Life Insurance for Esophageal Cancer Patients and Survivors

Life insurance can be difficult to navigate for anybody, but individuals battling with esophageal cancer face unique challenges. There are a lot of unknowns, such as who qualifies, how much it will cost, and what your options are.

The purpose of this blog is to clarify the situation. Finding appropriate life insurance can be a daunting task, but we’ll answer common concerns and offer helpful insights to make the process easier. Come along as we demystify the process of obtaining life insurance for esophageal cancer patients and survivors

In this article:

• Overview of Esophageal Cancer
• Can I Get Life Insurance With Esophageal Cancer?
• Are There Different Options for Life Insurance for an Esophageal Cancer Survivor?
• Does Life Insurance Cover Cancer?
• Buying Life Insurance After Esophageal Cancer
• Life Insurance for Esophageal Cancer Patients
• How Does the Type of Esophageal Cancer Impact Life Insurance?
• Frequently Asked Questions (FAQs) about Life insurance for Esophageal Cancer Patients and Survivors

Overview of Esophageal Cancer

The most prevalent kinds of esophageal cancer are adenocarcinoma and squamous cell carcinoma. These two types of esophageal cancer are caused by various genetic mutations and frequently arise in various regions of the esophagus. 

Risk Factors

Risk factors are anything that increases your likelihood of developing a disease. The presence of a risk factor does not guarantee the development of cancer, and the absence of a risk factor does not guarantee the absence of cancer. If you believe you may be at risk, consult your doctor. The following are risk factors:

• Tobacco use
• heavy drinking
• Barrett esophagus
• Older age

Symptoms

Esophageal cancer signs and symptoms include:

• Problems with swallowing (dysphagia)
• Loss of weight without exertion
• Chest pressure, pain, or burning
• Worsening of heartburn or indigestion
• Hoarseness or coughing

Typically, early esophageal cancer has no symptoms or indicators.

Can I Get Life Insurance With Esophageal Cancer?

Yes, individuals with esophageal cancer can get life insurance. Although it could be more challenging to apply for traditional life insurance, people with cancer can still purchase life insurance.

Applying for life insurance after receiving a cancer diagnosis may be more challenging, but it is still possible. People might require no medical exam life insurance, which is possibly more expensive but doesn’t require a medical exam. 

If somebody had life insurance before being diagnosed with cancer, the policy should be kept in place, with beneficiaries receiving death payments as usual. After receiving a cancer diagnosis, it could be simpler for people to keep paying on their current life insurance policy rather than searching for a new one.

Are There Different Options for Life Insurance for an Esophageal Cancer Survivor?

Yes! Just like anyone else buying life insurance. You have choices as an Esophageal cancer survivor based on your requirements and situation right now. You may have a large family and require more coverage than the average person in your position. Fortunately, a lot of insurance providers can do that.

You are not limited to a particular insurance. Patients and survivors can select a plan that works for them on the insurance market. Don’t stress over being unable to obtain insurance or having to pay excessive premiums. It is always worthwhile to check.

Does Life Insurance Cover Cancer?

Cancer is covered by both term and permanent life insurance policies. During the coverage period, if you die of cancer, your beneficiaries will receive the death benefit. The only policies that do not cover cancer are accidental death and dismemberment policies, which only pay out for accidental injuries or deaths.

It is essential to be honest with your insurer when purchasing life insurance, whether you are a survivor or in treatment. Although life insurance does cover cancer, your beneficiary’s claim could be denied if the insurer can prove that you intentionally misrepresented your health or committed fraud in your application.

Typically, during the first two years of a policy, there is a contestability period. This means that the insurer can dispute a claim if the information you provided was questionable. Providing a thorough and truthful history will aid in ensuring that your beneficiaries receive the funds you intended for them. 

Buying Life Insurance After Esophageal Cancer

In addition to being healthy, an essential requirement for purchasing life insurance is the length of time since cancer treatment. Depending on the insurer, type, and stage of cancer, you may be required to wait between two and five years after your last treatment to qualify for life insurance. If your cancer is in remission, but you have more than one surveillance appointment per year, you may still be considered an active treatment patient.

When you apply for life insurance after being diagnosed with cancer, the insurer will ask you a number of questions relating to your diagnosis and treatment, including:

• When you were diagnosed
• If you have a history of cancer in your family
• The type and stage of your cancer, as well as whether it spread
• The treatments you received, when they began and when they ended
• if you’re in remission and, if so, for how long
• Where your cancer was located, its extent, and whether your lymph nodes were affected
• Whether or not you’ve had any relapses; and whether you’re currently receiving treatment

Ex-cancer patients will have a much easier time purchasing life insurance if they can answer all of these questions thoroughly and support their responses with medical records. Additionally, you may be required to demonstrate that you are strictly following any prescribed treatment plan, including medications and follow-up appointments.

Life Insurance for Esophageal Cancer Patients

The majority of term and permanent life insurance policies are not available to cancer patients, and you will likely be denied coverage if you apply. Rather, your best option is to purchase a guaranteed whole life insurance policy, which has restrictions, or to obtain group life insurance, which is guaranteed issue.

