Life Insurance For Cancer Patients | 10 Common Forms

Life insurance often becomes top-of-mind for cancer patients.

In 2020, roughly 1.8 million people will be diagnosed with cancer in the United States. – National Cancer Institute

The good news – Cancer patients (and survivors) CAN buy life insurance.

The type of policy, face amount, and how much it will cost is dependent on seven important facts pertaining to your diagnosis –  and your overall health.

Here, we’ll discuss everything you need to know about purchasing life insurance after a cancer diagnosis.

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Table Of Contents

1. Overview
2. Forms Of Cancer
   1. Breast             
   2. Lung      
   3. Prostate         
   4. Colon
   5. Lymphoma                 
   6. Melanoma
   7. Kidney           
   8. Bladder
   9. Ovarian          
   10. Pancreatic
   11. Other Cancer
3. Cancer Patient
4. Cancer Survivor
5. Apply

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Life Insurance For Cancer Patients

There are seven essential things carriers will want to know about your cancer.

1. Type Of Cancer

Cancer is a general term that is used to define abnormal cell growth.

Cancer is a term for diseases in which abnormal cells divide without control and can invade nearby tissues. – National Cancer Institute

In all, there are more than 100 forms of cancer. Your specific type of cancer will affect how life insurance companies view your application.

Here’s why – While it sounds impersonal, life insurance carriers are in the business of risk absorption.

The more risk (cancer) you present, the more money you will be charged in exchange for life insurance protection.

Some cancers are considered higher risk than others.

You will be asked about your cancer’s tissue of origin during the application process because each type of cancer is underwritten differently.

2. Stage Of Cancer

As cancer cells divide, they can spread to other parts of your body. Physicians use a staging system, based on Roman numerals, to define how far cancer cells have divided throughout your body.

Cancer staging relies heavily on three factors:

1. Tumor size
2. Lymph node involvement
3. Metastasis

Generally, there are five stages of cancer: 0, I, II, III, and IV. Each stage typically has a subcategory to further define how far cancer has spread. Some cancers do not have a stage 0.

For example:

• Stage 0 – Cancer is considered in situ, or in place, and has not affected nearby cells.
• Stage I – Small cancer or tumor that has not grown deeply into nearby tissues. No lymph node involvement.
• Stage II & III – Tends to represent cancers that have some lymph involvement.
• Stage IV – Cancer has metastasized, or spread, to other organs or areas of your body.

You will be asked about the specific stage of your cancer because advanced stages present more risk.

To get an idea of how your stage of cancer affects your ability to be approved for traditional life insurance (after a required waiting period), consider this chart:

Keep in mind – The chart represents a general idea of your ability to be approved for traditional life insurance, depending on the stage of your cancer. That is to say, life insurance in which you participate in full underwriting.

Also note – Conversely, some no exam life insurance options, like guaranteed issue life insurance, provide life insurance to cancer patients all the time.

Why? Guaranteed issue life insurance issues policies without health questions (almost always) or medical exams. Your cancer diagnosis doesn’t interfere with life insurance approval.

3. Forms Of Treatment

Life insurance carriers will want to know the forms of treatment you receive(d).

The most common types of treatment include:

• Surgery – Removal of a cancerous tumor, tissue, or lymph nodes
• Radiation – High energy waves to destroy cancer cells
• Chemotherapy – A systemic therapy in which drugs are used to kill cancer cells
• Immunotherapy – Works to enhance the body’s immune system to combat cancer
• Medications – Drugs prescribed to combat cancer or conditions developed as a result of cancer or its treatment

Important

If you are currently undergoing treatment, you will likely only qualify for guaranteed issue (GI) coverage. While more expensive, some life insurance is better than zero life insurance.

It’s possible you will qualify for traditional life insurance after completing treatment.

4. Date Of First Treatment

You will be asked when your cancer treatment began.

Here’s why – Underwriters want to understand the nature of your treatment history. For example, some treatments last for years, while other treatments last for less than a month.

