Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jul 14, 2021

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The Brief

  • Life insurance for cancer patients is challenging to secure
  • Almost all cancer patients can purchase guaranteed issue life insurance
  • If remission is possible, wait to apply for life insurance until you’ve maintained good health for a few years

Securing life insurance for cancer patients can be challenging, but you have options.

Keep reading to understand how your specific cancer diagnosis and future prognosis heavily impact your life insurance options. For example, life insurance for breast cancer is treated differently than lung or pancreatic cancers.

After learning about life insurance rates for cancer patients, remember to enter your ZIP code above to compare quotes from the top providers in your region for free.

What are the best life insurance policies for cancer patients?

Life insurance can bring you peace of mind and financial protection for your family during an otherwise stressful time. So you might be wondering, is affordable life insurance for cancer patients even attainable?

Ultimately, finding the right life insurance company for cancer patients can take some time.

This is because your coverage options depend on the type of cancer you have, the severity of the diagnosis, and your future prognosis.

See what we mean by comparing the two types of cancers below:

Some companies offer specific cancer insurance, which is different from life insurance for a cancer diagnosis.

No matter how severe your condition, almost anyone can purchase a policy from guaranteed issue life insurance companies. However, this coverage is often quite expensive despite providing a smaller death benefit.

On average, guaranteed issue life insurance quotes for cancer patients costs $759 per month.

If you’re in remission and have maintained good health for several years, you can usually qualify for traditional term life insurance or whole life insurance.

Even so, you might be placed in a substandard life insurance risk class, leading to higher rates, especially if you developed any pre-existing conditions.

Compare standard versus substandard costs for a 20-year term policy with a $250,000 death benefit in the table below:

Average Monthly Term Life Insurance Rates for Cancer Patients: Standard versus Substandard Rates
AgeAverage Standard Monthly RatesAverage Substandard Monthly Rates (25% Increase)
25-years-old$10.77$13.46
30-years-old$10.82$13.52
35-years-old$11.12$13.90
40-years-old$12.82$16.02
45-years-old$16.01$20.01
50-years-old$22.99$28.73
55-years-old$32.36$40.45
60-years-old$51.82$64.77
65-years-old$90.62$113.27
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Another potential insurance option for cancer patients is burial or final expense insurance. The death benefit is smaller, as are the monthly costs, so compare life insurance rates and companies to find the best policy for you and your family.

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How does cancer impact your life insurance rates?

Cancer impacts your life insurance costs due to the life-threatening risks associated with the disease. According to the National Cancer Institute, 1,806,590 new cancer cases were diagnosed in 2020, and over half a million patients did not survive.

If you developed any other pre-existing conditions or cannot prove you’re in remission, it can lead to very high premiums or application rejection. If cancer runs in your family history, that might also affect your life insurance costs.

Fortunately, if you receive a cancer diagnosis after purchasing life insurance, you remain covered.

Life Insurance for Cancer Patients: The Bottom Line

With a bit of effort and research, you can secure certain types of life insurance with pre-existing cancer.

Consider working with a company familiar with the nuances of the disease, especially regarding your diagnosis.

Now that you know how to buy life insurance for cancer patients, shop around for coverage by entering your ZIP code into our free rate tool below and receive rates from reputable insurers near you.