Best Life Insurance for Cancer Patients

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 and an above average ranking in the 2021 J.D. Power U.S. Individual Life Insurance Study. But if you’re looking for a traditional whole life policy, you’ll need to look elsewhere. 

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.

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 do, you’ll have access to affordable coverage with higher limits and 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 had fewer complaints with the NAIC over the last three years than expected given the company’s size.

Transamerica offers two 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. The Easy Pay 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. But if you can only qualify for a policy with a graded death benefit, be sure to compare quotes. 

There are also some customer satisfaction concerns with Transamerica—the company received a poor rating in the J.D. Power 2021 U.S. Individual Life Insurance Study and also received more complaints with the NAIC than expected over the last three years, given its size. Transamerica is financially strong, however, with an A (Excellent) financial strength rating from AM Best.