Is It Possible to Obtain Life Insurance After a Cancer Diagnosis

Years ago, receiving a cancer diagnosis signaled the beginning of the end. Recent medical advancements, however, have lead to more positive outcomes, turning many victims into survivors. With almost 14 million people in the United States still facing this diagnosis, though, many of us are aware of the unpredictable nature of such a disease. A cancer diagnosis reminds us all that life is unpredictable, forcing us to face the possibility of death at any moment. The welfare of our families becomes top priority, and shopping for a life insurance policy suddenly feels urgent.

But, can one even obtain a life insurance policy after a cancer diagnosis? Many assume the answer is “no.” While navigating the application process may be a little challenging and time-consuming, there are reasonable options available. If you’re considering shopping for life insurance, don’t let your cancer stop you from getting the protection you need.

What is Underwriting Looking For?

Most insurance companies have access to the National Cancer Institute’s “Surveillance, Epidemiology, and End Results” (SEER) database. This database offers information on cancer patients based on tumor locations, diagnosis stages, initial treatment plans, follow-up procedures, demographics, and morphology. This, coupled with information gathered from you personally, will help the underwriter in assessing the risks.

Potential insurers will request the following information:

• Diagnosis date
• Type of cancer
• Treatment plan
• Length of time in remission
• Stage and grade of cancer
• Tumor mass
• Lymph node involvement
• Start and end date of treatment
• Current and past medications

While most insurers require applicants to be cancer-free for at least five years, this is not a hard and fast rule. In some cases, if the prognosis is good, patients have become eligible for a policy before completing their treatment plan.

Underwriting for Specific Cancers

There are several forms of cancer that insurers will closely consider when reviewing an application:

Melanoma – Melanoma is a more aggressive and dangerous form of skin cancer, resulting in the majority of skin cancer deaths. The insurer’s concern is this form of cancer’s tendency to metastasize and spread throughout the lymphatic system and organs. As with basal cell carcinoma and squamous cell carcinoma, patients with no complications during removal, and who have been cancer-free for one to two years, are often eligible for an insurance policy. Patients whose cancer required chemotherapy and/or radiation as part of their treatment plan could have to wait as long as ten years before obtaining a policy.

Breast cancer – Underwriting will ask breast cancer survivors a series of questions to determine eligibility. The longer the applicant has been in remission, the better their chances of getting approved.

Prostate cancer – Prostate cancer survivors are often approved for a life insurance policy shortly after treatment, assuming they are willing to pay at a higher rate. Underwriting will examine the applicant’s Prostate Specific Antigen (PSA) levels and Gleason score. The Gleason score determines the likelihood of the cancer spreading. This, coupled with the number of years cancer-free and the type of treatment a patient has undergone, will all be factors in determining both eligibility and rates.

What Every Cancer Patient Should Know to Ensure Eligibility and Lower Life Insurance Rates

1. Keep all medical records together and organized. Be sure to include initial diagnosis and pathology report, as well as the prescribed treatment plan.
2. Leave the treatment plan to the professionals. WebMD is filled with some valuable information. It does not, however, make you a doctor. Follow your doctor’s treatment plan.
3. If possible, wait until you are in complete remission and your health has stabilized.
4. Don’t apply for the first insurer that offers you a rate quote. Find a trusted life insurance agent that can help you shop around. Each insurer has their own set of underwriting guidelines; your insurance professional can help sift through your options and help you find the very best policy for your situation. They can also help you negotiate with potential insurers and educate you regarding additional options.
5. Consider a graded policy, which offers increased death benefits, as you age.

Have you applied for a life insurance policy post-diagnosis? If so, what challenges have you faced? What was the end result? We would love to hear your story in the comments below.