Fact CheckedAre you looking for the best life insurance for cancer patients in Canada? If you are, I bet you’re also wondering if life insurance is even an option.
This is a loaded topic because the C-word and life insurance don’t seem like a good fit.
…but what if I told you that life insurance with cancer does exist and it may even be possible for you to qualify.
High-risk life insurance is one of those topics that scares the bejeebers out of most people. So they avoid it! Sadly, many people consider purchasing life insurance only after a health scare and then assume they will never qualify.
YEP. That’s because the reality of mortality is sitting at their doorstep. Obviously, I encourage clients to buy life insurance when they are young and healthy. However, life gets busy and even though it’s really important, insurance is not front and centre in most peoples’ minds…that is until something bad happens.
“Anyone with lungs can get lung cancer,” Elizabeth Dessureault liked to say. “I’m hoping that by sharing my story with others that I’m able to change the face of lung cancer to show that a 26-year-old, non-smoking, new-mom-to-be can get lung cancer, then anybody can.”
Young Ontario Mother Who Changed the Face of Lung Cancer Dies at 27, National Post
Let’s take a quick look at how underwriters (the people who evaluate your eligibility) view life insurance for cancer patients in Canada.
Underwriting & Life Insurance for Cancer Patients
Cancer and heart disease are the leading causes of premature death in North America, statistically speaking.
In North America, the odds of getting cancer in during your lifetime are approximately 40%.
Life insurance underwriters decide whether a company should insure you and what you should pay based on your medical history and current condition.
They have an important job: figuring out how long you’ll live. Life insurance is a business, and companies need and want to make money. So, let’s address that elephant in the room right now. Knowledge is worth its weight in gold.
1. The More Medical Issues You Have, the More You Pay
These questions and tests are created to divide people into groups for rating purposes. The healthier you are, the less money you pay. The more medical issues you have, the higher your rates.
So what if you currently have cancer or have been treated for it in the past? I bet you think you’re done when it comes to coverage! Or possibly the only option available is to wait until you’re cancer-free…while how many years will that be?
But I have some good news for some of you…
2. You Have Options!
Life insurance underwriting is constantly changing because research and development are always advancing. Today, the survival rate for a Cancer diagnosis in Canada & the United States is approximately 70%. In fact, the death rate from cancer has been on the decline since 1991, due to advances in technology, early detection and fewer people smoking.
It’s personal for me. I lost my mother to breast cancer in the late 70’s when she was 42 years old. Perhaps if today’s screening programs had been in place, they would have detected her cancer earlier and she may have survived.
The good news is what used to be a death sentence is often now highly treatable, and life insurance underwriting reflects this.
This is one of the main reasons to seek the help of an independent life insurance agent.
Some companies are more lenient than others when it comes to insuring people for specific conditions, and cancer is no different.
3. The Type of Cancer You Have Matters
Life insurance underwriters want to know what type of cancer you have or have been diagnosed with.
Bladder Cancer, for example, has a high recurrence rate. It is challenging to underwrite depending on the size and number of tumors.
Basil Cell Carcinoma, on the other hand, is slow-moving. It’s not as invasive and is probably the most treatable form of skin cancer. Most insurance companies exclude Basil Cell Carcinoma as a serious factor.
If you’re a Breast Cancer survivor or are recently diagnosed, advances in early detection and treatment make for better outcomes. Some carriers offer affordable rates depending on the kind of breast cancer, severity, type of treatment, and prognosis.
As you can see, every type of cancer is different. An excellent independent life insurance agent will use his or her expertise to find you the most affordable coverage.
4. What Stage Are You?
Underwriters want to know what stage your cancer is at.
Stage 1 is “early-stage” cancer. It’s usually limited to the organ where it was detected. With traditional life insurance carriers, you’re probably looking at a waiting period before they consider underwriting you. A simplified issue or no medical policy is likely your best option.
Stage 2 & 3: Larger tumors have developed more deeply into surrounding tissues, and cancer may have spread to lymph nodes as well. You’re looking at a significant waiting period before a traditional insurer underwrites you. A simplified issue of no medical policy may be your only option until you’re cancer-free for some time.
Stage 4: This is the most advanced stage. Cancer is metastatic and has spread to other organs and parts of the body. You’ll most likely receive a decline from the insurance company. However, you can still apply for Guaranteed Issue life insurance…more about this type of coverage later.
5. Are You In Remission or Cancer-Free?
Insurers want to know whether you’re in partial remission, which means your cancer has stopped growing, or you’re entirely cancer-free.
Depending on the completion date of your treatment and the type of cancer, the underwriters will likely require a waiting period of 1 – 10 years before they consider coverage.
6. Do You Have a Family History of Cancer
Did you know all cancer is genetic but not necessarily inherited?
When cancer develops, damage occurs in the genetic material of our cells.
Cancer can be inherited or caused by outside environmental factors. When you have an inherited susceptibility to cancer, your chances of getting the disease at a younger age are higher.
Someone who develops a random cancer is more likely to be older. This is why inherited cancer risk follows you for life.
Underwriters pay close attention to any family history of cancer. Especially when there’s more than one member that is affected or the cancer occurs at a young age.
What are traditional life insurance companies looking for when they assess you for a policy and you have cancer? You have to meet the following criteria even to be considered for a typical term policy:
Your Cancer Treatments Are Complete
Life insurance companies want you to show a history of recovery.
Carriers want as much as 5 – 10 years cancer-free after your final date of treatment. These requirements change from company to company and are based on your situation.
No Medical Life Insurance Is Your Best Option!
I’ve helped many clients with cancer secure life insurance at affordable rates. In almost every case, the best solution was a simplified issue life insurance policy.
These policies can be issued in a very short time period and offer the best protection for anyone with a moderate to serious issue like cancer. The process involves answering a series of very specific health questions, putting down your personal information and then executing an electronic signature through email. There is absolutely no requirement for vitals or fluids.
As you can see, there’s much to consider when considering life insurance for cancer patients in Canada. I would not attempt to travel this road alone, as it’s fraught with pitfalls.
NOTHING when it comes to cancer is clear.
That’s why it’s important to call Policy Architects today. We will review all the options to determine the best fit, saving you time, money, and hassle.
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