Co-Founder, Coastal Financial Partners Group, California
Yes, some cancer survivors can obtain life insurance but it depends on the type of cancer, treatment and how long since the end of all treatment. The policy may also be rated (charged a higher extra premium).
We use a series of questions that are specific to the cancer condition in order to determine the likely outcome in advance and shop insurers for the best possible result for the client. Be sure to work with a life insurance professional with experience with handling these kind of cases.
Cancer survivors looking at life insurance in the first few years after their treatment ends may have to settle for a graded policy (one that pays a reduced death benefit in the first 1-3 years for death due to illness) or higher priced policy (a flat extra per thousand is added on for a set number of years, then drops off regardless of whether the cancer has recurred or not).
Unless getting a guaranteed issue policy, there is at least a one year wait since the last cancer treatment before cancer survivors are able to get any policy. The more time that passes, the lower the rate usually becomes, especially if the cancer did not start out at a high grade.
Since no one knows the future, I recommend getting what you are qualified to get as soon as you can, then try getting a lower priced policy in the future.
Yes, cancer survivors can purchase life insurance again. The longer the time period after your last treatment the better for purchasing insurance. The first two years are the hardest to find coverage. After five years you can purchase with most life insurance carriers with a rated premium, some are still affordable. However, after ten years cancer free most life insurance carriers will issue coverage again standard issue. I personally do not know of any carriers that will ever issue better than standard regardless of how good your health is once you have had a life threatening cancer beyond the ten year waiting period.
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We use a series of questions that are specific to the cancer condition in order to determine the likely outcome in advance and shop insurers for the best possible result for the client. Be sure to work with a life insurance professional with experience with handling these kind of cases.
Unless getting a guaranteed issue policy, there is at least a one year wait since the last cancer treatment before cancer survivors are able to get any policy. The more time that passes, the lower the rate usually becomes, especially if the cancer did not start out at a high grade.
Since no one knows the future, I recommend getting what you are qualified to get as soon as you can, then try getting a lower priced policy in the future.