Surviving Cancer & Getting Life Insurance in Canada: What You Need to Know

09 06, 2023
Jake Smith

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Have you faced the battle against cancer and wondered – “Can I get life insurance now?” You're certainly not alone. Many people question whether they can secure life insurance after surviving cancer. The good news is that the answer is often, “Yes”.

Let's delve into the complexities of acquiring life insurance post-cancer and explore the paths that lead to securing your financial future for your loved ones, despite your health history.

Understanding Your Situation — Life Insurance & Cancer

Life insurance is a critical tool in ensuring your loved ones' financial stability if you're not there to support them. However, being a cancer survivor can impact your ability to secure life insurance. Don't let this discourage you — it's certainly possible, but you need to understand how insurance companies may view your application.

Essentially, most insurance providers generally consider cancer survivors 'high-risk' due to the potential recurrence or secondary cancers. But this doesn't mean you'll automatically be denied by everyone.

 

Man survivor from cancer preparing to undergo the application process.

 

What Factors Insurance Companies Consider

When assessing a life insurance application from a cancer survivor, insurance companies typically consider several factors:

Type of Cancer

Here, cancer refers to the specific type of cancer you had. Some cancers might carry higher risks of recurrence than others, which will influence your premium rates.

Stage & Grade

The stage and grade of your cancer at diagnosis depict the cancer's progression and aggressiveness – factors insurers take seriously when considering your application.

 

Insurers consider the type and stage of cancer during the application process.

 

Treatment

What treatments did you undergo? Were they successful? How long ago did they end? The nature and success of your treatments will impact your eligibility for life insurance.

Time since Remission

The longer it has been since you were declared cancer-free, the better your chances of securing a policy. Insurers typically require a period of 'waiting' or 'post-treatment' before they'll consider insuring you.

Providing accurate and detailed information about these factors can improve your chances of securing a life insurance policy after cancer.

 

Woman Survivor from Cancer Thinking about her Life Insurance Options.

 

Investigating Your Life Insurance Alternatives

Traditional Term Life Insurance

In any traditional life insurance policy, having a past cancer diagnosis might elevate your premium costs, or worse, lead to outright denial. But remember, each case is unique and analyzed individually, as every insurer takes different underwriting factors into account.

  • In Short: A history of cancer may lead to elevated premiums or denial from traditional insurance providers.

No Medical Exam Life Insurance

Here's the silver lining. Those who get denied traditional life insurance due to their past can look into No Medical Exam Life Insurance, also known as, Guaranteed Issue Life Insurance. Despite a higher premium cost for possibly lower coverage, this insurance type promises that no one applying for protection gets left behind, regardless of their health history.

  • In Short: No Medical Exam Life Insurance offers protection to every applicant, including cancer survivors.

 

Positive woman realizing that a Guaranteed Issue Life Insurance is best for her past cancer history.

 

Discover the Ease of Insurance with Specialty Life's No Medical Exam Term Life Plan

With Specialty Life's Term Life Plan, convenience goes hand in hand with comprehensive coverage. Our easy health questionnaire can get you covered swiftly without the need to recall every detail of your health's past. All you need to get started on securing your future is positivity in your responses.

  • Quick Approval: You can bypass the lengthy approval process that comes with traditional insurance. Get instant approval without medical exams or lengthy health questionnaires.
  • No Medical Examination: As a cancer survivor, you may not want to go through a medical exam. With the No Medical Exam Term Life plan, you don't have to.
  • Flexible & Convenient: The application process is simple and entirely online, saving you time and energy. Plus, you can choose from policy terms that suit your financial situation and family needs.
  • Straightforward Coverage: The terms of the policy are clear and straightforward. There's no fine print or hidden clauses, so you know exactly what you're getting.
  • Affordability: The No Medical Exam Term Life plans from Specialty Life are generally more affordable relative to other life insurance policies designed for high-risk individuals. Moreover, you can opt for coverage that's tailored to your budget.

At Specialty Life, we believe that your past fight with cancer shouldn't hold you back from securing your family's financial future. With our Term Life Plan, coverage is achievable, just steps away.

 

An elated young Canadian resident beginning her application for Specialty Life’s No Medical Exam Term Life Plan online.

 

Conclusion

While a past cancer diagnosis can complicate the path to securing life insurance, remember that coverage is always within reach. At Specialty Life, we believe in the power of insurance to provide peace of mind and protect loved ones' financial futures. Regardless of your health history, we are committed to working with you to find a solution that suits your needs and circumstances.

Whatever your journey, there's a life insurance product tailored for you – and we are here to guide you through the process.

 


 

Secure Your Financial Future with Specialty Life

Overcoming cancer is a significant achievement, and getting bitter with life insurance should not add to your stress. Let our experienced advisors help you secure the life insurance coverage you require.

Act today, give your loved ones the gift of financial stability and the protection they deserve with Specialty Life.

GET YOUR QUOTE NOW!

 

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