Find the best life insurance for cancer patients

Q: Does life insurance cover death from cancer?

Yes, most life insurance policies cover death from cancer, provided that all premiums have been paid and the policy is active. However, it’s important to note that if the policyholder had cancer at the time of application and failed to disclose it, the claim may be denied.

Q: Can I get life insurance while undergoing cancer treatment?

Yes, but your options may be limited. Policies like guaranteed issue life insurance can provide coverage without any medical underwriting, though premiums are higher and benefit amounts are lower.

Q: What is the best life insurance for stage 4 cancer patients?

For stage 4 cancer patients, guaranteed issue life insurance is often the most accessible option. These policies do not require medical underwriting, making them suitable for individuals with advanced illnesses.

Q: Can group life insurance cover cancer patients?

Yes, group policies offered through employers typically don’t require medical underwriting, making them a viable option for cancer patients. But know that coverage may be limited and could end if you leave your job.

Q: Is life insurance more expensive for cancer survivors?

Yes, cancer survivors are often considered higher-risk applicants, so premiums may be higher compared to individuals without a history of cancer.

Looking for life insurance as a cancer patient? We can help – connect with one of our licensed brokers to uncover all your options today.

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How to get life insurance for cancer with Ratehub.ca

Tell us a bit about yourself
Life insurance is specific to you, so we'll need a few details to customize your policy.
Speak with an insurance broker
A broker will be in touch to show you all your options as a cancer patient and help you choose.
Finalize your policy selection
If your policy isn't guaranteed, you may need a medical exam to finalize it, but you'll be guided through the process.

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Can you get life insurance if you have cancer?

Matt Hands, VP, Insurance

January 12, 2025

The simple answer is yes, but it can be complicated. Traditional life insurance plans come with a medical underwriting process, and many insurers will deny you coverage based on your health status – it largely depends on the type, stage, and treatment status of your cancer. You may even need to be in remission for a few years before you're approved.

If you're denied, there are still many other options you can consider for life insurance coverage, including guaranteed-issue policies. Be sure to work with a trusted broker to go through all your options, especially because your case will be unique.

Does life insurance cover cancer?

A life insurance policy pays out a death benefit to your loved ones upon your passing, and this generally includes cancer-related deaths. However, if you're looking for coverage in the event you'ere diagnosed with cancer, that's a different product – critical illness insurance.

Critical illness insurance is exactly what it sounds like. If you're diagnosed with a covered condition – which can range from a whole list, including certain types of cancer, heart attack, and stroke – your insurer will pay out a pre-determined lump sum as a living benefit. The funds can then be used for all different expenses, be it for medical bills, home modifications, or even a much-needed vacation.

The best life insurance for cancer patients

As a cancer patient, it’s essential to understand the different types of life insurance available, as your options may be more limited compared to others.

Policy type	Description
Term life insurance	Term life insurance only covers you for a set period of time – such as 10 to 30 years. Once the term passes, the coverage expires. It is best used for temporary needs, such as to pay off a mortgage.
Permanent life insurance	This includes whole life insurance and universal life insurance. These plans cover you until you pass, provided you continue to pay all the premiums. They also come with cash value which you can access during your lifetime. They are best used for long-term needs, like estate planning and legacy planning.
Group life insurance	This is through group benefits (e.g. employer-paid life insurance) and can come in the form of both term or permanent coverage – although term is much more common. While enrollment may be automatic, there are often limitations to the death benefit and coverage choices.

Policy type	Description
Simplified issue life insurance	Also known as no medical life insurance, these plans come with a more simple underwriting process (typically a medical questionnaire). Premiums tend to be higher and coverage options may be limited.
Guaranteed issue life insurance	These plans are generally guaranteed to be approved as there is no medical exam or health questionnaire involved. It can be a great last resort for those who don't qualify for other options, but premiums can be extremely high while coverage options may be limited.

Traditional policies, including term life insurance and permanent life insurance, typically involves extensive medical underwriting, including a questionnaire and an exam. While approvals can be challenging, exceptions may be made for those who have been cancer-free for a few years or in special cases, such as malignant melanoma that has been successfully removed.

Because of the approval process, life insurance from a group policy can be a viable option for those living with cancer. These policies are typically issued through work and don’t require any medical underwriting for you (or your dependents). However, the downside is that coverage is less flexible, and if you stop working for any reason (including illness), you could lose the coverage. Consider supplementing your group policy with an individual plan if you go this route.

Other options would be plans that are catered to those with pre-existing conditions which include simplified issue life insurance (also known as no medical life insurance) and guaranteed issue life insurance. The caveat is that premiums for these policies are often very high, and coverage amounts may also be capped (e.g. $50,000). Despite the limitations, such options can be a solution to covering certain end-of-life expenses for your loved ones, such as funeral costs.

Again, be sure to speak with a licensed life insurance broker in Canada about your specific situation. Your health status will be assessed differently by each insurer, so it’s important to review and compare all your options carefully with the guidance of a professional.

When should cancer patients apply for life insurance?

When it comes to shopping for life insurance with cancer, timing can play a crucial role in approval. While we've covered all the available plans above, here is a general breakdown of the different options, depending on when you apply.

Application time	Life insurance options
Before any signs of pre-existing conditions	This is when you'll have the most options, especially when it comes to traditional plans (term life and permanent life). Premiums will also be cheapest while you're young and healthy.
<2 years post-diagnosis	Guaranteed life insurance will be your best bet, followed by simplified life insurance in some cases. But be aware of any waiting periods (e.g. two years before you're able to make a claim).
2-5 years post-diagnosis (stable)	You'll likely qualify for simplified plans, and you may even be approved for traditional life insurance with more flexible options – but know that rates may be much higher due to your health risks.
5-10 years post-diagnosis (stable)	You'll likely qualify for traditional life insurance plans that give you more flexible coverage options. But again, your rates may be much higher because of your risk of isurability.
10+ years post-diagnosis (stable)	You'll have even more options when it comes to traditional life insurance. Plus, your rates may be lower – and more comparable to those without a cancer diagnosis – provided your condition has been stable.