Unfortunately, most people are considered “uninsurable,” at least for a few years.
If you have an early-stage form, you may have to wait anywhere from several months to 10 years after treatment before you can get life insurance. And then, you’ll most likely have to pay more for your cover for a while. When you’ve been cancer-free for five years or so, you may qualify for a rate reduction.
Applying for Insurance After a Cancer Diagnosis
The following tips can help you navigate getting life insurance cover after cancer.
1. Realize that your case is unique. Not all insurance companies will look at you and your diagnosis the same way. Because cancer involves so many factors (e.g., tumor size, location, invasiveness), companies typically handle applications on a case-by-case basis.
2. Don’t go it alone. When you were diagnosed, you talked with experts to help you navigate your journey. Similarly, when it comes to getting life insurance after cancer, work with a broker who has experience in this area. It’s their job to find you the best cover for the best price—one that fits your budget.
3. Give your pathology report to your broker. Insurance companies offer a range of prices for their policies. With your pathology report, a broker can send your case to several insurance companies at the same time and ask for a “quick quote” to see whether the company will offer insurance and, if so, at what (estimated) price.
4. Get as much cover as you can afford. If it’s in your budget, get a term life insurance policy for the maximum amount your budget will allow, and get a long-term policy of 20 or 30 years. Although it’s more expensive to get cover when you’ve had cancer, it’ll be worth the investment to protect those you love and to have peace of mind while you’re raising a family.
Remember, if you’ve had cancer, talk with us to see what your options are.