Life Insurance Options for Cancer Survivors & Patients in Canada

Can you get life insurance if you have cancer?

If you’re currently undergoing cancer treatment, you can still get life insurance, but your options are usually limited to guaranteed issue policies. When applying for a guaranteed issue or high risk life insurance policy, you don’t have to share any medical information, which can make coverage more accessible for eligible applicants. 

Once you’ve been in remission for the required period (which varies by insurer), you may become eligible for fully underwritten coverage; however, you’ll still need to disclose your cancer history as a pre-existing health condition.

Start by applying for a standard, fully underwritten policy. This offers the most affordable coverage, even if you have to undergo a medical exam and receive a rating.

Factors that impact life insurance eligibility with cancer

Your cancer diagnosis is a key criteria in eligibility for life insurance, but it’s not the only one. Insurers care about some key factors with regard to your health:

• Type of cancer
• Stage at diagnosis (early-stage vs. advanced)
• Age at diagnosis
• Treatment status (active treatment vs. remission)
• Time since diagnosis/treatment completion
• Prognosis and survival rates

Companies want to assess your specific risk level before issuing a policy, so they need to know more than just your cancer status. Sharing additional information about your unique cancer history and treatment ensures that you get a fair quote for coverage.

The best path to try first

For most Canadians who are eligible, including cancer survivors, the best first option to try is a fully underwritten term policy. This type of underwriting includes a health assessment in order so you can get the cheapest rates possible, given your history.

• Fully underwritten coverage: Lowest cost and highest coverage potential. Ideal for people with early-stage cancers and long remission periods.
• Simplified coverage: Fewer medical requirements than fully underwritten coverage, but higher premiums. Ideal for people who want a simpler application process or may not qualify for the best traditional rates.
• Guaranteed issue coverage: Smaller coverage amounts with minimal to no underwriting (a type of no medical life insurance. Ideal for people who may have difficulty qualifying for traditional coverage.

Guaranteed issue may be worth considering if traditional underwriting isn’t available to you right now, or if you’ve been declined elsewhere.

Types of life insurance for cancer patients and survivors

Cancer patients and survivors in Canada can consider three types of life insurance:

• Fully underwritten
• Simplified issue
• Guaranteed issue

Within these categories, you can find term life insurance or permanent life insurance policies. Fully underwritten coverage will likely require you to complete a medical exam and submit additional health documents; guaranteed-issue policies offer you coverage with no medical exam.

If you can qualify, fully underwritten term life insurance policies are the best choice for most Canadians. 

Each type has advantages and drawbacks for policyholders, including eligibility criteria. Expect to pay less for lower risk cancers or long-term remission. Here’s a comparison of their features.

^{*Eligibility rules still apply. Coverage availability varies by insurance provider.}

Guaranteed issue insurance plans have a much lower tax-free death benefit (and higher premiums) compared to other life insurance options. If you can’t qualify for standard life insurance, guaranteed issue policies can ensure that your loved ones get some kind of lump-sum payment for financial support.
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Read the policy details

The two-year waiting period with simplified and guaranteed issue policies means that your beneficiaries will only receive your premiums back—not the full payout—if you pass away from non-accidental causes.

How much does life insurance cost with a cancer history?

Cancer survivors can generally expect to pay more than the average cost of life insurance, which is $20 to $65 per month. But the complicated reality is that insurance premiums depend on so many factors, it’s difficult to estimate based on cancer history alone.

These general guidelines can help cancer survivors get a sense of how much they could pay for coverage:

• Standard vs. no-medical life insurance policies: You’ll pay less for standard insurance products, even if you receive a rated policy due to the health risks associated with having had cancer.
• Type, stage, and prognosis: You’ll pay less if you had an early-stage, fully removed, or low-recurrence cancer.
• Time since diagnosis/remission: You’ll pay less the longer it’s been since your diagnosis or successful treatment.
• Overall health and lifestyle: You’ll pay less if you maintain a healthy lifestyle, don’t smoke, and have no other chronic conditions or incidents (like heart attack) in your medical history.

The best way to find out what you’d pay is simply to get a quote. Get no-obligation life insurance quotes online from multiple life insurance companies to understand the average range for your specific health issues.

Typical waiting periods after cancer

While there’s no set figure, the average waiting period to be eligible for standard life insurance after cancer is 5 years remission.

Recently treated for cancer?

Your application may trigger a manual review or be postponed until you’ve been in remission for at least 2 years.

The specific time period depends on how long you’ve been in treatment, what type of cancer, and what your labs say. Waiting periods also depend on the insurer, as each provider has its own approval and rating guidelines. 

What to expect when you apply for life insurance

Cancer survivors should expect to provide health information about their cancer history when applying for a fully underwritten standard life insurance in Canada. The first step is to decide how much insurance you need using a life insurance calculator.

1. Fill out your basic personal information. This includes your name, address, and birthdate.
2. Choose your preferred policy. Select the type of policy and insurance coverage limit for which you’re applying.
3. Answer the medical questionnaire. Disclose your history of cancer and answer all the survey questions about other pre-existing conditions.
4. Wait to hear back from manual underwriting. Cancer history will flag your application and it will be sent to a human for manual underwriting.
5. Respond with additional health information. The underwriter may request medical records, physician letters, and treatment dates. You may need to schedule a medical exam.
6. Wait while it is processed. Complex applications take more time to review. You may wait weeks or even a few months to hear back, depending on how long it takes the underwriters to receive the required medical information.
7. Receive approval or denial. If you’re approved, you can evaluate the cost, the coverage, and the exclusions before committing. If you’re denied, you can appeal, apply elsewhere, or consider a no-medical policy.

What to do if you’re denied traditional life insurance

If you are denied traditional life insurance, cancer patients and survivors have alternative coverage options:

• No medical policies (simplified and guaranteed issue)
• Group life insurance through your employer

You can also wait and try reapplying in the future, after your health status stabilizes or once more time has passed since your diagnosis or remission. Across all cancer types, around 64% of people are expected to survive at least 5 years after their cancer diagnosis, according to data from the Canadian Cancer Society, so you may have a better chance at qualifying for coverage once you’ve been in remission longer.

FAQ: Life insurance for cancer