Life Insurance Quotes for Cancer Sufferers in Canada


Not sure if you can get a life insurance with cancer?

For some cancer survivors, obtaining a comprehensive life insurance is not as difficult as you might think. Many insurance companies keep a variety of considerations in mind that may help you to obtain more reasonable insurance coverage and cancer insurance rates than previously suspected.
Alternatively, for those who have been recently diagnosed with cancer or who are still undergoing treatment, there are policies that are available to you even with a current diagnosis of cancer. Since there are many variables to take into consideration with a diagnosis – every case is unique.

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Get your quote for life insurance for cancer patients

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Cancer Statistics in Canada

Cancer remains to be the leading cause of death among Canadians. While cancer is a disease that most typically affects Canadians aged 50 and over, it can develop at any life stage.

Fortunately, advances in technology, and enhanced cancer-screening measures over the last 20 years have helped significantly in detecting many types of cancer in its earlier stages. Improved drug therapy, and a myriad of technological improvements have also helped to improve the quality of life for individuals in cancer remission, and in many cases, have helped people battling or who have battled cancer live longer.

Still, according to the Canadian Cancer Society, 1 out of 2 Canadians will be diagnosed with cancer at some point in their lifetime, with 1 out of 4 citizens ultimately dying of the disease. Undoubtedly, there can be an overwhelming number of concerns to address when confronting a cancer diagnosis, fortunately life insurance and cancer insurance rates do not have to be an added concern if you are well-informed about the options that are available to you.

Cancer Insurance: What Is It?

We all know that of all the critical illnesses one can have, it’s cancer that gets the most attention, the most resources and the most money devoted to it. This is certainly a reasonable concentration of effort given that more people die of cancer than any other critical illness. According to the Canadian Cancer Society, 29.8% of people die of cancer, which leads any other cause, so is it any wonder that cancer would have it’s own brand of insurance as well?

Cancer Insurance is exactly what it sounds like: financial support to help you mitigate the cost of cancer treatment. While critical illness insurance covers at least 25 illnesses and provides the same financial support, cancer insurance focuses on one thing — cancer. This is why you need a cancer insurance quote for that protection. Like regular critical illness insurance, the coverage is paid out in a lump sum, which you can use without restriction in whatever way you like, whether it’s paying your bills and meeting your financial obligations, paying for additional medical care, such as home care and a Home doctor, a private room and alternative or naturopathic treatments, or paying for support services like childcare. There is no waiting period, as long as you are not diagnosed with cancer in the first 90 days of the policy being active, you get the money as soon as you are diagnosed with any of the varieties of cancer the policy covers.

Seems like a worthwhile investment, especially since on average, more than 500 Canadians are diagnosed with cancer everyday. Not only that, but the chances of survival has gone up considerably and now 62% of people with cancer are expected to survive after five years, so your financial needs will extend into the long-term, making cancer insurance much more important than life insurance. As an added bonus, cancer insurance is much easier to qualify for than traditional critical illness insurance because there are fewer underwriting requirements. For example, when it comes to IA Excellence’s Cancer Guard policy, you only have to answer the following two eligibility questions to qualify for up to $25,000:

  • Have you ever been diagnosed with AIDS or tested positive for HIV?
  • Do you have, ever have had, or noticed the signs and symptoms of cancer for which you have not consulted your physician yet, or are waiting for a test or test results for any form of cancer or malignant tumour?
If you answer “No” to two additional questions, one asking if a cancer insurance or critical illness policy you’ve applied for in the past has been postponed or declined by any insurance company, and the other asking if your immediate family has ever suffered from or been diagnosed with cancer before the age of 60, you will qualify for up to $100,000 in coverage.

Benefits of No Medical Cancer Insurance – brief overview

With cancer treatments being their most effective in history, it is more important than ever to make sure that you are able to afford the absolute best treatment. Cutting-edge therapies can be expensive, but can ultimately mean the difference between life and death.

  • You can get up to $25,000 of tax free coveragewith no medical tests and just two eligibility questions.
  • You can get up to $100,000 of tax free coveragewith no medical tests and just four eligibility questions.
  • The benefit is payable upon cancer diagnosis and the coverage is guaranteed renewable up to age 75.
  • Our non-medical cancer insurance coverage takes effect from day one.
Individuals may apply for a guaranteed issue policy regardless of past medical history or current outstanding medical conditions. While this form of policy does include higher premiums, it is certainly a worthwhile policy to consider for those who are faced with a diagnosis of cancer or other medical conditions with substantial or costly treatment options.

Is It Different from Traditional Critical Illness Insurance?

