Being diagnosed with cancer can turn your world upside down, especially if you don’t have life insurance yet. It’s a tough pill to swallow, but getting life insurance after a cancer diagnosis can be a bit tricky. But don’t lose hope, it’s not impossible. Many insurance companies do offer policies to cancer patients and those who’ve recently entered remission. If you’ve been cancer-free for a few years, it’s even easier to get life insurance.
However, you need to be realistic about how much life insurance you can get and how much it might cost you. It’s also important to know which insurance providers are best suited for your situation.
Here are some of the best life insurance companies for people who’ve been diagnosed with cancer or are worried about a future diagnosis. Each of these companies has something unique to offer, whether it’s higher benefits on guaranteed issue coverage or a wider range of coverage options for those who’ve been cancer-free for a while.
Mutual of Omaha is our top pick overall. They offer a flexible, easy-to-obtain whole life insurance option that doesn’t require a medical exam or consider health factors when you apply. This means you can’t be turned down due to any medical issues in your past, including a known cancer diagnosis. The only factors that matter are your age, gender, and coverage amount.
United Home Life Insurance is great for younger cancer patients. They accept applications from anyone under age 80, including minors whose parents apply on their behalf. They offer guaranteed issue coverage, making them the best no-exam life insurance provider for young cancer patients and survivors of childhood cancer.
Colonial Penn is known for medical underwriting on whole life policies. They offer guaranteed issue life insurance to cancer patients with premiums starting around $10 per month and acceptance up to age 85.
Globe Life is known for its affordable premiums. They have a strong reputation for very low premiums — as low as $1 per month for $100,000 in coverage for children and $3.49 per month for adults.
John Hancock is a great choice for cancer survivors. They offer a wide array of life insurance policies for people at all stages of life. They have two things going for them that make them appropriate for people who’ve been in remission for a while and no longer qualify as cancer patients: affordable premiums on high-value term life insurance policies and a wellness rewards program that encourages healthy living.
AIG Direct stands out for its lineup of living benefits — optional riders that add value to your policy before you die. Two of these are particularly beneficial for cancer patients: an accelerated death benefit rider and a chronic illness rider.
When choosing the best life insurance for cancer patients, we consider several important factors. These include the types of policies available, the coverage amounts available, the underwriting criteria for cancer patients, age requirements, riders and other add-ons, and family history considerations.
Remember, getting life insurance after a cancer diagnosis may not be easy, but it’s not impossible. It’s important to understand your options and be realistic about what you can get. Always shop around for the best deal and don’t accept the first offer you get.
