If you or a loved one are diagnosed with cancer, consider your life insurance options. A life insurance policy gives you peace of mind as you provide financial support for your loved ones.
Assess your Risk
Before an insurance company will offer you a life insurance policy, the underwriter will assess your level of risk. The company will review your current doctor records, recent pathology reports and paramedical exam results. You will also need to answer several questions about the type of cancer you have, its current stage and your treatment plan.
You may also consider options designed to help with treatment expenses such as Cancer Expense Protection Insurance, which can supplement other coverage while you focus on care.
Choose a Life Insurance Option
As a cancer patient or survivor, examine four life insurance options.
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Term Life Insurance
A term life insurance policy can cover you for a specific period of time up to 30 years. Your monthly premiums and death benefit will remain the same for the duration of the policy’s term. You may also purchase an accelerated death benefit rider that helps you pay for treatment or bills if you become terminally ill and need cash before your term policy expires. While it only provides coverage for a limited time, a term life option is often the most affordable life insurance for cancer patients and survivors.
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Permanent Life Insurance
Cancer survivors may qualify for a permanent life insurance policy. It provides consistent premiums and a death benefit for the rest of your life, and it also builds cash value you can use to pay future medical bills or other expenses. Add an optional accelerated death benefit rider to access part of the death benefit if you need cash to pay for treatment or other expenses.
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Convert Your Term Policy
You may be able to convert your term life insurance policy into a permanent life insurance policy even if you have a terminal illness. Your new premium is based on your current age, and you can adjust the death benefit to meet your needs and budget.
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Guaranteed Issue Life Insurance
All cancer patients or survivors qualify for a guaranteed issue life insurance policy. Also known as a graded death benefit policy, this type of life insurance pays a full death benefit after a two-year waiting period. If you die during the waiting period, your beneficiaries will receive a refund of the premiums you’ve paid plus interest.
If you or your loved one have cancer, review your life insurance options and consider policies that match your long-term needs; for coverage that addresses two lives, see Survivorship Life (Second-to-Die Insurance).
If you need personalized help, talk to an agent who can review policy details and riders and help choose a plan that fits your budget and goals.
Frequently Asked Questions
Can I get life insurance after a cancer diagnosis?
Possibly—eligibility depends on cancer type, stage, time since treatment, and current health; some policies like guaranteed issue do not require medical underwriting.
How does a cancer history affect premiums?
Insurers set premiums based on assessed risk, so a recent diagnosis or advanced stage can raise rates or limit options, while longer remission periods often improve qualification.
What is an accelerated death benefit rider?
An accelerated death benefit allows you to access part of the policy’s death benefit early if you become terminally ill, which can help cover treatment or living expenses.
When should I discuss life insurance options?
Talk to an agent when you are considering coverage changes, after a diagnosis, during remission planning, or when updating beneficiary or financial plans.