Learn more about our approach of independently researching, testing, reviewing, and recommending the best products. If you buy something after clicking on one of our links, we may receive a commission.
Life insurance for cancer patients gives you peace of mind that your loved ones will be shielded from a potentially terrible financial burden if you die. You will not leave your surviving family members with a large payment for your final expenses if you have adequate life insurance. Finding life insurance after a cancer diagnosis, on the other hand, can be especially difficult, and it can be tough to find appropriate coverage with a reasonable price.
To assist, we investigated numerous solutions and firms, weighing variables such as cost, coverage options, provider network, and industry rankings. This list includes our top picks for the best life insurance for cancer patients.
The Best Life Insurance for Cancer Patients in February 2023
Mutual of Omaha
Mutual of Omaha is our overall category leader for life insurance for cancer patients due to their large selection of policies and streamlined underwriting options that do not require a medical exam.
What We Like about Mutual of Omaha
- Options for no medical exam
- Competitive rates
- May cover a variety of health issues
What We Don’t Like about Mutual of Omaha
- Potential two-year waiting period
- Minimal online account management
Mutual of Omaha has been servicing customers since 1909 and now provides a wide range of products, including permanent and term life insurance. AM Best’s A+ (Superior) grade attests to their dependability.
They are a solid overall selection because to their streamlined underwriting process and products ideal for cancer survivors.
The Living Promise policy is an alternative for cancer sufferers aged 45 to 85, with coverage up to $40,000 and no medical exam required. A graded benefit may be included in Living Promise policies, which means that if you die during the first two years, your beneficiary will get all premiums plus 10%.
You can get a quote and buy your coverage online. Your premium is determined by your answers to basic health questions such as cigarette usage, medications you take, a family history of serious disorders such as cancer, diabetes, or heart disease, and whether you’ve been diagnosed with any similar health issues.
Sample premiums for a $1,000 policy for a non-smoker 50-year-old man and woman are $38 and $32, respectively, plus a $36 yearly policy fee. This is around $130 per month for a man and $110 per month for a woman for $40,000 in coverage. (Please keep in mind that pricing may differ depending on the region.) The Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider is included with this policy.
People who are in remission can contact Mutual of Omaha to see whether they are eligible for other life insurance policies. This may vary depending on the type of cancer diagnosed, the length of time in remission, and other circumstances.
AARP is our top choice for guaranteed issue coverage since they will not deny coverage based on pre-existing health issues such as cancer, and there is no medical exam or medical history questions.
What We Like AARP
- Options for no medical exam
- Online quotes
- Good reputation
What We Don’t LikeAARP
- Must be over 50
- Restricted to AARP members
AARP is a non-profit organization dedicated to empowering Americans over the age of 50. The New York Life Insurance Company underwrites its life insurance policies, and it has an A++ rating with AM Best, indicating outstanding financial stability.
You can choose AARP’s Guaranteed Acceptance Life Insurance if you are over 50 and become an AARP member. It offers assured acceptance if you are not terminally ill, and no invasive physical examination is required despite a cancer diagnosis.
You can obtain a basic quote from the AARP website. For the maximum $25,000 of coverage, a 50-year-old female would pay $111 a month and a male would pay $158. (Please keep in mind that pricing may differ depending on region.) One disadvantage is that you must make payments for two years before your designated beneficiaries can get benefits if you die.
Once approved by AARP, your rates will not rise, and there will be no further premiums after the age of 95, owing to the “Paid-Up” benefit, which keeps your coverage in place for the remainder of your life with no additional payments.
There are additional opportunities to personalize your insurance with accelerated benefit and premium waiver riders, but individuals who need more than $25,000 in coverage should look into other AARP policies with bigger death benefits.
United Home Life
United Home Life is our top pick for no medical exams life insurance because it provides cancer sufferers with a variety of whole-life policies that do not require medical exams or intrusive testing.
What We Like about United Home Life
- Options for no medical exam
- Excellent AM Best Rating
What We Don’t Like about United Home Life
- No public online quote system
- Low coverage levels
United Farm Family Life Insurance Firm’s parent company, United Farm Family Life, was founded in 1937. These companies, headquartered in Indianapolis, currently have a combined $2 billion in assets and more than $20 billion in active life insurance contracts. United Home has an AM Best rating of A (Excellent), indicating that it is well-positioned to meet its financial responsibilities to policyholders. 3
United Home Life offers four simplified issue life insurance policies that do not require a physical examination, making it our best no medical exam option. Medical tests, blood testing, or doctor statements are not required for these simplified issue products, but you must conduct a 10-minute phone interview and answer health questions.
A no-cost Terminal Illness Accelerated Benefit Rider is included in all plans. This implies that if you are diagnosed with a terminal disease, your insurance will accelerate some or all of the death benefit, allowing you to live out the rest of your life with greater financial stability.
