4 Best Life Insurance Companies for Cancer Patients

Mutual of Omaha is a great choice for cancer patients

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A cancer diagnosis can be devastating. And while being diagnosed with cancer can make it difficult to qualify for life insurance, it's not impossible. Depending on the type of cancer you have and how long you’ve been in remission, your diagnosis may raise your rates or preclude you from getting a traditional life insurance policy altogether. If you're currently undergoing treatment, your only option is a guaranteed issue life insurance policy, which does not take your health into consideration. But it's best to work directly with an agent to find the right policy for your situation.

To find the best life insurance companies for cancer patients, we evaluated 91 life insurance companies on over 50 different criteria. These include policy types, included benefits, available riders, premiums, AM Best financial strength ratings, J.D. Power customer satisfaction rankings, no-exam options, and complaints filed with the National Association of Insurance Commissioners (NAIC).

Best Life Insurance for Cancer Patients

Why Trust Us
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Companies reviewed
55
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Data points analyzed
We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews.

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4 Best Life Insurance Companies for Cancer Patients
4 Best Life Insurance Companies for Cancer Patients

Best for Financial Stability : Mutual of Omaha


  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: Yes
Why We Chose It

Mutual of Omaha has an A+ (Superior) rating from AM Best, which is better than the other four insurers included in our rankings.

Pros & Cons
Pros
  • A+ (Superior) financial strength rating from AM Best

  • Online application for guaranteed issue policies

  • Living benefits available to some cancer survivors

  • Guaranteed issue and simplified issue policies available

Cons
  • No traditional whole life policies

Overview

Mutual of Omaha has several options for cancer patients, depending on what you can qualify for. If you have a high-risk form of cancer or are currently undergoing treatment, your only option is a guaranteed issue whole life policy. You can apply online for coverage up to $25,000, and get an instant decision. Guaranteed issue life insurance does not consider your health when approving your application. This is one reason it placed first in our review of the best burial insurance companies. Note that the guaranteed issue policy has a graded death benefit, which means your beneficiaries will receive a return of premiums (plus 10%) if you die of natural causes during the first two years. 

If you’ve been in remission for at least five years, you may qualify for one of  Mutual of Omaha’s term or universal life insurance policies, but it’s likely that an attending physician’s statement (APS) and medical exam will be required. If you have a low-risk form of cancer, such as basal cell skin cancer or superficial squamous cell cancer, you may even qualify for a preferred plus rate class. 

With most plans besides the guaranteed issue whole life policy, Mutual of Omaha offers a variety of riders. And some plans include a terminal illness, chronic illness, and critical illness rider at no additional cost. Plus, you can customize your life insurance policy with a variety of other optional riders. 

Mutual of Omaha is a reputable insurance company with an A+ (Superior) financial strength rating from AM Best. Furthermore, Mutual of Omaha ranked third in J.D. Power's 2022 U.S. Individual Life Insurance Study. The company scored 801 which was far better than the average of 774. But if you’re looking for a traditional whole life policy, you’ll need to look elsewhere. 

Best for Guaranteed Issue : TruStage


  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A
  • Accepts Credit Cards: Yes
Why We Chose It

While TruStage's guaranteed issue policies have pedestrian coverage limits, you can apply for them and get approved in the same day, making it a convenient choice if you need a guaranteed life policy.

Pros & Cons
Pros
  • Online quote and application for all policies, including whole life

  • No medical exam required for any policy

  • Instant decision with coverage that may begin immediately

Cons
  • Very expensive term coverage

  • Low face amounts

  • No customization options

Overview

TruStage is another good option for guaranteed issue coverage, along with Mutual of Omaha, since you can purchase online and get same-day approval with some policies. However, the limit for guaranteed issue coverage is capped at $20,000 and premiums may be more expensive. TruStage also offers a simplified issue whole life policy (also without a medical exam) with coverage up to $100,000. It’s one of few companies to offer online quotes and applications for such a policy. However, if you’ve been treated or diagnosed with cancer  in the past five years (besides some skin cancers), you may need to purchase the guaranteed issue policy instead. 

It’s also important to keep in mind that TruStage doesn’t offer living benefits with its policies, meaning you can’t access the death benefit if you need care due to a chronic, critical, or terminal illness. That said, TruStage makes it quick and easy to buy a policy. And CMFG, the company that underwrites TruStage policies, has an A (Excellent) financial strength rating with AM Best and fewer complaints than expected with the NAIC over the past few years.

Best No-Exam Options : SBLI Life Insurance


  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A-
  • Accepts Credit Cards: Yes
Why We Chose It

SBLI provides no-medical-exam policies with up to $750,000 in coverage and great prices for term coverage.

Pros & Cons
Pros
  • Up to $750,000 in coverage with no medical exam for eligible applicants

  • Very good pricing for term coverage

  • Terminal illness rider included with all policies

Cons
  • No chronic or critical illness riders

  • No universal life insurance policies

Overview

If you’re between 18 and 60 and have been in remission for several years, depending on the type of cancer you had, you may be able to qualify for term or whole life coverage with accelerated underwriting from SBLI. If you qualify, this could be an affordable and accessible coverage option. All of the company's policies offer a no-cost terminal illness rider. SBLI also offers final expense coverage (with a graded death benefit for the first three years) that is capped at $35,000. 

You can’t get a quote for whole life coverage without talking to an agent, but you can buy term coverage entirely online. The main drawback is that SBLI doesn’t offer additional living benefit riders besides the terminal illness rider. If you want the protection of a critical or chronic illness rider and are in remission, consider coverage from Mutual of Omaha.

But if affordability is your main concern, we found that SBLI offers great value for applicants in good health. What’s more, the insurer has an A- (Excellent) financial strength rating with AM Best, which indicates an excellent ability to pay claims. SBLI also has had fewer complaints with the NAIC in recent years than expected given the company’s size.

