The Best Life Insurance Companies for Cancer Patients (2024)

Finding the right life insurance company to cover cancer should be based on the company’s financial stability and product flexibility.

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Via Secure Partner PolicyGenius

Updated: Apr 12, 2024

Written by Graham Ray

Written by Graham Ray Senior Author

Graham Ray is a writer with two decades of experience in journalism, digital marketing and advertising. He has written everything from corporate brand guides and websites to public relations campaigns. Graham’s knowledge of the insurance sector is bolstered by his experience as a licensed life and health insurance agent in more than 30 states.

Edited by Tori Addison

Edited by Tori Addison Editor

Tori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York’s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.

Having a recent cancer diagnosis or being a cancer survivor can impact your ability to obtain traditional life insurance coverage. We at the MarketWatch Guides team have researched 26 of the best life insurance companies and found two of the best options for cancer patients.

Regardless of the life insurance company you may choose, we advise comparing quotes to ensure you get the best coverage and most affordable rates.

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Can You Get Life Insurance After a Cancer Diagnosis?

We contacted Mark Friedlander, director of corporate communications for the Insurance Information Institute (Triple-I), for more information on getting life insurance after a cancer diagnosis.

“Typically, a policyholder with cancer needs to be in remission for a minimum of five years to qualify for traditional life insurance,” said Friedlander. “However, if you have been treated for certain cancers, such as skin cancer, prostate cancer and lymphoma, the waiting period may be less than five years. Life insurance underwriters assess the risk factors of each type of cancer and make a determination of coverage based on actuarial data.”

It is important to point out that life insurance for cancer patients and survivors is not the same as cancer insurance, a disease-specific policy that provides medical benefits if you’re diagnosed with cancer after enrolling in coverage.

Life Insurance Options With a Cancer Diagnosis

There are options for life insurance coverage even if you have been diagnosed with cancer, although you may not qualify for standard whole and term life plans. Friedlander, of the Triple-I, also offered his thoughts on possible coverage options for cancer patients and survivors.

“Following a cancer diagnosis and while in treatment, you will likely be able to qualify for guaranteed issue, group life or final expense life insurance, which provides coverage for final expenses and funeral costs,” he said. “However, the two most common types of life insurance — term and whole — may not be available to you after a cancer diagnosis and during treatment.”

Guaranteed Issue Life Insurance

Guaranteed issue life insurance plans can work those currently in cancer treatment or following a diagnosis because they don’t require a medical exam or usually ask any health questions. You generally cannot be rejected for these types of life insurance, as long as you fall within the eligible age range.

However, coverage amounts can be low — $25,000 is typically the maximum amount available — and guaranteed issue plans usually have graded death benefits. So if you pass away within two or sometimes three years of buying the policy, your beneficiaries will not receive the full death benefit payout.

Group Life Insurance

Some employers offer group life insurance plans that require minimal or no contribution from employees toward the premium. However, these plans usually offer limited coverage amounts often based on your salary, and you cannot keep your coverage if you leave your job.

Final Expense Life Insurance

Also known as burial or funeral insurance, final expense life insurance is a policy typically designed for older adults to cover funeral costs and end-of-life expenses. Some final expense plans include a few health questions on the application, while others are guaranteed issue plans without health requirements.

The Top 2 Life Insurance Companies for Cancer Patients

Cancer patients and survivors likely face limited life insurance coverage options. Not every provider offers a guaranteed issue plan that accepts applicants within the specified age range without assessing their health. We’ve included two major life insurance providers that offer guaranteed-issue policies without health questions or a medical exam.

Mutual of Omaha Best for cancer survivors under age 50

4.8

Our Review

BBB Rating A+

Pros and Cons

Pros Offers guaranteed issue policies for applicants from 45 to 85 years old Features several permanent coverage options, including whole life and variable universal plans Has an A+ rating with the credit agency AM Best, which indicates financial strength Cons Sets coverage limit of $25,000 for whole life policies Must speak with an agent to get quotes for term policies

Why We Picked Mutual of Omaha

Backed by its A+ rating with AM Best, Mutual of Omaha offers guaranteed issue policies to new enrollees aged 45 to 85 years old, with coverage benefits ranging from $2,000 to $25,000. Cancer patients within the eligible age range cannot be declined for health reasons from the guaranteed issue plan.

Mutual of Omaha also scores well in independent customer satisfaction ratings, suggested by the company’s strong score of 805 out of 1,000 on the J.D. Power and Associates 2023 U.S. Individual Life Insurance Study. The company also holds a 0.63 complaint ratio with the National Association of Insurance Commissioners (NAIC), with the baseline score being 1.0. Scores under 1.0 indicate lower levels of customer complaints based on the company’s size and vice versa.

Coverage Options

Mutual of Omaha offers the following coverage options, but note that availability for cancer patients may vary based on the specific policy.

