Life Insurance and Cancer

Lance Armstrong by Robert Montalvo
Cancer Survivor Lance Armstrong
back on the road by Robert Montalvo

Recent advancements in the treatment of cancer have had a major impact on the way life insurance companies underwrite cancer survivors. Many forms of cancer are very treatable in the early stages and insurance companies have adjusted their pricing accordingly.

In certain instances cancer survivors can qualify for traditional life insurance. It is very important to work with a broker who has experience working with higher risk applicants. The claims experience and underwriting practises can vary sharply from one insurance company to another. Be careful: the wrong broker could cost you thousands of dollars.

A very exciting recent trend in the industry has been the increase in non medical life insurance providers. The term "non medical life insurance" is sometimes misused, while it's true the insurance company does not require a medical on these plans they still do ask a series of health questions. Many of policies have a 2 year waiting period, meaning if the insured dies in the first 2 years by a non accident the death benefit is limited to a return of premium plus interest.

Assumption life w200

Assumption Life recently lowered the rates on its Golden Protection plan. This plan is available without a medical and cancer survivors will qualify as long as they were diagnosed with cancer over 2 years ago and have not had a change in medication over the last 2 years.

One big caveat in qualifying for this and other non medical plans - the insured can not have been declined in the last 2 years. My advice to many cancer survivors looking at life insurance use this plan as your worse case scenario and than apply to another carrier to see if you can get a better rate.

If you would like discuss your particular situation in more detail please do hesitate to call me at 1.866.899.4849.

Posted by .

Chantal Marr is a member of the Independent Financial Brokers of Canada.
Much of her success stems from her ability to listen to her clients' needs.
Read Chantal's background.

20 Comments

  1. Lani 02/21/2010 at 11:54 pm

    I’m breast cancer survivor for almost 8 years. Stop medication after 5 years. 47 years old. Can I qualified for universal life ? What life insurance can I fit with my health situation . I’m also looking for insurance that will fit my budget.

  2. LSM Insurance 02/22/2010 at 12:13 pm

    Hi Lani,

    Thanks for the note. Traditional life insurance solutions as well as non medical life insurance plans should be available. I will send you an email with more details shortly. Regards … Lorne

  3. David 05/07/2010 at 7:45 am

    Hi,
    My wife is diagnosed with breast cancer, any kind of plan is available for her now?

  4. LSM Insurance 05/07/2010 at 11:18 am

    Hi David,

    Thanks for note there would be a plan available – the best type of plan would depend on a few variables including when your wife was diagnosed with breast cancer.

    Best Regards,

  5. hanif 01/18/2011 at 9:58 am

    In March of 2009, I was diagnosed with cancer. I went through chemotherapy and have had one minor relapse that required radiation treatment for a few days. Is there a life insurance policy available for someone with my background? I continue to work full time….did not stop even during my treatments. I don’t want to formally apply for insurance as I don’t want a record of being “denied insurance”. I currently have a life policy that was in place prior to my diagnoses but would like to supplement that if possible….

  6. LSM Insurance 01/18/2011 at 9:31 pm

    Hi Hanif,

    Thanks for the note. You would qualify for Guaranteed Issue Life insurance (no health questions and no medical tests) There is a two year wait on the death benefit. If you are thinking of a traditional policy the broker could make a preliminary inquiry – which is not a formal application. The insured’s name is not given and the offer is not binding.

  7. Barbara 03/08/2011 at 7:06 pm

    hi i am lookng for a insurance in the amount of @75000.00 i was diagnose with cancer in 2008 had operation and now i am on medication life insurance if is available and how much will be on monthy basis plus what type of policy can you provide me with that information thanks

  8. LSM Insurance 03/08/2011 at 9:07 pm

    HI Barbara,

    Thanks for the note.

    If you have not been declined in the last 2 years and have not had a change in medication you qualify for a simplified issue plan. You can visit our no medical life insurance website at www.nomedicallifeinsurance.ca

  9. jay 04/14/2011 at 10:42 am

    hi there my name is jay i have a friend that has cml leukemia, is there anyone we can contact to help get him some life ins. any info would be greatly appreciated.

    thanks
    jay

  10. LSM Insurance 04/14/2011 at 11:08 am

    Thanks for the note Jay. The best plan will depend on when your friend was diagnosed. We will you a separate email now.

  1. Fred 03/03/2012 at 4:18 pm

    I was diagnosed with advanced prostate cancer last year. I am in remission with medication. Any insurance policy for me

  2. LSM Insurance 03/03/2012 at 4:36 pm

    Hi Fred, You would qualify for a Guaranteed Issue plan (no medical tests and no health questions) and possibly a Simplified Issue plan (no medical tests and three to twelve health questions)

  3. renee 07/14/2012 at 10:55 pm

    hi im looking for a life ins.for the amount of$50.000 for my husband he was diagnosed with cancer in may he still getting chemotherapy
    treatment.what type of policy can you provide me with that information. thank you

  4. LSM Insurance 07/15/2012 at 12:45 pm

    Thanks for the note. We will be in touch by email shortly.

  5. Edward 05/06/2013 at 2:30 pm

    I have been cancer free for exactly 5 years today (yay!). Should I have my policies reevaluated to see if I am eligible for any discounted rates?

  6. LSM Insurance 05/06/2013 at 2:49 pm

    Hi Edward,

    Congratulations great news. If you existing policies were taken prior to being diagnosed with Cancer you would be better off keeping them as is. If not – it is possible you could get a better value.

    We will be in touch by email. Be careful if you look at replacing an existing plan to make sure the new plan offers equivalent benefits. If you do end of switching make sure your new plan is in place before cancelling your old plan and that your broker has you complete a replacement form.

  7. Lindsey 06/12/2013 at 4:46 pm

    Hi there,

    I would love to hear any specific recommendations with respect to providers who will approve young cancer survivors. I’m in my mid-30s and cancer-free for 10 years, but unfortunately cannot find anyone who will approve me. Would love to hear from you. Thank you!

  8. LSM Insurance 06/12/2013 at 5:09 pm

    Hi Lindsay, It may be worthwhile to try a preliminary inquiry with a couple of the companies you have not applied with this. This is not a formal application but gives you a good idea if you will be approved. Canada Protection Plan underwritten by Foresters and Industrial Alliance have Simplified Issue Term plans (no medical tests and a short series of health questions that may be a good fit)

  9. lalitha dilip 06/18/2013 at 7:18 pm

    Hi

    diagnosed with cancer 10 days ago can i get medical insurance

  10. LSM Insurance 06/18/2013 at 8:12 pm

    Sorry to hear that. You can get a guaranteed issue type plan. But there will be a maximum on the amount you can claim. We are happy to try and assist further.

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