Even for those who have experienced cancer or are in remission, obtaining life insurance is achievable, albeit potentially more limiting. The available options are based on factors like the type of cancer you had, your diagnosis, if you're in remission, and the duration of remission. Though some might face higher charges than individuals without a history of cancer, a relatively small guaranteed issue policy could be an obtainable solution.
MassMutual is considered the preferred life insurance provider for individuals who have had cancer or are currently in remission, according to Investopedia research. However, it's necessary to consider other providers as well to find the most suitable fit for your needs.
MassMutual's recognition stems from its ability to cater to individuals who have been affected by cancer and even consider some for underwriting risk classes, known as Ultra Preferred-its peak category. This is an idealized scenario, and although not everyone will qualify, it could lead to considerable savings on premiums.
The company also provides two living benefits with some policies, enabling you to access your death benefit for funds if you fall seriously ill. Moreover, MassMutual boasts an admirable customer satisfaction record and the maximum available financial strength rating.
Options for full underwriting are available from MassMutual for patients who have survived cancer. For instance, survivors of stage 1 papillary thyroid cancer may qualify for a preferred risk class after just two years in remission. Furthermore, remission periods of five or seven years could make prostate cancer survivors eligible for Ultra Preferred rates.
In contrast, Nationwide Insurance, though a close second to MassMutual, states that some individuals in remission can be considered for its Standard Plus risk class, which translates into lower rates. Additionally, Nationwide includes three living benefits with no additional expenses in many policies and offers a purchasable long-term care rider with some policies.
Other companies such as Mutual of Omaha and AAA Life Insurance offer online applications for guaranteed issue policies, which don't require any medical information, making them a good option for those who may not qualify for other policy types.
On the other hand, Transamerica offers three burial insurance policies for cancer survivors. These policies are available as long as the individual has been in remission for a minimum of two years. Coverage can range anywhere from $1,000 to $50,000 at any age up to 85.
All these options epitomize the various offerings available in the market that cater to cancer patients and survivors in their quest to secure life insurance policies.