Term life insurance
Whole life insurance
Universal life insurance

AAA

Best for AAA members with cancer

4.0

Pros and Cons

Pros Seniors can buy whole life policies online Allows you to enroll in whole life coverage up to age 85 Offers a flexible accelerated death benefit Cons Extends a maximum death benefit of $25,000 Must buy certain policies over the phone if you’re older than 75

Coverage and Cost

Backed by its A+ rating with AM Best, Mutual of Omaha is a financially strong company offering term and permanent policies with accelerated death benefits. Policies are available to new enrollees up to age 85, with end-of-life benefits ranging from $2,000 to $25,000. Mutual of Omaha also offers no-exam coverage to applicants up to age 85 across its range of policy options.

Mutual of Omaha’s broad range of coverage is matched by its efficient customer experience, as suggested by the company’s strong scores on the J.D. Power 2023 U.S. Individual Life Insurance Study and a below-average 0.43% NAIC complaint ratio.

Available Coverage Options

Mutual of Omaha offers the following coverage options to seniors:

Term life insurance
Whole life insurance
Universal life insurance

Cost

To get an idea of how much Mutual of Omaha policyholders might pay, we based the rates below on a 10-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class:

	$100k Coverage	$250k Coverage	$500k Coverage
65-year-old male	$79	$148	$281
65-year-old female	$57	$98	$174
70-year-old male	$120	$274	$500
70-year-old female	$91	$169	$303
75-year-old male	$220	$526	$1,015
75-year-old female	$160	$366	$692

Factors That Affect the Cost of Life Insurance for Cancer Patients

When determining the cost of life insurance for cancer patients, life insurance companies consider a handful of basic facts that directly impact the monthly premium and eligibility for coverage.

Here are some key factors that impact price.

Type of cancer and stage: Insurers classify cancers by the risk they are taking, which is a function of how aggressive the cancer is and the severity of the disease at the time of coverage. For example, early-stage breast cancer vs. early-stage pancreatic cancer gets weighed differently because of the drastic differences associated with treatment success, even in early stages. Breast cancer is more treatable than pancreatic cancer, according to the Institute of Cancer Research.
Treatment history: Chemotherapy, radiation treatment, surgery and immunotherapy have different durations, and cancers respond to them differently, too. Positive responses to treatment may result in lower premiums than cases where treatment is less effective. Insurers access treatment data through a HIPAA-compliant release of medical records during the application process.
Diagnosis duration: People in remission for specific periods may be eligible for lower premiums compared to those recently diagnosed or undergoing active treatment.
Prognosis and survival rate: Insurers weigh statistical data about survival rates and long-term outcomes for cancer types.
Specific factors: Factors isolated to particular types of cancer impact costs and eligibility. For example, a Gleason score is a specific measure for individuals with prostate cancer. Underwriters will consider all the information listed above and any factors specific to the type of cancer in question before any rates are offered.
Other factors: Besides a general cancer diagnosis, insurers also consider age, overall health, family medical history and tobacco usage when assessing the risk and determining an offer within a rate class.

Premiums can vary significantly by insurer based on underwriting guidelines and risk tolerances. To get an accurate feel for true costs, get quotes from multiple insurers or consult an insurance professional who can help you navigate the process.

What To Do With Your Life Insurance Policy After Receiving Your Diagnosis

For people who already have lifetime coverage, such as a whole life or universal life insurance policy, a cancer diagnosis will likely not affect your policy. Generally, if you obtained life insurance before your diagnosis and pass away from cancer while your coverage is in force, your loved ones will receive your full death benefit.

People diagnosed with cancer after purchasing a term life insurance policy, however, face a different set of circumstances. Suppose you have a term policy that offers the option to convert to permanent coverage. You may be able to convert to a permanent plan without a medical exam as long as you are within the policy’s specified conversion period. In this scenario, your rate will be locked in based on your age and health rating class when you originally obtained coverage. However, your premium costs will likely go up because permanent coverage is typically more expensive than term coverage.

If you’re a cancer survivor who doesn’t have a conversion option for your term policy and outlive your coverage, you could face significantly higher rates to renew your policy based on your diagnosis.

How Long Does It Take To Qualify for Life Insurance After Cancer Treatment?

When it comes to qualifying for life insurance after cancer, being in remission gives you a better chance of approval for medically underwritten policies. The longer you’ve been in remission, the better chance you’ll get approved for a traditional life insurance policy, based on our research. Life insurance companies may want to wait three or five years — or longer — after your treatment ends before offering you coverage.

Friedlander, of the Triple-I, said that factors such as the recency of diagnosis, cancer type, treatment details and relapses contribute to when someone with cancer can qualify for underwritten life insurance.

“An applicant who has incurred relapses will be considered higher risk and may have challenges getting underwriting approval,” he added.

Waiting Periods for Different Types of Cancer

If you’ve been diagnosed with cancer and undergone treatment, many life insurance carriers and policies will enforce waiting periods before approving you for coverage.

