By Life has a way of taking unexpected turns, especially when it comes to your health. And if you’re suddenly faced with the uncertain future of a cancer diagnosis, you may be thinking about how your loved ones can remain financially secure if something happens to you.
Getting a life insurance policy is one way to ensure your family’s financial well-being in the worst-case scenario. And the good news is that there are options for life insurance for cancer patients.
Life insurance eligibility after a cancer diagnosis
The type of life insurance policy and coverage amount you’ll be eligible for depends on a few factors, including the specifics of your diagnosis, whether you’ve been in remission, and how long:
The specifics of your cancer diagnosis
Each life insurance company will assess your eligibility based on the details of your diagnosis. They might ask about the type of cancer, the severity, the date you were diagnosed, the stage, and your health history prior to your diagnosis. Those with certain cancers in more advanced stages may have fewer options or must pay higher premiums for coverage.
How long you’ve been in remission
Traditional life insurance policies, like term and whole life, often require that you’ve been in remission for a certain amount of time to qualify. The typical timeline is five or more years, but it varies depending on the insurer and the type of cancer. If your cancer is in remission, you may qualify for term or whole life insurance policies with more favorable premiums.
Life insurance policies for cancer patients
If you’re currently undergoing treatment or otherwise don’t qualify for a traditional term or whole life policy, there may be other options available, including:
- Group life insurance: Group life insurance is issued through an employer and doesn’t require a health exam up to a certain coverage amount. If you’re eligible through an employer, signing up for a group life insurance plan that’s guaranteed issue can give you a bit of coverage and peace of mind as you explore other options.
- Final expense life insurance: Final expense insurance is another type of guaranteed issue coverage, meaning you’ll qualify as long as you meet age requirements. This type of life insurance with no medical exam often has lower coverage limits, but can provide added peace of mind to you and your loved ones knowing they’ll be able to give you a proper service in case the worst happens.
The bottom line
The life insurance policy types and coverage amounts you’re eligible for after a cancer diagnosis will vary based on the type of cancer you have, its severity, and how long you’ve been in remission. Depending on your situation, speaking with a licensed life insurance professional may be the best way to help you understand which types of life insurance you may be eligible for and how much a policy will cost
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – 68000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One Insurance | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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