Life Insurance and Cancer

Posted on March 18, 2009 and updated January 25, 2011 in Life Insurance Canada News 2 min
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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 practices 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 mis-used, 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 worst 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.

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Sarah
Sarah

Hi there,
I have been told I have abnormal cervical cells, and need to go back to the doctor for another PAP.
How will this effect my ability to get insurance? Is it better to wait until the outcome of those results?

Thank you.

Zvi
Zvi

Hi,
I was treated for malignant melanoma. I was diagnosed …, with 2nd surgery = no CA found ….. and all is good on all of the checkups from that time.

Thank you

B. Chinn
B. Chinn

What is survivorship life insurance?

Ed
Ed

I forgot to say this was over two years ago. I had the seed implant and required no followup medications following the treatment.

Ed
Ed

I was diagnosed with a cancer “cell” (prostate) and was told it may not develop into a tumor, so I could ignore it or have treatment. I chose treatment. What I don’t understand with life insurance plans is why they don’t just add a caveat that says if I die of prostate cancer I won’t be covered. Seems simple to me. Instead I was told I was uninsurable now. I have an existing policy whose term is up in two years and the increase is stupid with less value. The American government appear to be passing legislation on this, so… Read more »

Martin
Martin

Hi,
I was treated for a malignant melanoma – 0.7mm – and given the all clear in October 2008, this was in the UK. I recently applied for life insurance and critical illness from Canada Life and was declined. Where do I go from here?
Thank you

Aman
Aman

My father is trying to enhance his estate and Life insurance is good tool. He had Paranasal meningitis. It was treated couple of years back. Can he still get traditional life insurance

Thanks
Aman

Chris
Chris

Hello there, my wife is a breast cancer survivor and was completed treatment in 2006. We have to re-new our life insurance so we are looking for information. Could you please send any information that you may have.
Thanks
Chris

maria
maria

My husband has been told he has prostate cancer is he still insurable

Josée
Josée

Hello

I have been denied insurance because I have had cervical dysplasia. I have been discharged from the hospital where the only thing they had to do was a colposcopy to remove the cells (I was a mild case). My tests came back negative after the colposcopy, but for some reason, I am still denied insurance.

What are my odds with your company?

Thanks,
Josée

Dean
Dean

Hi, I am a 4 years colon cancer survivor, what are my chances of obtaining life insurance