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Life insurance for cancer patients provides peace of mind that your loved ones are protected against a potentially devastating financial burden should you pass away. With suitable life insurance, you won’t leave your surviving family members with a hefty bill for your final expenses or at risk of losing the family home. However, finding life insurance after a cancer diagnosis may be particularly challenging, and it may be difficult to find a suitable policy with an affordable premium.
To help, we looked at various options and companies, analyzing factors including cost, coverage options, provider network, and industry rankings. This round-up presents our top choices for the best life insurance for cancer patients.
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Why We Chose It: Mutual of Omaha is our overall category leader for life insurance for cancer patients because of their excellent history of client satisfaction, catalog of life insurance policies, and simplified underwriting alternatives that don’t require a medical exam.
WHAT WE LIKE
Options for no medical exam
Competitive rates
May cover a variety of health issues
WHAT WE DON'T LIKE
Potential two-year waiting period
The qualifying age is 75 in New York rather than 85 elsewhere
Minimal online account management
Mutual of Omaha has been serving clients since 1909 and currently offers a diverse range of offerings, including permanent and term life insurance. Their A+ (Superior) rating from AM Best speaks to their reliability.
A streamlined underwriting process, low monthly premiums, top ratings for customer satisfaction, and products suitable for cancer survivors make them a worthy overall pick.
An option for cancer patients ages 45 to 85 is the Living Promise policy, with coverage up to $40,000. Policies are guaranteed acceptance and you won’t need a medical exam. Living Promise policies may contain a graded benefit, meaning if you die during the first two years, your beneficiary will receive all premiums plus 10%.
You can get both a quote and purchase your policy online. Your premium is based on your answer to some basic health questions including tobacco use, medications you take, any family history of significant conditions like cancer, diabetes, or heart disease, and whether you’ve been diagnosed with any similar health issues.
Sample premiums for every $1,000 in coverage for a non-tobacco using 50-year-old man and woman are $38 and $32 per year, respectively, plus an annual policy fee of $36. For $40,000 in coverage, this is around $130 per month for a man and $110 for a woman. (Note that rates may vary by location.) This policy includes an Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider.
People in remission should contact Mutual of Omaha to determine if they could qualify for other life insurance products. This may depend on the type of cancer diagnosed, time in remission, and other factors.
Mutual of Omaha offers coverage in all 50 states.
