Guide to Life Insurance After Colorectal (Colon) Cancer
According to the Centers for Disease Control and Prevention (CDC), Colorectal cancer (affecting the colon and rectum) is the second most deadly cancer in the United States.
With proper screening, however, doctors and patients can reduce the risks involving this cancer.
Finding precancerous polyps, such as abnormal growths in the colon or rectum, is an important preventive step; it removes these growths before they mutate into cancerous tumors.
Early-stage screening is vital since treatment often results in a cure for this condition.
The Mayo Clinic reports that additional risks involving the onset of this type of cancer include a history of inflammatory bowel disease (ulcerative colitis or Crohn’s Disease), a parent or sibling with Colorectal cancer, as well as those who smoke, drink or suffer from diabetes or obesity.
What is Colorectal Cancer?
The American Cancer Society® classifies colorectal cancer as a term for cancer that starts in either the colon or the rectum. Colon cancer and rectal cancer have many features in common.
Over 95% of colon and rectal cancers are adenocarcinomas. These are cancers that begin in gland cells, such as the cells that line the inside of the colon and rectum. There are some other, more rare, types of tumors of the colon and rectum, but the overwhelming majority fit the description above.
Ratings will depend on stage and time since the end of treatment. Postponement and ratings are common on top of a standard rate.
Colorectal Cancer Underwriting Questions
- When were you first diagnosed with Colorectal cancer?
- What stage was/is your Colorectal cancer?
- How was the Colorectal cancer treated?
- Are you currently being treated for Colorectal cancer?
- Do you have any major health problems other than Colorectal cancer?
Can I get Life Insurance after Colorectal Cancer?
Stage 0 Colorectal cancer patients could possibly get a standard or better rating from most life insurance companies. As the stage increases the harder it will be to qualify for life insurance. Flat extra and table ratings are common after stage 0.
- Carcinoma in situ, Tis – No rating
- Stage I and Stage IIA – Table C – D
- Stage IIB – Table B – C
- Stage III – Best case only with two or fewer positive lymph nodes and normal CEA – 0- 5 years possible decline – after rating
- Stage III and IV – More than two lymph nodes positive – Decline
Life Insurance For a Colorectal Cancer Survivor
Term life insurance for a Colorectal cancer survivors is an option if you can pass underwriting. Term life insurance is the most affordable life insurance option, but it also does not last forever. Term life insurance will only cover you for a certain length of time, for example, 10, 20, or 30 years.
Budget permitting, permanent insurance is the best policy for any colon cancer survivor. A permanent policy offers rates that remain level throughout the life of the policy and you will have full death benefits for life.
With a permanent life insurance policy monthly premium payments build up cash value, which can be used for many different things. It also allows you to withdraw and spend a portion of the death benefit if you become terminally ill. Permanent insurance policies never expire, no matter what your health status or age.
Life Insurance For a Colon Cancer Patient
Graded Death Benefit (Guaranteed Issue)
Can I get life insurance if I currently have colon cancer?
This is a very common question. It can be done. What you will run into are limited options.
We work with a life insurance company that is willing to offer a graded death benefit life insurance policy for individuals with cancer with payouts of up to $25,000. It’s available only for individuals ages 50 to 80 years old.
A graded plan will not pay full death benefits until after the second year in the policy. It will return back premiums paid in, plus interest if the insured does not live past the two-year waiting period.
So if you are a current Colorectal cancer patient or you are undergoing treatment currently your only option is a graded death benefit policy.
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