5. Date Of Last Treatment

You will also be asked when you completed cancer treatment, or if you are still receiving treatment.

Here’s why – Each type of cancer has a different waiting period for approval for traditional life insurance after treatment.

6. Any Recurrence?

Life insurance carriers will want to know if you have experienced a recurrence of cancer.

If you have a recurrence, plan to answer the following questions:

1. Date of recurrence
2. Tissue type of recurrence
3. Stage of cancer
4. Treatment type
5. Prognosis

7. Remission Status

Finally, you will be asked if you are currently in remission.

Specifically, plan to answer:

1. Date of remission status
2. Prognosis

10 Common Forms Of Cancer

The ten most common forms of cancer and their typical wait time for traditional life insurance approval.

The following wait times provide a general idea.

Your type of cancer, stage, tumor grade/size, treatment types, and overall prognosis will affect if and when you may purchase traditional life insurance.

Wait Time For Life Traditional Insurance Approval

Your wait time begins once you are in remission. Wait times provided are best-case scenarios.

Remember – Your wait times pertain to fully underwritten life insurance. Guaranteed issue life insurance is available before the wait time is over – and even while you are in cancer treatment.

Breast Cancer 

Estimated new cases annually: 266,120 (female), 2,550 (male)

Factors influencing life insurance underwriting

Type of breast cancer  – Ductal Carcinoma In Situ, Invasive Ductal Carcinoma, Lobular Carcinoma In Situ, Invasive Lobular Carcinoma, and Inflammatory Breast Cancer

• Rare types of breast cancer: Paget disease of the nipple, Phyllodes tumor, Angiosarcoma

• Stage – 0 – IV; can be affected by:
  • Lymph node involvement
  • Metastasis
  • Tumor grade
  • Estrogen/Progesterone receptor status
  • HER2 protein status
  • Oncotype DX score
• Treatment – surgery, chemotherapy, radiation, drug therapy

Wait Time – at least two years. 

Further reading: Breast Cancer and Life Insurance

Lung

Estimated new cases annually: 234,030

Factors influencing life insurance underwriting

• Type of lung cancer –non-small cell (most common) and small cell
  • Rare type of lung cancer:  lung carcinoid tumors
• Stage – 0 – IV; can be affected by:
  • If the primary tumor is located
  • Lymph node involvement
  • Metastasis
  • Whether abnormal cells are in airway only; or are found in lung tissue
  • If tumors are on the surface only of lung tissue; or are at least .5 cm deep
  • Size of tumors – less than .5 cm to larger than 7 cm
• Treatment – surgery, chemotherapy, radiation, drug therapy, immunotherapy

Wait Time – at least three years.

Further reading: Lung Cancer and Life Insurance 

Prostate

Estimated new cases annually: 164,390

Factors influencing life insurance underwriting

• Type of prostate cancer – adenocarcinoma (most common), sarcomas, small-cell carcinomas, neuroendocrine tumors, and transitional cell carcinomas
• Stage – I – IV; can be affected by:
  • Whether the tumor is palpable by your physician
  • Whether the tumor is in one side or both sides of the prostate
  • Lymph node involvement
  • Metastasis
  • Grade group (Gleason score)
  • PSA level
• Treatment – monitoring, radiation, surgery, chemotherapy, hormone therapy

Wait Time – coverage can be available almost immediately (best-case scenario). 

Further reading: Prostate Cancer and Life Insurance

Colon

Estimated new cases annually: 140,250

Factors influencing life insurance underwriting

• Colon cancer begins when a polyp becomes cancerous. (Note: most polyps are not malignant)
• The primary types of polyps – adenomatous polyps, hyperplastic polyps, and inflammatory polyps
• Stage – 0 – IV; can be affected by:
  • What layer(s) of the colon is affected
  • Lymph node involvement
  • Metastasis
  • Tumor size
• Treatment – surgery, chemotherapy, radiation

Wait Time – at least one year. 