Although terminally ill cancer patients have access to both options, it is advised to pursue only guaranteed issue life insurance policies with no waiting period. Policies with a waiting period will not pay the death benefit to your beneficiaries during the first two to three years of coverage. If you do not anticipate living that long, your premium payments may be wasted.

Purchasing additional coverage to supplement an existing life insurance policy may be possible through your insurer, depending on the terms of your existing policy and the coverage you wish to add. For instance, if you already have a term life insurance policy and are satisfied with the amount of coverage, but you want a longer coverage period, this is likely possible.

The majority of term life insurance policies can be converted to permanent policies with lifetime coverage without requiring underwriting. Increasing the death benefit on your existing term policy, on the other hand, requires additional underwriting, which may not be approved. We advise that you review the terms and conditions of your existing policy, paying special attention to conversion options and riders that were added or could be added to increase your coverage without a medical exam.

Guaranteed Life Insurance

Life insurance with guaranteed approval can be acquired irrespective of whether you’re diagnosed with cancer or receiving treatment for it. This form of life insurance is categorized under whole life insurance, providing lifelong coverage. These guaranteed approval policies are mainly targeted towards older individuals, often unavailable for those below 45 years of age. You won’t be excluded due to cancer or other health complications. However, these policies come with a higher price tag than term or other types of permanent life insurance policies, and they carry significant limitations:

• Limited death benefit: Unlike life insurance policies that require medical examinations or other health requirements, guaranteed issue life insurance policies typically have a maximum death payout between $25,000 and $50,000. A guaranteed insurance policy will not help you achieve your objective of having life insurance pay for your children’s college expenses in the event that you pass away. The death benefit, however, might be enough to cover funeral or end-of-life costs.
• Waiting period: Guaranteed life insurance policies have a two- to three-year waiting period, making them a poor choice for those with terminal cancer. Your family would only be given the complete death benefit during the waiting period if you were to pass away in an accident. They would only be given a reimbursement of the premiums paid plus interest if you passed away from cancer.

Group Life Insurance

Group life insurance may be available if you are a veteran or a member of certain organizations, but it is typically offered by employers. If your employer or your spouse’s employer offers group life insurance policies, you may be able to purchase coverage with cancer, as these policies are often guaranteed issue up to a certain amount of coverage. However, higher levels of coverage will require medical underwriting, so be sure to review the terms of the plan.

Group life insurance quotes are more expensive than term life insurance quotes. With guaranteed issue coverage, premiums are predominantly based on age rather than health, so cancer would not increase your rates. Such policies are typically convertible to permanent life insurance, so you would not lose coverage if you subsequently quit your job.

How Does the Type of Esophageal Cancer Impact Life Insurance?

Insurance companies may show reluctance in providing traditional coverage to individuals diagnosed with a high-risk cancer, like esophageal cancer. The more severe this cancer is, the greater the likelihood that you may not qualify for regular life insurance. The insurer will assess the seriousness of your esophageal cancer based on its extent and the stage at which it was diagnosed. These considerations influence your likelihood of recovery and achieving remission, which in turn affects your eligibility for coverage.

Stage 1 and stage 2 cancer patients:

Life insurance for stage 1 and stage 2 cancer patients is viewed differently. At these stages, the cancer hasn’t spread from its original location. Although it’s still seen as a risk, the containment within the same area makes insuring you less risky compared to cases where the cancer has spread. If your cancer advances to stage 3, where the cancer cells have grown or possibly spread to other parts within the same region, obtaining traditional life insurance may become more challenging.

Stage 4 cancer patients:

It can be difficult for patients with stage 4 esophageal cancer to obtain life insurance. When cancer reaches stage 4, also known as metastatic cancer, it has spread to other parts of the body. This stage of esophageal cancer is more severe and may result in the denial of life insurance. If accepted, you can anticipate higher life insurance premiums due to the insurer’s increased risk.

In its later stages, esophageal cancer can be particularly aggressive and difficult to treat. This impacts the cancer’s potential to spread, its treatability, and its likelihood to cause death. Depending on the stage of esophageal cancer, for instance, survival rates vary, which may impact the likelihood of obtaining traditional life insurance.

Patients who have been in remission from esophageal cancer for an extended period of time, typically five years or more, may become eligible for traditional insurance, possibly even at standard premium rates. This depends on factors such as the stage of the disease at the time of diagnosis and the patient’s overall health.

Frequently Asked Questions (FAQs) about Life insurance for Esophageal Cancer Patients and Survivors

Find a solution for what you’re looking for

It might be difficult to find your way around life insurance as a patient or survivor of esophageal cancer, but with the correct resources and support, you can get the protection you and your loved ones need. At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. We’ve been providing expert life insurance solutions since 2007, including no medical life insurance, term life insurance, and permanent life insurance, to build the best package to give you the protection you need. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta and British Columbia; including areas such as Kingston, Calgary, and, Kelowna.