Can I Get Life Insurance If I Have Cancer?
Yes, you can get life insurance with cancer or if you are a cancer survivor.
Getting life insurance if you have been diagnosed with cancer or if you are a cancer survivor can help protect you and your family financially.
Talk to your Western life insurance expert about getting life insurance with cancer. We have the knowledge and expertise to guide you through this process.
Cancer is the leading cause of death in Canada and is responsible for about 30% of all deaths, says the Canadian Cancer Society.
You were diagnosed with cancer but have life insurance
If you are a policy holder and you have accurately disclosed your health situation when you applied for cancer life insurance, then it will cover your newly diagnosed cancer.
If, however, you provided false information and did not disclose being diagnosed with cancer or that you are a cancer survivor, your insurance company may deny cancer insurance coverage or claims.
What about life insurance as a cancer survivor?
Diagnosed with cancer more than 10 years ago: You may be able to get traditional life insurance at standard rates if you have been stable since then.
Diagnosed with cancer 5 to 10 years ago and stable since then: You have a good chance of getting traditional life insurance and a rated policy. But you can still benefit from high coverage limits and no waiting periods.
Diagnosed with cancer 2–5 years ago and stable since then: You might be able to apply for rated traditional or simplified life insurance. Simplified insurance doesn’t require a medical exam and only has a short questionnaire. It also has higher rates and less coverage than traditional insurance.
Diagnosed with cancer less than 2 years ago: You can get a simplified or guaranteed life insurance policy. Guaranteed life insurance doesn’t require a medical exam or a medical questionnaire, but it also has the highest rates and the least coverage of all the options. There is also a two-year waiting period. If the insured person dies within the first two years after the policy was issued, no claim is paid, but the premiums are returned to the beneficiary.
Consult your Western insurance expert to see what kind of cancer life insurance would be best for you.
What kind of insurance can you get for cancer?
Your cancer diagnosis and your cancer’s stability will affect what type of life insurance you could get. It should be noted that most term and whole life insurance policies are not available to cancer patients.
Traditional life insurance will have a detailed questionnaire with questions related to cancer. It may be an option if you’ve been in remission for more than five years.
Term life insurance provides affordable coverage for 10 to 30 years. A medical exam may be required to help determine your rates for term life insurance. If you’d like to skip the medical exam, you should consider no medical life insurance.
Simplified issue life insurance, also known as no medical life insurance, will have just one or two questions related to your cancer risks.
Guaranteed issue life insurance will have no questions since it doesn’t have a questionnaire. However, with guaranteed issue life insurance, a two-year waiting period is required, and you will have lower coverage rates. If you have cancer but have a good prognosis and do not expect to pass within two years, guaranteed issue is an ideal policy. If your situations worsens and you pass within that two-year window, the claim is not paid, and the premiums are returned to your beneficiary.
You could also get coverage through group life insurance, which can be a guaranteed issue and is often available your employers.
Consult your Western insurance expert to see what policy would be best for you.
If you already have an insurance policy as a cancer patient, you may be able to use it to pay for medical bills or to supplement your family’s income. It depends on the type of policy you have, your health, and whether you’ve added riders to your policy when you bought it.
Specialty product for cancer insurance
Cancer insurance is a specialty product that is specifically designed for people who have been diagnosed with cancer or are cancer survivors. It covers death from cancer but has higher premiums when compared to traditional (standard) life insurance.
It pays a lump sum if the person insured is diagnosed with cancer as described in the policy. The lump sum is tax free and can be used however the beneficiary wishes.
Ask about this kind of cancer insurance.
What do insurers want to know?
An insurance company will ask such things as:
- What type of cancer do you have and what stage is it in?
- Do you have a family history of cancer?
- How far back is your cancer diagnosis?
- What is your treatment
- Do you have any complicating issues such as diabetes or obesity
Western Insurance has over 40 licensed LIFE INSURANCE EXPERTS across Canada. Our experts are available now in branch or on the phone to help you navigate the life insurance journey that will give you the right policy to protect yourself, your investments and your family.
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