Further reading: Colon Cancer and Life Insurance

Lymphoma

Estimated new cases annually: 83,180

Factors influencing life insurance underwriting

• Type of lymphoma: Non-Hodgkin’s Lymphoma and Hodgkin’s Lymphoma
• Stage – I – IV; can be affected by:
  • Non-Hodgkin’s Lymphoma uses a Lugano staging system:
    • How many lymph nodes are involved
    • If an organ(s) is affected
    • Whether bulky disease is present (chest tumors)
    • Whether blood or bone marrow is affected
  • Hodgkin’s Lymphoma also uses Lugano staging system (see above); and –
    • Your stage can be assigned A or B. B assignment occurs if –
      • You have lost more than 10% of your body weight
      • You have a persistent fever of at least 100.4
      • Night sweats
• Treatment – chemotherapy, drug therapy, radiation, rarely stem-cell transplant

Wait time – at least three years.

Further reading: Lymphoma and Life Insurance

Melanoma

Estimated new cases annually: 91,270

Factors influencing life insurance underwriting

• Type of melanoma: superficial spreading melanoma, lentigo melanoma, acute lentiginous melanoma, and nodular melanoma
• Stage – 0 – IV; can be affected by:
  • Tumor thickness (Breslow measurement)
    • Range: less than 1 mm to more than 4 mm
  • Ulceration of skin around the tumor
  • Lymph node involvement
  • Metastasis
• Treatment – surgery, radiation, drug therapy, sometimes chemotherapy

Wait time – at least one year.

Further reading: Melanoma and Life Insurance

Kidney

Estimated new cases annually: 63,340

Factors influencing life insurance underwriting

• Type of kidney cancer: renal cell carcinoma (most common), transitional cell carcinoma, Wilms tumor, and renal sarcoma
• Stage – 0 – IV; can be affected by:
  • If one or both kidneys are involved
  • Tumor size
    • Range: less than 7 cm to any size that has grown beyond Gerota’s fascia
  • If a major vein is affected
  • Lymph node involvement
  • Metastasis
• Treatment – surgery, chemotherapy, immunotherapy, drug therapy

Wait time – at least one year. 

Further reading: Kidney Cancer and Life Insurance

Bladder

Estimated new cases annually: 81,190

Factors influencing life insurance underwriting

• Type of bladder cancer: urothelial carcinoma (most common, also called transitional cell), squamous cell carcinoma, adenocarcinoma, small-cell carcinoma, and sarcoma
• Stage – 0 – IV; can be affected by:
  • If bladder connective tissue or muscle is involved
  • If the hollow part of the bladder is affected
  • Lymph node involvement
  • Metastasis
• Treatment – surgery, biological therapy, chemotherapy 

Wait time – at least one year. 

Further reading: Bladder Cancer and Life Insurance

Ovarian

Estimated new cases annually: 22,240

Factors influencing life insurance underwriting

• Type of ovarian cancer: epithelial cell tumor (most common), germ cell carcinoma tumors, stromal carcinoma tumors, small-cell carcinoma of the ovary
• Stage – I – IV; can be affected by:
  • If one or both ovaries are involved
  • If only ovarian or fallopian tube tissue is affected
  • If fluid or washings from the abdomen or pelvis are involved
  • Lymph node involvement
  • Metastasis
• Treatment – surgery, radiation, chemotherapy, hormone therapy, drug therapy

Wait time – at least one year.

Further reading: Ovarian Cancer and Life Insurance

Pancreatic

Estimated new cases annually: 55,440

Factors influencing life insurance underwriting

• Type of pancreatic cancer: exocrine pancreatic cancers (most common), pancreatic neuroendocrine tumors
• Stage – 0 – IV; can be affected by:
  • If cancer is confined to the top layer of pancreatic duct cells
  • Whether deeper pancreatic tissue is involved
  • Tumor size
    • Range: less than 2 cm to more than 4 cm
  • Lymph node involvement
  • Blood vessel involvement
  • Metastasis
• Treatment – surgery, radiation, chemotherapy

Wait time – at least two years.

