Life Insurance and Breast Cancer: Background
Can I Get Life Insurance with Breast Cancer?
Can You Get Life Insurance after Breast Cancer?
Does Life Insurance Cover Breast Cancer?
Does Breast Cancer Affect Life Insurance Rates, and How?
What Life Insurance Types Can You Get with Breast Cancer?
What is Best Life Insurance for Breast Cancer Survivors or Patients?
Unfortunately, breast cancer is the most frequent form of cancer for Canadian women, at a rate of about 1 in 4 new cases. According to the Canadian Cancer Society, 1 in 8 women will develop breast cancer and 1 in 34 will die as a result of breast cancer.
Insurance underwriters consider breast cancer to be a pre-condition. The type of policy you obtain, if your application is not denied, depends on the severity of the condition.
Let’s dive deeper into this topic.
Yes, you can get life insurance with breast cancer. However, the type of policy is very dependent on the state of the condition. Some of the factors considered include:
Life insurance for applicants with breast cancer depends on multiple factors but in general, the following guidelines are in place:
The great news is that you will be able to get life insurance after breast cancer. Breast cancer survivors typically qualify for a rated life insurance if a few years (e.g., 2-3 years) have passed after a full recovery.
In most cases, you can expect 50%-100% rating. It means that if a standard policy would have cost you $100/month, a 50% rating would result in $150/month price and 100% rating in $200/month.
On the positive side, you will be able to qualify for the same large insurance limits, which go up to $5,000,000 and higher.
It is important to know, though, that an insurance company will require several details about your health condition including an APS (Attending Physician Statement), most recent mammograms, pathology reports, etc.
Yes, life insurance does cover breast cancer if you were able to qualify for a life insurance policy. It means, in most cases, that you either have a stage 0 breast cancer and have recovered a couple years back or had higher stages of cancer (but not stage 4) and have received treatment (chemo or radiation)/ recovered numerous years ago.
If you have stage 4 breast cancer or have been recently diagnosed with it, you will not be able to get a life insurance policy, unless it is a guaranteed issue life insurance.
Most companies handle breast cancer applications based on a number of factors, such as stage of the disease, current condition, how far back the treatment was, etc.
Here is an overview of how three Canadian life insurers treat breast cancer in their underwriting.
| Mild cases: stage 0 | Moderate cases: several years after treatment / recovery | Severe cases: recent cases or Stage 4 | |
| Insurer A | Carcinoma in situ (stage 0) Depending on type: $5 to $6 per thousand of insurance coverage after 4 years (e.g., $100,000 policy will cost $5 * $100 = $500 / year) | Rated policy (i.e., More expensive policy) after 1 to 7 years post treatment After full recovery: $7.50 to $20 per thousand of coverage after 5 years with possible permanent extra rating up to +100% (e.g., $100,000 policy will cost $20 * $100 = $2,000/year) | Decline |
| Insurer B | Standard rates for stage 0 (Carcinoma in-situ) 2-3 years after treatment | Rated insurance 4 years after completion of treatment (chemo or radiation) at $12 per thousand of coverage. For higher stages – only 10 years after treatment | Decline |
| Insurer C | Carcinoma in-situ: no offer in the first year following recovery; thereafter $7.50 per thousand dollars of coverage/4 years; depending on the type of treatment,a permanent extra premium of +50% may be added to the temporary extra premium. | No offer during the first 2 years following recovery. Thereafter: $10.00 per $1,000 of coverage /4 years to $15.00 per $1,000 coverage /5 years. Depending on the type of tumor, a permanent extra premium of +50% to +100% may be added to the temporary extra premium. | Decline during the first 2 years after recovery |
There are a variety of life insurance policies you can get with a history of breast cancer.
| Insurance Type | Medical Exam | Detailed Medical Questionnaire | Short Questionnaire | Coverage Limits | Important to Know |
| 1. Traditional, Medically Underwritten Life Insurance with PREFERRED RATES | Yes | Yes | No | $5,000,000+ | Is not available |
| 2. Traditional, Medically Underwritten Life Insurance with STANDARD RATES | Yes | Yes | No | $5,000,000+ | Only in best cases e.g., carcinoma in-situ (stage 0) 2-3 years after treatment |
| 3. Traditional, Medically Underwritten Life Insurance WITHOUT A MEDICAL EXAM | No | Yes | No | $5,000,000+ | Is not available |
| 4. Traditional, Medically Underwritten RATED Life Insurance | Yes | Yes | No | $5,000,000+ | Yes, the most likely scenario for people with stages 1-3 who have successfully completed the treatment several years ago. Also, the most likely scenario for those who fully recovered and several years have passed. Typical rating: 50%-200%. |
| 5. Simplified Issue Life Insuarance | No | No | Yes | $500,000 | Questionnaires will typically include a cancer question such as “how far back is your cancer diagnosis?” |
| 6. Guaranteed Issue Life Insurance | No | No | No | $25,000 | Yes, you can always qualify for this one – does not mater what stage of breast cancer you have. It is important to know that this insurance does not pay in the first two years should the applicant pass away. |
Nearly every life insurance company offers life insurance for those with breast cancer, including Manulife, SSQ Life Insurance, Empire Life, Canada Life, and Assumption Life. Those in need of no medical life insurance may have success with Canadian Pension Plan or Assumption Life.
We recommend working with a life insurance brokers who have access to 30+ life insurance policies so they can compare breast cancer application criteria across a wide variety of insurers to get you the best rate and coverage.
Our experienced life insurance brokers are happy to help. Complete the quote request on the right side of your screen to get started.
