Last Updated: February 2021
Are you searching for affordable life insurance with colon cancer?
It is possible and we’re here to help you find it! We have many years of experience helping people with colorectal cancer, both colon and rectal, find the best life insurance rates available. With access to over 60 life insurance companies, we know which companies look most favorably for high-risk-life insurance.
In this article, we’ll cover the following:
- Can You Get Life Insurance with Colon Cancer?
- Underwriting: What Life Insurance Companies Will Ask About Your Colon Cancer
- The Type of Cancer You Have Affects Your Rates
- The Best Life Insurance Companies for People with Colon Cancer
- How to Apply for Life Insurance with Colon Cancer
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
To purchase and be approved for life insurance with colon cancer, you will need to be in remission. Purchasing life insurance with colon cancer currently will require you to consider life insurance options such as guaranteed issue life insurance.
Can You Get Life Insurance with Colon Cancer?
You can purchase life insurance only if you are in remission. However, guaranteed issue life insurance is available for someone who currently has cancer.
Below are some of the most common questions we get about life insurance and colon cancer.
What is Colorectal (Colon) Cancer?
There are more than 200,000 new cases of colorectal cancer diagnosed in the United States each year. It’s the third leading cause of cancer in the US. Colorectal cancer is also referred to as colon or rectal cancer, depending on where the cancerous polyps started growing.
What are the Risk Factors for Developing Colon Cancer?
While doctors are unclear what causes colon cancer, here are some of the risk factors that may lead to developing colon cancer:
- Heavy alcohol use
- A high-fat, low-fiber diet
- Family history of colon cancer
- Inflammatory intestinal diseases
Underwriting: What Life Insurance Companies Will Ask About Your Colon Cancer
When applying for life insurance with cancer, it is helpful to know ahead of time what kinds of questions underwriters might ask, and what information they might need to process your application.
You will need to Answer Health Questions on the Life Insurance Application
When shopping for life insurance, the carriers will assess your case by asking a series of health questions. Here’s what we need to know in order to secure the best rates available:
- When were you diagnosed?
- What treatment plan did the doctors use?
- Date of treatment completion?
- Do you currently take any medications?
- What stage was the cancer?
- Have you had a recurrence?
- When was your last colonoscopy?
- What was your CEA level at your last colonoscopy?
If you don’t have the answers to these questions, we can find much of this information by reviewing a copy of your pathology report (the document that your doctor provided to you with information regarding your diagnosis).
Remember, it’s in our best interest to find you the lowest rates available to you.
It’s important to be as detailed and upfront as possible in order for us to know which carriers to send your case.
Most likely we’ll have to send your specific risk to a few underwriters and see which one will give you the best offer. The turnaround time on providing an offer is typically 24-48 business hours.
The Type of Cancer You Have Affects Your Rates
The more severe your cancer is, the more difficult and more expensive it will be to obtain life insurance. Even though every person’s case is unique, the underwriters have categories that help them determine a starting point for rates.
They take into consideration several things: 1) the stage and grade of cancer, 2) the type of treatment (surgery, chemotherapy or radiation), and 3) how much time has passed since the last treatment.
In Situ / Stage 0
We work with one particular insurance carrier who will offer preferred rates (the lowest, most inexpensive rates available to you) as long as you’ve been in remission for the past 10 years, and the cancerous polyps were surgically removed.
If the cancer was treated with chemotherapy or radiation, you would not qualify for these rates with this particular insurance company.
Stage I and Stage IIA (Duke’s Stages A and BI)
Preferred rates are also possible with another insurance carrier if you have only had Stage 1 cancer, and haven’t had any other cancers.
To qualify, you must not have been treated with chemotherapy or radiation. If you have had chemotherapy or radiation, we will shop your case to another insurance carrier however preferred rates are highly unlikely.
Once seven years have passed since your last treatment, you may qualify for standard rates (the next best rates after preferred and still very affordable).
If less than seven years have passed since your last cancer treatment but at least one year has passed, you may qualify for Standard rates plus a flat extra.
This means that in addition to the standard rates premium, the insurance company will also charge an additional “flat extra” of $7.50. For every $1,000 of insurance coverage purchased, the insurance company will charge an additional $7.50 annually.
The table below illustrates how much more you could expect to pay per year with this flat extra.
As you can see from the table above, the flat extra can really add to the bottom line, however, the good news is that insurance coverage is possible.
Unfortunately, if it’s been less than one year since your last treatment, the insurance companies will decline your application.
Stage II (Duke’s Stage B2)
If you were diagnosed at Stage II, and it’s been at least two years since your last treatment, the insurance companies will charge a $10 flat extra. Once you hit your nine-year anniversary, you can qualify for standard rates with a small group of companies.
The insurance companies will decline your application if it’s been less than two years. Here’s what you can expect to pay in addition to the Standard rates with that $10 flat extra.
Stage III (Duke’s Stages C1 and C2)
The insurance companies will decline your life insurance application if your colon cancer involved more than two lymph nodes. At this stage, you’ll only qualify for a graded death benefit policy. If your cancer was in less than two lymph nodes, you have to wait for five years to qualify for coverage, and then it will be a very expensive Table 2 rating plus the $10 flat extra.
Once you’re 10 years post-treatment, you may qualify for a Table b rating.
Stage IV (Duke’s Stage D)
This stage is an automatic decline from the insurance companies, however, you can still obtain a graded death benefit policy.
The Best Life Insurance Companies for People with Colon Cancer
The real key is using the right life insurance company. We’ve worked with so many people over the years who were declined by an insurance company, sometimes several insurance companies, before they contacted us.
We pride ourselves in matching up each individual case with an insurance company that will view that case most favorably and ultimately provides the most affordable life insurance option.
If you’re curious about which insurance company can insure you after being diagnosed with colon cancer, we’ll outline them for you.
AXA Equitable Life Insurance Company
The best possible rating that someone with Colon Cancer would qualify for is Standard Plus rates.
You must be over 50 years old to qualify and be 10 years post-cancer treatment. Other considerations include, but are not limited to, surgical treatment only, early-stage cancer, and excellent follow-up.
Mutual of Omaha
MOA offers Preferred rates to those who were diagnosed with Stage 0 or 1 only. You must have had regular surveillance without dysplasia, villous adenomas, or malignant polyps.
Preferred rates are available to individuals who are 15 years of post-cancer treatment, and Standard rates are available to those who are at least 10 years of post-cancer treatment. You can read more about Mutual of Omaha here.
Preferred rates are available with Symetra for individuals who had Stage 0 or 1 only. The cancer treatment must have been surgical only, therefore no cancer treatment of chemotherapy or radiation is allowed.
Also, this insurance carrier only offers Preferred rates to those who have had only colon cancer, meaning no other cancer diagnoses are allowed.
Transamerica offers Preferred rates to those who have had Duke’s AI or AII, who have had their cancer surgically removed (chemo and radiation are disqualified for Preferred rates), who are either 5 or 10 years post-cancer treatment (depending on the severity of the cancer), and people who have had appropriate surveillance and follow-ups.
How to Apply for Life Insurance with Colon Cancer
If you don’t see your specific situation outlined above, or simply have questions, we understand! We’re here to help guide you through this process. Here are some next steps:
- Complete the quote form on this page
- Complete this contact form OR
- Call us at (888) 430-7668
Also, be sure to check out our other guides below to learn more about how different types of cancer can affect life insurance approval and rates.
Leave a Reply