Getting Life Insurance After Lung Cancer Diagnosis in 2024
Written by Daniel Ray, Life Insurance Expert |
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Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you are in search about getting life insurance after lung cancer diagnosis, you’ve come to the right place!
It’s the last thing you want to think about, but if it happens, what are your options? You have to know that not every life insurance company will cover cancer. And even for those who do, there is no guarantee they’ll pay out after a diagnosis of lung cancer.
But, don’t worry! We’re here to help you figure this all out and make sure you have the knowledge necessary so that you can make an informed decision when considering your future coverage.
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Can You Get Life Insurance If You Have Lung Cancer
Yes. Above all being, diagnosed with lung cancer can be very stressful for the patient and for the family members involved. In fact, buying life insurance after cancer can be very challenging.
For instance, once you are diagnosed with cancer the best rating you can ever get is a standard rate! This usually consists of a period of time of at least 5 years after the cancer diagnosis and treatment.
This is the best-case scenario for life insurance for cancer patients.
My dad was a cancer survivor. He was diagnosed at age 63 with lung cancer. He was a veteran so he had great care through the VA. My dad had his upper left lobe removed and after some physical therapy, he was fine.
However, his cancer came back and metastasized in his brain about a year later. His treatment at this point was a gamma knife. Again, he survived!!
About a year later, his cancer came back in his bones and spread quickly. My dad passed away at the age of 66.
I tell this story because this is how the insurance company looks at you in the first few years and whether or not they want to take the risk. Just get covered, because when you really need it, you can’t get it!
How To Get Term Life Insurance With Lung Cancer
Obviously, it is hard to find life insurance after a cancer diagnosis or any other pre-existing condition. In fact, life insurance companies will have an extensive application process when determining if you are even eligible for life insurance.
Here are some of the factors that are important in assessing the risk:
- The tissue of origin (ie. colon, prostate, breast, etc.)
- Grade
- Stage
- Time since diagnosis
- What type of treatment
- Time since treatment has ended
- Any recurrences or relapses
Once they determine these facts then they can make an educated decision to take the risk or not.
Does Life Insurance Cover Lung Cancer
It is no secret that a lung cancer diagnosis will be considered high risk! However, if you are diagnosed after your policy was activated then there should not be an issue with the death benefits being paid out.
Again, getting coverage when you have lung cancer after the fact will determine the stage, grade, and whether cancer spread to the lymph nodes. This is usually a bad sign when trying to purchase a life insurance policy.
The good news is, even if you were just diagnosed with lung cancer or any other cancer such as breast cancer, you can still buy a policy. This policy is called a guaranteed issue life insurance policy or a guaranteed acceptance life insurance policy.
These policies have a graded benefit. This means that for the first two years of the policy is activated there will be no death benefit paid if death is because of an illness. However, if death does occur because of illness then ALL the premiums would be paid back plus ten percent.
If death occurs from an accident, then it pays out from day one!
Here are the top GI carriers we offer clients:
- AIG
- Gerber Life
- Great Western
How Long After Cancer Can You Get Life Insurance
As stated earlier, the best life insurance for cancer patients rate will be a standard rate. This is pretty standard with life insurance companies in the United States.
For one thing, this will also depend on the type of cancer one is diagnosed with. For example, if you had been diagnosed with in-situ prostate cancer and your prostate was removed then you would have standard rates be available almost immediately.
However, if you were diagnosed with lung cancer stage 2, then you would have to go through extensive treatment which would result in a longer period of time before you can get the best “cancer” rate.
Another factor that will determine when you get that standard rate is the treatment the cancer patient has had. Depending on the stage of lung cancer, here are the following treatments that could be in treating lung cancer:
- Surgery
- Radiation
- Radioactive Substances
- Chemotherapy
- Immuno-Therapy
- Hormone Therapy
These all will have a factor on what kind of rate or even being able to be approved.
How To Prevent A Diagnosis Of Lung Cancer
There are no guarantees that you won’t get lung cancer even if you take these precautions. But prevention is the key and being proactive is the best path to reduce your risk.
Here are the ways you can prevent and be proactive.
- Don’t Smoke/Stop Smoking
- Avoid Secondhand Smoke
- Avoid Carcinogens
- Balance diet of fruits and vegetables
- Exercise 3-5 days a week
Lung Cancer Statistics
Here are some lung cancer statistics. I am showing you these because life insurance carriers base everything off statistics when determining the rate class.
These statistics are based on 2016 numbers.
- Just under 250,000 consumers in the US were diagnosed with lung cancer
- Lung cancer is the most common cancer worldwide with just under 2 million cases and over 1.5 million deaths in 2012
- Survival rate at 5 years for lung cancer is about 18%
Be proactive and reduce the risk!!
FAQs
Depending on the cancer diagnoses, it can be two to five years.
Yes, as long as you had the policy before the diagnosis of lung cancer and any other cancer.
Cancer is considered a natural cause. Again, as long as your policy was activated before the diagnosis the policy will payout.
Yes, individuals with a history of lung cancer typically face higher premiums compared to those without such health issues. The specific increase depends on factors like the stage of cancer, treatment outcomes, and the time elapsed since diagnosis.
Waiting periods vary between insurance providers. Some may require a certain period of cancer remission or completion of treatment before considering an application. It’s advisable to check with different insurers to understand their specific requirements.
Yes, most life insurance applications will require you to provide detailed information about your medical history, including the lung cancer diagnosis. You may need to submit medical records, treatment details, and any relevant test results.
Yes, an independent insurance broker can help you navigate the complexities of obtaining life insurance after a lung cancer diagnosis. They can compare offerings from multiple insurers, increasing your chances of finding a suitable policy.
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Conclusion
The bottom line, stop putting off getting coverage because when you need it you won’t be able to get it. You don’t want to be the one to get life insurance for lung cancer patients.
So if you have a history of lung cancer in your family do not put it off. YES, IT CAN HAPPEN TO YOU. Get coverage now or get a critical illness policy that covers cancer.
Again, getting life insurance when you have been diagnosed with lung cancer can be very difficult. Work with the right agent. Call us anytime, 855-380-3300 ext 1.
