One common misconception people hold is that it’s impossible to get a life insurance policy after receiving a cancer diagnosis. This is not entirely true! While a cancer diagnosis will make purchasing life insurance more difficult, there are situations where life insurance for cancer survivors is an option.
It’s a complicated topic that can’t be fully summarized in a short article. Your best approach is to contact insurance experts to discuss your situation. However, here is a brief overview of the situation.
Who Might Qualify for Life Insurance for Cancer Survivors?
Broadly speaking, it depends on the person’s overall situation.
The best situation is when the cancer has already been treated and has been in remission for several years with no signs of returning. In these situations, most cancer survivors will still be able to purchase life insurance. Early-stage cancers with high odds of survival may also qualify. For example, breast cancer is almost always treatable when caught early, with a 90%+ five-year survival rate.
Of course, due to increased risks for the insurer, the life insurance policy will be priced higher than for someone without a previous cancer diagnosis. Some life insurance policies will still be available, even for ongoing cancer patients, but they will be considerably more expensive than standard policies.
Term vs Whole Life Policies
Another important factor to consider is whether you are looking for a term policy, or a whole life policy. Term life insurance only covers a specific period, such as ten years. Whole life insurance, on the other hand, protects a person for the rest of their life, however long that is.
In general, term life insurance is less expensive than whole life insurance, and that’s particularly true for cancer patients. An insurance company would likely be more willing to discuss term insurance for a cancer survivor, while whole life may be too expensive for the average wage-earner.
However, again, this is all extremely speculative at this point. The policies available and their cost will depend on many factors specific to each person’s situation.
Desjardins Financial Security Independent Network (or Desjardins Insurance) Offers Life Insurance for Cancer Survivors
We want to do everything we can to offer you affordable protection, even if you have a history with cancer. Even if you have battled cancer in the past, please contact us, and we’ll discuss what Desjardins Insurance can do for you.