In contrast, traditional critical illness insurance puts a much more strict emphasis on whether you smoke or not and what the health history of your family is, than either cancer insurance or life insurance typically does. The build requirement (height and weight) is also much stricter on a traditional critical illness plan than it is for cancer or life insurance, so this is a big advantage cancer insurance has over regular critical illness insurance. While cancer insurance has recently become more popular among insurance consumers who acknowledge the overwhelming data supporting the risk of all kinds of cancer, it’s actually not new to the insurance market.

It was created about 50 years ago by American insurance companies Aflac and American Heritage Life Insurance Company to meet an increasing demand that came from those who have a cancer diagnosis and their allies. The one drawback is that some cancer insurance policies don’t cover every type of cancer. For example, IA Excellence’s Cancer Guard excludes the following cancers from coverage:

  • Carcinoma in situ
  • Stage IA malignant melanoma
  • Any non-melanoma skin cancer that has not metastasized
  • Stage A (T1a or T1b) prostate cancer
Certain other cancers may be covered subject to an additional charge, such as breast cancer or prostate cancer. To find out more about IA Excellence’s cancer insurance exclusions and limitations, click here.

Insurance companies will be more likely to insure you if:

  • Your medical records reflect that you are officially in remission or cured
  • Your cancer was detected early and did not metastasize
  • In general, you demonstrate that you are in overall good health
  • You are between the ages of 21 and 85 years old
  • You are a non-smoker
  • You had stage I breast cancer/prostate cancer
  • It has been anywhere from three months to five years since your last underwent cancer treatment

Why Do You Need Cancer Insurance – Financial Aspects to Know

Visit the Canadian Cancer Society website and you’ll quickly learn that cancer is the leading cause of death for Canadians over any other possibilities. You’ll also learn the sad reality that just in 2017 206,300 Canadians will develop cancer and 80,800 will die from it and most of these people will die of lung cancer, which is the leading cause of cancer death.

You may have noticed from those numbers though, that more people who are diagnosed with cancer will survive than ever before. When you’re more likely to survive than to die, your life will continue and your financial obligations will keep cycling with no reprieve and added to that are the extra expenses associated with cancer treatment. Sure, healthcare is covered by the government in Canada, but that’s only chemotherapy and care while in hospital. The rest of the time, it’s up to the patient to pay for the costly outpatient drugs that are part of their recovery unless they had Private Medical Insurance already arranged. For example, anti-nausea medication will easily cost $23 a pill and Neupogen, (technical name: Filgrastim) which is a drug that treats the side effects of chemo (including preventing infection) costs $1,600 a month.

If you ask Julie Easley, a woman who bought those same drugs to treat her cancer, she’ll tell you, just as she told the Globe and Mail, that once her cancer treatment concluded, she was $26,000 in debt and, 12 years later, she is now cancer-free, but she’s still paying for her treatments. Of course, it’s not just the outpatient treatment costs you should be concerned about, don’t forget the loss of income for being out of work for an indefinite length of time, which makes it virtually impossible to pay your mortgage or car loan. As of 2017, according to the CBC Survey, the average mortgage size in Canada is $200,000. Of course, that says nothing of your other bills and incidentals, not to mention extra expenses on services like childcare. All of this adds up and, sure you may be able to get disability insurance through work to cover your loss of income, but very likely — depending on the definition of disability under your policy — disability insurance will not cover all of your expenses and maintain the quality of life and lifestyle that you had grown accustomed to before you were diagnosed.

This is all where cancer insurance can help and why it’s so crucially important. Not only can it cover your expenses and maintain your income if you don’t have disability insurance, but it can also supplement your existing disability insurance policy if you do have one. It can even supplement an existing traditional critical illness policy in the same way if you are diagnosed with cancer and not one of the at least 25 other illnesses only critical illness insurance will cover.

Some cancer insurance policies, such as IA Excellence’s Cancer Guard do offer a critical illness rider on their cancer insurance policy, so critical illness insurance can be added to their cancer insurance policy, at your option, for an additional cost. Truthfully though, the odds of being diagnosed with cancer is so statistically high compared to other illnesses that you shouldn’t be asking yourself, “Why cancer insurance is a must-have,” You should be asking yourself, “Why wouldn’t it be and why don’t I have it right now?“ Cancer is not to be trifled with and fate should not be so recklessly tempted with the odds stacked against you when it comes to the likelihood of diagnosis. Remember, life insurance pays out when you die, (you never get to see that money) but cancer insurance helps you fight to insure that you survive. After all, so many more people are beating cancer these days, so why shouldn’t cancer insurance help you become one of them?

Meet some of our experienced insurance brokers who will be helping you

William Shung
Chantal Marr
Tamara Humphries
The above insurance consultants are independent brokers and not employees of / LSM insurance.

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