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Breast Cancer Awareness Month is a time dedicated to raising awareness about the impact of breast cancer, emphasizing the importance of early detection, support for those affected, and funding for research. 

It’s also an opportunity to reflect on the importance of financial planning, especially for those facing a cancer diagnosis. Life insurance plays a critical role in that planning, offering peace of mind and financial protection for individuals and their families. 

Whether you’re currently battling breast cancer, in remission, or simply looking to protect your loved ones, understanding your life insurance options can help ensure you have the necessary coverage during and after a health challenge. To get a better understanding of how life insurance works when facing a cancer diagnosis, we spoke to with Karen Terry, assistant vice president and head of LIMRA’s Insurance Product Research.

What follows is a lightly edited version of our conversation. 

Insure.com: Can you get life insurance if you have a personal or family history of cancer? 

Terry: Having a family history of cancer won’t prevent you from getting life insurance, however, it might increase the premium you’re offered, as you will be in a higher risk class than someone without a history of cancer. 

If you’ve had cancer and recovered, it is likely that you can still get life insurance after a waiting period, though this depends on the type of cancer you had and how advanced your cancer was. For some very aggressive types of cancer, you may be considered uninsurable regardless of how long you have been in remission. Carrier requirements vary but the longer you have been in remission, the better your chances are of qualifying for coverage.  

Insure.com: Does life insurance cover death caused by cancer?  

Terry: Life insurance covers death caused by cancer. Several companies even offer optional riders that will pay a benefit while you are living if you are diagnosed with a chronic condition like cancer that makes it difficult for you to perform basic activities of daily living such as dressing, walking, or bathing.  Additionally, some insurers have provided access to early cancer detection tests in an effort to help their policyholders live longer, healthier lives.

However, a life insurance policy might not pay a benefit for death caused by cancer if you don’t disclose your diagnosis. If you currently have cancer, have had cancer in the past, or have a family history of cancer, be honest when you apply. Insurance companies have the right to cancel your coverage if they determine that you were dishonest or omitted important health information when you applied. 

Insure.com: How does a personal history of cancer affect your life insurance rates? 

Terry: This again depends on the type of cancer. Some common, very easily treatable cancers might not impact your rates at all. In general, though, you will be considered higher risk and placed in a risk class with higher premium rates. 

This emphasizes the importance of purchasing life insurance as early as possible. Rates already rise as you age, and a history of cancer will magnify the increase. Another thing to keep in mind is that many term policies — which are particularly affordable for younger buyers — can be converted to permanent coverage down the line with rates based on the initial health of the buyer.

Insure.com: Why is it important to have life insurance to protect your family if you’ve had cancer? 

Terry: Life insurance is an important part of any financial plan, regardless of whether or not you have had cancer. If others rely on you for income or care, it’s essential to ensure their financial stability and support in the event of your passing.

If you have a cancer diagnosis you likely have thought about how your family would manage without you. Having life insurance provides peace of mind, knowing your loved ones will be financially protected.

Insure.com: What types of life insurance policies are best for individuals with a history of cancer?  

Terry: The best life insurance is the one that aligns most closely with your personal needs. Some types are easier to get if you have a severe medical condition, such as guaranteed issue products that don’t require you provide your medical history. These types of policies are more expensive than traditional life insurance because the risk of you dying at an earlier age is higher. 

Depending on the type of cancer you’ve had, or the length of time you’ve been in remission, many insurance companies may offer you a traditional life insurance policy at a higher premium than someone without a cancer history, but lower than guaranteed issue rates. At that stage, your discussion with your agent should focus on choosing the type of insurance—whether term or permanent—that best suits your needs.

You may also be able to get employer-sponsored life insurance. If your employer provides life insurance as part of their benefits package, you’re automatically eligible for that coverage. However, it’s important to remember that if you leave the company, you’ll lose that protection.

Insure.com: How can you improve your chances of getting life insurance coverage after a cancer diagnosis? 

Terry: Consistently following your doctor’s instructions regarding follow-up scans and treatment protocol is important — this improves your chances of catching a return of your cancer quickly and make it more likely for you to be insurable. 

This is also true for other types of health issues. People who have been diagnosed with certain medical conditions and manage those conditions — through medication and maintaining a healthy lifestyle — are more likely to live longer, healthier lives and therefore are more likely to be considered insurable. 

Insure.com: Can you qualify for life insurance if you are currently undergoing cancer treatment? 

Terry: You can purchase a final expense or guaranteed issue policy while you are in treatment. For more traditional life insurance policies, most carriers require that you be in remission for a certain period of time.

Insure.com: What steps should you take to find the best life insurance coverage if you have had cancer? 

Terry: There are many companies that provide information for cancer patients and survivors on their websites. You can also work with an agent who can help you compare policies to find the best coverage that you can qualify for.

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Karen Terry

 
  

Karen Terry leads the Individual Product Research team, developing and implementing LIMRA's research program for individual life, disability, long-term care and critical illness insurance products in the U.S. and Canada.

Disclaimer:

The opinions expressed by outside experts in Insure.com’s “Expert Opinion & Commentary” section reflect those of the author and do not necessarily reflect the views of Insure.com, its parent company QuinStreet Inc. or any of its affiliates and employees. Our editors review these articles and monitor them for accuracy after they've been posted, but the insurance industry sees constant rate changes, regulatory shifts, and other changes. Readers should always check an insurance company's website or contact.