess your overall health and risk factors to assess eligibility and premium rates.
Working with a Broker or Independent Agent
For cancer survivors, searching for life insurance can be emotionally taxing and challenging. Working with a broker or an independent agent may help relieve some of the pressures and help find the right insurance for your needs7. They can gather medical information and compare policies from multiple insurers efficiently and negotiate on your behalf.
Tips for Applying Successfully
Gather and Prepare Medical History
Being organised and thorough when gathering information on your medical history is essential. This could include oncologist letters, imaging reports, timelines of remission, and treatment summaries4. By providing evidence such as letters and scan results, you can effectively show stable health and remission, demonstrating to insurers that you are lower risk.
Be Honest and Thorough
Being transparent and honest when applying for a life insurance policy is crucial1. Incomplete disclosure about your medical history could lead to denial of your application, policy cancellation, and even legal issues.
Use Screening as a Trust Signal
Engaging with proactive screening, such as an annual MRI scan, can demonstrate to insurers that you are low risk. At Ezra, we offer MRI-based preventive screenings, which can be conducted annually, showing you're serious about your health. Our scans are fast, non-invasive, and painless, and could give insurers the reassurance they need to help you get the right insurance policy. Book your scan here today to help you stay ahead and keep track of your health.
Conclusion
Getting life insurance after cancer is possible, but timing, lifestyle, and how you present yourself matter when applying for insurance policies. Proactive screening is the best way to show you are serious about your health and demonstrate you are low risk to insurers. At Ezra, our proactive health approach can help support your long-term health and insurance applications.
If you’ve had cancer, you already know the value of catching things early. Ezra’s Full Body MRI helps you stay ahead. Take control of your future today.
FAQs
Q: Is there life insurance for cancer patients?
A: Yes, there are some life insurance options for cancer patients, depending on their diagnosis, treatment history, and current health. Options like guaranteed issue life insurance may be suitable1.
Q: Can you get life insurance if you have cancer?
A: It may be challenging to get a new life insurance policy if you have an active cancer diagnosis and are undergoing treatment, but being in remission will offer more options. However, guaranteed issue life insurance can be an option1.
Q: What insurance can you get if you have cancer?
A: Guaranteed issue life insurance is most likely the best option, traditional life insurance is usually only available after a period of remission1.
Q: Does life insurance pay out for cancer patients?
A: Yes, if you had an active life insurance policy before your cancer diagnosis and meet the policy conditions, it should pay out upon your death or, in some cases, upon a terminal illness diagnosis1.
Q: Where can I get life insurance for cancer patients?
A: Specialist brokers and insurers can help find the best life insurance for cancer patients and survivors7. They can help you find the policy that works best for your situation.
Q: Can I get life insurance if I had cancer 10 years ago?
A: Yes, many insurers will consider applications from people who have had cancer 10 years ago, especially if in remission. Having a longer remission time may mean you have more options for life insurance and better chances of approval1,3.