Best Final Expense Policy : Transamerica


  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A
  • Accepts Credit Cards: Yes
Why We Chose It

TransAmerica's final expense policies provide immediate and graded policies, along with a robust $50,000 coverage limit without a medical exam.

Pros & Cons
Pros
  • Offers both immediate and graded final expense policies

  • Coverage limits up to $50,000 with no medical exam

  • Accelerated death benefit rider included

Cons
  • Poor customer satisfaction ranking with J.D. Power

  • More complaints with the NAIC than expected

Overview

Transamerica offers three final expense products that you may qualify for if you’ve been in remission for at least two years, depending on the type of cancer you had. We particularly like two of these policies. The Easy Solution comes with a graded death benefit for the first two years, has a limit of $25,000, and is more costly. The Immediate Solution is more affordable, offers coverage up to $50,000, and begins immediately, but may be harder to qualify for. It also comes with an accelerated death benefit rider that you can use to access a portion of the death benefit after you’re diagnosed with certain conditions or confined to a nursing home facility. Some people will only qualify for the graded death benefit policy. Try getting quotes to see what your options are.

There are also some customer satisfaction concerns with Transamerica. The company received a poor rating in the J.D. Power 2022 U.S. Individual Life Insurance Study and also received more complaints than expected with the NAIC over the last three years, given its size. Transamerica is financially strong, however, with an A (Excellent) financial strength rating from AM Best.

Compare the Best Life Insurance for Cancer Patients

Best For
AM Best Rating
AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.
Term Life Sample Cost
Policy Types
Accepts Credit Cards
Reset All
Mutual of Omaha Best for Financial Stability A+ $28.38/month Final Expense, Indexed Universal (IUL), Term, Universal (UL) Yes Get A Quote
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TruStage Best for Guaranteed Issue A N/A Term, Whole Yes Get A Quote
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SBLI Life Insurance Best No-Exam Options A- $24.23/month Final Expense, Term, Whole Yes Get A Quote
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Transamerica Best Final Expense Policy A $32.09/month Final Expense, Indexed Universal (IUL), Term, Whole Yes Get A Quote
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*Quotes above are examples of what a 40-year-old in excellent health might pay for a 30-year $250,000 policyGet life insurance quotes from multiple companies to find your best rate.

Final Verdict

The type of cancer you have (or had) and your current health will be determining factors in the type of coverage you’re eligible for and how much you’ll pay. If you need a guaranteed issue policy, get quotes from Mutual of Omaha, Trustage, and SBLI. If you have low-risk cancer or have been cancer-free for years, Transamerica offers additional options. Be sure to compare quotes from multiple companies once you’ve narrowed down your options to the policies that meet your needs. 

More Ratings of Top Life Insurance Companies

Frequently Asked Questions

  • Can you get life insurance if you’ve had cancer?

    Yes. No matter where you are in your cancer treatment, many people have options for life insurance. If you’re currently undergoing cancer treatment or if you haven’t been in remission very long, your options will be more limited—you may only qualify for a guaranteed issue life insurance policy, which comes with lower coverage limits and higher premiums. 

    However, if you’ve been cancer-free for at least a few years, you may qualify for simplified or traditional underwriting. This will allow you to access a term, whole, or universal life insurance policy with higher limits. Just bear in mind that your previous cancer diagnosis may still raise your rates.

  • How long after having cancer can you get life insurance?

    That depends on the life insurance carrier and the type of cancer you had. Basal cell carcinoma may not affect your rates at all. On the other hand, some forms of cancer can preclude you from getting life insurance from some companies for 10 years (or more). It’s important to work with an insurance agent to identify the companies that can cover you based on your current health. 

  • What is the best life insurance for cancer patients?

    For patients currently undergoing treatment, a guaranteed issue life insurance policy will be the best bet. You can get this type of policy regardless of your health status, but it comes with higher premiums and lower coverage amounts. And some companies only make these policies available to people at least 45 years old. If you’ve been in remission for some time, you’re better off looking for a company that can offer traditional or accelerated underwriting for better affordability and higher coverage.

    You may also qualify for a simplified issue policy, which only requires you to answer a handful of health questions—it’s typically less expensive than a guaranteed acceptance policy but more expensive than a policy issue with traditional or accelerated underwriting.

  • What happens with life insurance if you are diagnosed with cancer?

    Generally speaking, life insurance policies will cover you if you pass away from cancer. Most policies include an "all-cause" death benefit, which means you're likely covered even if you're diagnosed with a life-threatening disease like cancer.

  • Can you get life insurance with cancer risk?

    In most cases, yes, life insurance some companies may be willing to give you a policy even if you have a family history of cancer that increases your risk of getting cancer. However, it's likely that insurance companies may charge you a higher premium because of that risk, and it may be harder to find a policy.

How We Chose the Best Life Insurance for Cancer Patients

To compile our list of the best life insurance companies for cancer patients, we looked to our research on the best life insurance companies, which compared more than 50 data points on 91 life insurance companies. This data includes ratings for financial strength, customer satisfaction, and customer complaints, as well as information about years in business, cost, online tools, no-exam options, policy types and features, and available riders. 

Our review process gave preference to companies with superior financial stability, few customer complaints, and a robust suite of products and resources. In particular, we valued online quoting and application tools, transparent pricing, and no-exam policy options. 

For cancer patients, we paid particular attention to companies offering final expense and guaranteed issue life insurance. We compared individual offerings between companies by delving deeper into product specifics, including cost, graded death benefit periods, included riders, and product-specific application processes. 

A doctor and patient talk.
JGI/Tom Grill / Getty Images.
Article Sources
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