Our team used TrustedChoice to determine waiting periods for different types of cancer, a third-party source recommended by Friedlander. Trusted Choice offers the following minimum waiting periods based on types of cancer. However, note that each life insurance company has a proprietary underwriting process and reviews applicants on an individualized basis.

Bladder cancer: 2 years
Bone cancer: 5 years
Breast cancer: 2 years
Cervix cancer: 1 year
Cervix (in situ): 0 years
Colon cancer: 2 years
Esophagus cancer: 3 years
Kidney cancer: 3 years
Larynx cancer: 1 year
Leukemia: 10 years
Lung cancer: 3 years
Lymphoma: 2 years
Metastatic cancer: 5 years
Ovary cancer: 3 years
Parotid: 2 years
Pancreatic cancer: 1 year
Prostate cancer: 1 year
Rectum cancer: 2 years
Salivary gland cancer: 2 years
Skin melanoma: 1 year
Testis cancer: 1 year

Is Life Insurance Worth It If You’ve Been Diagnosed With Cancer?

Whether life insurance is worth paying for if you’ve been diagnosed with cancer depends on the type and stage of cancer, your prognosis, individual circumstances and the specific terms and conditions of the life insurance policy. Here are a few scenarios to consider.

Terminal cancer: There is only one type of policy someone may qualify for after a terminal cancer diagnosis: guaranteed issue life insurance. Also called guaranteed acceptance insurance, these policies often don’t have health questions for approval, have lower coverage limits such as $50,000 and have multi-year waiting periods before a full benefit is paid to the beneficiary.

The decision to take this type of coverage should be based on the policy’s cash outlay and the terminal cancer prognosis. Sometimes, the patient may be better off saving the premium costs and not buying a policy.

Early-stage cancer: Early-stage cancers with a favorable prognosis may still be possible to obtain traditional life insurance coverage. However, the premiums will be higher than those without a cancer diagnosis buying coverage.

In remission: Some life insurance companies may offer coverage if a cancer is deemed in remission. Cancer survivors must provide comprehensive medical records and documentation to support their remission status. Shopping around and consulting with multiple insurers can help you find the best policy options if you are cancer-free.

Is it worth getting life insurance if you’ve been diagnosed with cancer? It is worth considering your options and working with a professional to help think through the various scenarios that affect someone emotionally and financially.

Frequently Asked Questions About Life Insurance for Cancer Patients

Cancer is covered by life insurance if you purchased your coverage before you were diagnosed. If you have been recently diagnosed with cancer and want life insurance, the type and severity of cancer and how long ago you were diagnosed will factor into your coverage options. Keep in mind that some policies, usually guaranteed issue plans, have a graded death benefit, or a waiting period before a death benefit claim is paid out. The waiting period is generally the first two or three years of the policy.

Yes, a cancer history or diagnosis will most likely affect the cost of life insurance as it creates a higher financial risk to the life insurance company.

Yes, you do. Life insurance companies subscribe to various systems, allowing them to request medical history upon an applicant’s documented consent. Not disclosing this information is not only against the law, but it will increase the chances of getting declined for coverage. If this information is discovered after you pass away, it may prevent your beneficiaries from receiving the death benefit payout.

You can buy life insurance during or after cancer treatment, but products and coverages will differ vastly. Getting life insurance during cancer treatment will be limited to either a guaranteed issue whole life product, which has a waiting period for the death benefit payout, or a guaranteed issue term life product accessible through an employer group health plan.

Getting coverage after treatment in some cases will expand the type of coverage and benefit levels available based on the effectiveness of treatment.

Methodology: Our System for Ranking Life Insurance Companies

Our team researches and ranks life insurance companies using an in-depth scoring system that considers the factors most important to consumers like you. Our analysis includes a comprehensive review of each provider we feature based on available coverage, customizability, availability, customer service and company reputation. Here are the factors we take into consideration when rating life insurance providers:

Brand trust (40%): Life insurance payouts can exceed $100,000 or more, which makes choosing a reputable and trustworthy installer important. To assess brand trust, we use J.D. Power and Associates customer satisfaction surveys, AM Best credit rating scores and the National Association of Insurance Commissioners (NAIC) complaint index. The higher a company scores in each area, the more points it receives.
Coverage (33%): The more policy options a life insurance company offers, the more opportunities you have to obtain the right coverage for your specific needs. For this reason, we give companies the most points for offering multiple types of life insurance, including various term, permanent and no-exam options.
Availability and ease of use (19%): Since life insurance coverage options can be complex, we consider the ways a customer can reach a company — and how easy communication is. For this category, we research how many communication channels a company offers for general customer support, claims processing and the application process. Companies earn the most points for offering various ways to interact with an agent, both in-person and online.
Riders (8%): Companies offering various life insurance riders or endorsements allow policyholders to better customize their coverage. In this category, we determine how many riders a company offers and award the most points to providers with more than 10 options.

We use our rating system to compare and contrast each company against key factors to help us determine the best life insurance companies in the industry. To learn more, read our full life insurance methodology for reviewing and scoring providers. AM Best Disclaimer