Further reading: Pancreatic Cancer and Life Insurance

Other Cancer

In all, there are more than 100 types of cancer.

Life insurance companies will evaluate each form of cancer differently based on your risk and prognosis.

However, you can plan on the same factors influencing the underwriting process:

• Type of cancer
• Stage of cancer
• Forms of treatment 
• Your overall prognosis

*Annual cancer estimates from the  National Cancer Institute

Keep In Mind 

Other factors influence your underwriting (the process of evaluating risk).

For example, if you are overweight, have other underlying health complications, or you are a smoker, it’s likely the life insurance underwriter will want to know.

Here’s why

While it sounds impersonal, carriers are in the business of assessing risk.

If you have a health condition, cancer, or otherwise, or a lifestyle that increases your odds for serious illness (e.g. a history of alcoholism), plan to communicate this information during the application process.

Life Insurance With Cancer (No Exam)

Life insurance for someone with cancer is possible, but your options are limited.

If you are currently in cancer treatment, or you have not surpassed the required wait time for your cancer remission, you will likely have one option for life insurance: guaranteed issue.

Simply put, guaranteed issue life insurance is guaranteed to be issued (approved), regardless of your health status.

Benefits Of Guaranteed Issue Life Insurance

1. A form of no exam life insurance – no needles, nurses, or liquid samples
2. Guaranteed approval
3. Quick, simple application process
4. No health questions
5. Some life insurance is better than zero life insurance

Top-rated Guaranteed Issue Companies

If you are a current cancer patient, look to the following carriers for a guaranteed issue policy.

AIG Life Insurance Company

Product name: AIG Guaranteed Issue Whole Life

• Between $5,000 – $25,000 in coverage
• Ages 50 – 85
• Graded death benefit for the first two policy years

Gerber Life Insurance Company

Product name: Gerber Guaranteed Life Insurance

• Between $5,000 – $25,000 in coverage
• Ages 50 – 80
• Graded death benefit for the first two policy years

Great Western Insurance Company

Product name: Great Western Guaranteed Assurance

• Between $1,000 – $40,000 in coverage
• Ages 40 – 80
• Graded death benefit for the first two policy years

Drawbacks Of Guaranteed Issue Life Insurance

1. Age restrictions (40 – 85 years old)
2. Expensive
3. The death benefit is usually graded, meaning that for the first two years of the policy, your beneficiaries will not be eligible for the death benefit.
4. Modest face amount, typically between $5,000 – $40,000

Life Insurance For Cancer Survivors 

There are more options for life insurance for cancer survivors.

If you are in remission, you may be able to secure fully underwritten life insurance. In other words, once you have passed your cancer’s wait time, it’s possible to be approved for traditional life insurance.

There are two primary forms of traditional life insurance:

1. Term Life Insurance – coverage lasts for a specific period of time – for example:
   1. 10-year term
   2. 15-year term
   3. 20-year term
   4. 30-year term
2. Whole Life Insurance – as the name implies, whole life insurance lasts your whole life and is also called permanent insurance.

Benefits of traditional life insurance:

• Affordable (term life insurance is especially cost-effective)
• Larger face amounts available (even $1,000,000 in life insurance or larger)

Keep in mind – Your specific cancer type, stage, and prognosis will factor into your ability to be approved.

Plan to have the following information readily available. A complete application gives you the best chance at a smooth process and approval:

• Medical records from your physicians, detailing your cancer diagnosis, treatment history, and prognosis
• Your overall medical history
• A family history of cancer
• Current medications or treatments
• Remission date

How To Apply

To secure life insurance after a cancer diagnosis, you will want to partner up with an independent agent.

Here’s why: Independent agents have your best interest at heart and can shop multiple carriers and multiple policies to find the best life insurance for you.

You will compare and contrast the best no physical life insurance companies to find the policy that matches your needs and budget.

A cancer diagnosis creates unique considerations and you’ll want an expert agent to find the best carrier to apply with.

To get started, simply fill out our free instant quote.