Best Life Insurance Companies for Cancer Patients

Best Life Insurance Companies for Cancer Patients

Having cancer or being in remission doesn’t necessarily mean you can’t get life insurance; it just means your options might be more limited. The kind of cancer you have, your diagnosis, whether you’re in remission, and how long you’ve been in remission all play a role in determining your life insurance options.

People with certain low-risk forms of skin cancer may not face additional hurdles when applying for life insurance. However, others might find that they have to pay more than those without cancer, if they can qualify for traditional life insurance at all. Still, you may be able to secure a relatively small guaranteed issue policy, which doesn’t require any health information to apply.

Best Overall: MassMutual

MassMutual stands out as a top choice for people in remission from cancer. It’s one of the few companies that explicitly state they accept applicants who have had cancer. Some may even be considered for an Ultra Preferred underwriting risk class—the company’s highest available classification—which could significantly lower premiums.

:max_bytes(150000):strip_icc():format(webp)/BestLifeInsuranceforCancerPatients-v1-9c8ecad237cf41c6a62a281a3c0b1252.png)

MassMutual offers living benefits with some policies, allowing you to tap into your death benefit while alive if you develop a serious illness. The company boasts the highest financial strength rating and an outstanding customer satisfaction record.

However, MassMutual doesn’t offer guaranteed issue policies, and applicants must contact the company or meet with an agent to apply, as online applications are not available.

Runner Up: Nationwide

Nationwide is a close second to MassMutual in terms of coverage for cancer survivors. It considers some applicants in remission for its Standard Plus risk class, potentially leading to lower rates. The company includes three living benefits at no extra cost with many policies and offers a long-term care rider for purchase.

Nationwide has a superior financial strength rating and a strong customer satisfaction record. Like MassMutual, it doesn’t offer guaranteed issue policies.

Best for Guaranteed Issue Insurance: Mutual of Omaha

Mutual of Omaha excels in offering guaranteed issue policies with an online application process eligible for instant approval. These policies don’t require medical information, making them accessible to those who might not qualify for other types of life insurance.

Coverage ranges from $2,000 to $25,000, and the company has a superior financial strength rating and good customer satisfaction ratings.

Also Great for Guaranteed Issue Insurance: AAA Life Insurance

AAA Life Insurance offers a competitive guaranteed issue whole life policy, especially for AAA members who receive a $60 annual discount. The policy includes an accidental death benefit rider that doubles the death benefit if the policyholder dies in an accident.

While AAA Life Insurance has a decent financial strength rating, its customer satisfaction record is poor, with more complaints than expected.

Best Burial Insurance: Transamerica

Transamerica’s burial insurance policies are particularly suitable for cancer survivors. You may qualify if you’ve had certain kinds of cancer and been in remission for at least two years. Coverage can range from $1,000 to $50,000 at any age up to 85.

Transamerica offers both immediate and graded burial insurance policies, with optional riders available. However, the company has a poor customer satisfaction record.

Why Trust Us

Investopedia’s research and ratings are independent and unbiased. Our team collected data from 45 companies based on dozens of criteria, evaluating coverage options for cancer patients and survivors, costs, financial stability, and other important features.

Our top picks were chosen based on a quantitative model that scores companies across six major categories: Coverage, Policy Features and Riders, Underwriting Options, Cost, Customer Satisfaction, and Financial Stability.