You’ll need to speak with an agent to find out if you’re eligible for these policies with a cancer diagnosis and how much it will cost you.
With the guaranteed issue of whole life insurance, you cannot be denied coverage because of a cancer diagnosis, and your premiums will not rise as long as you pay on time each month. Furthermore, insurance is available for those aged 0 to 80.
Except in circumstances of accidental death, where the whole death benefit is paid, there is a two-year waiting period for full compensation.
Fidelity Life offers potentially eligible term and whole life options, as well as a guaranteed issue RAPIDecision Final Expense coverage in the event that you do not qualify for other options.
What We Like about Fidelity Life
- Options for immediate coverage
- No medical exam options
- Online quotes
What We Don’t Like about Fidelity Life
- May need to answer health questions
- Premiums may be expensive
Fidelity Life, established in Illinois, offers a variety of term, whole life, and accidental death life insurance policies. It had $35 billion in life insurance contracts in place and $422 million in total assets as of 2019.
A medical questionnaire is required for ordinary plans, but there is no physical exam. Your approval and premium are determined by your health. The RAPIDecision Final Expense coverage might give practically immediate coverage with no waiting periods for persons aged 50 to 85.
Inquire with Fidelity Life about coverage after a cancer diagnosis. The online quote system does not provide any personal health information, merely the choice to rank your health on a scale of poor to good.
There is no physical exam or medical inquiries on the assured issue insurance. Using the online platform, a $250,000 RAPIDecision Life policy with a 20-year term would cost a 30-year-old female $23 per month (which may vary by location).
Fidelity Life includes a terminal illness rider at no extra cost, which means that if you are diagnosed with terminal cancer, you could receive an early distribution of some of the death benefits.
Having appropriate life insurance in place may become a priority if you are diagnosed with cancer. You’ll have peace of mind knowing that your loved ones will be financially secure if you die.
Mutual of Omaha is our overall choice for cancer patients’ life insurance because of its high record for customer satisfaction and wide range of life insurance products, including alternatives for simplified underwriting. They should have a choice that is suitable for the majority of people who have been diagnosed with cancer.
AARP was our top pick for guaranteed issue policies because they will not reject your application regardless of your health conditions. You will also have no reservations or questions concerning your medical history. You must, however, be 50 or older and eager to join the AARP.
If medical tests are a deterrent to purchasing life insurance, consider United Home Life, our category leader in no medical exams. They may be a suitable choice for someone with cancer because they provide a variety of full life insurance with no medical exams.
Finally, Fidelity Life may have suitable term and whole life options for those in remission depending on your health situation. If you don’t qualify for standard policies, they also have guaranteed issue options.
What Is Life Insurance for Cancer Patients?
Life insurance is a contract between you and an insurance company that specifies that you will pay premiums to the insurance company and that if you die during the coverage period, the insurance company will pay a death benefit to your beneficiaries.
Policies might be either term or permanent. Permanent life insurance covers you for the rest of your life, whereas term insurance only covers you for a defined period of time (e.g., 20 years).
Cancer is frequently covered by both term and permanent life insurance policies. If a person dies as a result of cancer during the policy period, the death benefit will be paid to the nominated beneficiaries.
It is important to note that policies such as accidental death and dismemberment do not cover cancer; they only pay a payment if you die as a result of an accident.
Can I Get Life Insurance After a Cancer Diagnosis?
If you don’t have a life insurance policy, getting one will be more complicated and expensive after a cancer diagnosis. However, each case is unique, and life insurance companies consider a variety of variables if you’ve had cancer, including the type and stage of the disease.
Many cancers do not allow life insurance firms to accept policy applications for two to three years (or more) after remission. The beginning premiums will be significantly higher during this period because the corporation carries the largest risk for paying out a policy. The likelihood of cancer returning decreases over time, as does the cost of premiums.
What is the cost of life insurance for cancer patient?
Life insurance for someone who has had or is currently being treated for cancer is typically more expensive. These policies are more expensive since the insurance provider cannot determine your risk by reviewing your medical records.
You will also have fewer alternatives available to you. Many insurance firms will not qualify you for the ordinary term and whole life policies, leaving you with only a restricted number of guaranteed issue policies to choose from.
When Can I Buy Life Insurance as a Cancer Survivor?
Life insurance companies may be reluctant to issue coverage for several years following remission, but as time passes, the likelihood of cancer returning decreases, as does the insurance companies’ risk.
To determine your risk level, the insurer will most likely ask you a series of questions concerning your cancer diagnosis and treatment. They may inquire about your date of diagnosis, family history, cancer kind and stage, and treatment regimen. Expect them to check your medical records to confirm this information.
Each supplier has its own set of rules, and some are more lenient than others. If you have been diagnosed with cancer, speak with many firms to see which is best for your situation.