PolicyMe content follows strict guidelines for editorial accuracy and integrity. Learn more about our editorial guidelines.
The best type of life insurance for cancer patients is guaranteed issue policies. Insurers will approve this type of policy without any of your medical information.
But this comes at a cost because life insurance companies treat these applicants like they're all equally risky to cover.
Life insurance advisor, Tobin Tuff says,
“Guaranteed issue policies are more expensive than a traditional life insurance policy, with smaller payout options.”
“And, like with most life insurance, there is a two-year waiting period. So if you pass before then, your loved ones will only get a return of premiums, not a payout.”
Here’s what Tobin says about other life insurance options if you have cancer:
Here is a breakdown of how these types of life insurance compare:
The best type of life insurance for cancer survivors depends on how recently you went into remission.
Three in four Canadians diagnosed with cancer are expected to recover, says the Canadian Cancer Society. So if you waited to get life insurance, you still have options!
Here are some of your life insurance choices as a cancer survivor:
Have you been in remission for three or more years? You can qualify for one of the cheapest term life insurance on the market with PolicyMe.
We offer some of the best term policy rates in Canada (up to 20% more affordable).
The best life insurance companies for cancer patients are Canada Protection Plan, Assumption Life and CIBC Life Insurance.
We review companies that offer guaranteed issue policies, which is a type of life insurance that doesn't require without a medical questionnaire or exam.
But don't forget: these policies are pricey, have smaller payouts and are only for very specific life situations. Each option offers different coverage amounts.
Canada Protection Plan offers a life insurance policy called Guaranteed Acceptance Life. No matter your current health condition, you will be accepted.
Coverage: Up to $50K
Eligibility: Ages 18–75
Assumption Life offers term life and permanent life insurance options with fewer medical requirements. Their guaranteed issue life insurance is called Bronze Protection. Below are more details about it.
Coverage: Up to $50K
Eligibility: Ages 18–80
CIBC’s Guaranteed Acceptance Life Insurance product is not as robust as other companies but it can be a good last resort option. You can still get some coverage with it to help cover funeral and other expenses after your passing.
Coverage: Increments of $5K, up to $25K
Eligibility: Canadian resident aged 40–74
To get a life insurance quote for cancer patients, many companies have an online tool you can use to get an estimate.
But you can be eligible for a few different types of policies depending on your unique situation and type of cancer; so it might be a good idea to contact an insurance advisor at the company.
They can give you a quote and help answer your questions in more detail.
But tread carefully: many life insurance advisors are commissioned and incentivized to sell customers more coverage than they might require.
If you’ve been cancer-free for three years, you can get a life insurance quote with PolicyMe in just a few clicks. No commitment necessary.
No, if you have cancer, you cannot get traditional whole life insurance. However, you can get a guaranteed issue life insurance policy which can last your whole life, but coverage amounts will be much smaller than a typical life insurance policy.
Yes, cancer patients can get life insurance in Canada.
But some companies will deny you for certain policies if you have cancer, which is considered a critical illness. So, your best option is a guaranteed issue policy which does not require any medical screening.
Yes, if you have stage 4 cancer, you can get guaranteed issue life insurance.
Note that most policies will only give your beneficiaries the full death benefit after two years of the policy being signed. So, if you pass away before then, your loved ones will only receive a return on the premiums you already paid.
If you have cancer, you'll pay higher term life insurance premiums than a healthy person will. This is because you will likely need to get a guaranteed issue life insurance policy which is more expensive than traditional policies.
Shop around with different insurers who offer guaranteed issue life insurance to see your pricing options.
You can get life insurance while you have cancer or you can wait until you’ve been in remission for a few years. Each company has different policies so while some may require you to be in remission for at least three years to qualify, others might require ten.
If you are worried about leaving your family financially insecure in the event of your passing, it’s best to consider life insurance options sooner than later.
If your partner has cancer, it may be better to get spouse life insurance that way if your partner passes away first, they receive a payout.