Securing Life Insurance with Pancreatic Cancer

When faced with a pancreatic cancer diagnosis, life can suddenly seem full of challenges. Alongside the significant health hurdles to navigate, there are also important financial considerations to tackle. One such financial aspect is life insurance.

Getting life insurance with a pancreatic cancer diagnosis can seem daunting. Traditional life insurance providers often classify it as a high-risk condition due to its aggressive nature and the fact that it’s often diagnosed at a late stage. This can make finding comprehensive coverage that fits your needs seem like an uphill task.

However, despite the challenges, it’s not an impossible feat. A variety of life insurance options exist, even for those living with pancreatic cancer. This blog aims to demystify the process, guiding you through the ins and outs of these options, their benefits and limitations, and how to go about choosing the best one for you. Because even in the face of adversity, securing financial peace of mind for you and your loved ones should never be out of reach.

In this article:

• Overview of Pancreatic Cancer
• Can I Buy Life Insurance if I Have Pancreatic Cancer?
• What Should I Do If I Have Advanced Pancreatic Cancer?
• Life Insurance Options for Individuals With Pancreatic Cancer
• What Questions Are Asked by Underwriters?
• The Application and Approval Process
• When Should an Individual With Pancreatic Cancer Buy Life Insurance?
• Frequently Asked Questions (FAQs) about Life insurance with Pancreatic Cancer

Overview of Pancreatic Cancer

Pancreatic cancer begins in pancreatic cells. A cancerous (malignant) tumour is a collection of cancer cells that can invade and destroy surrounding tissue. It can also spread to other places of the body (metastasize).

Pancreatic cells can sometimes alter and stop growing or behaving normally. These changes can result in non-cancerous (benign) tumours like a pancreatic pseudocyst or a serous cystic neoplasm (SCN).

Symptoms of Pancreatic Cancer

In the early stages of pancreatic cancer, there may be no signs or symptoms. As the tumour grows and produces changes in the body, signs and symptoms may appear. Other medical conditions can mimic the symptoms of pancreatic cancer.

• Jaundice (yellowing of the skin and the whites of the eyes)
• Pain in the upper abdomen 
• Unaccounted weight loss
• Diarrhea or constipation 
• Itching 
• Dark urine 
• Fever and shivering 
• Swelling leg
• Loss of appetite
• Indigestion and nausea
• Feeling full after a small meal
• Bloating
• Gas

Can I Buy Life Insurance if I Have Pancreatic Cancer?

Yes, if you have pancreatic cancer, you can still purchase life insurance, but there may be some things to consider. 

Insurance companies examine your application to see the risk it would be to insure you. Underwriting takes into account your age, health, lifestyle, and any pre-existing conditions you may have had, including cancer.

Approval for traditional life insurance policies may be more challenging if you have pancreatic cancer. The insurance company will want to know the specifics of your cancer diagnosis and treatment, including the kind, stage, and grade of the disease, as well as the length of time from diagnosis and the prognosis for full recovery.

If you fall into a certain category, the insurance company may charge you higher premiums or require you to wait before providing full benefits. They may advise you to reapply at a later date if you are still undergoing treatment.

Consider guaranteed issue or group policies from your employer, both of which offer life insurance without the need for a medical exam. These policies, however, typically provide less financial protection and can cost more than traditional life insurance policies.

What Should I Do If I Have Advanced Pancreatic Cancer?

Any form of advanced diseases typically reduces your life insurance options. Guaranteed issue life insurance is typically recommended for someone with late-stage pancreatic cancer. For individuals in the late stages of pancreatic cancer, a guaranteed issue life insurance policy is often the best choice. This kind of coverage is essentially a life insurance plan that doesn’t require medical tests.

Guaranteed issue policies tend to offer moderate face values, with death benefits commonly designed in a graded fashion. Additionally, certain age restrictions are in place. However, assuming you fit within the age limits, this type of insurance can be a true blessing, providing an avenue to life insurance for those who might otherwise be unable to acquire such coverage.

Life Insurance Options for Individuals With Pancreatic Cancer

Before we delve into the various insurance alternatives available for individuals with pancreatic cancer, it’s crucial to understand the unique challenges these individuals face. When it comes to insurance, providers often consider pancreatic cancer a high-risk condition due to its typically aggressive nature and the often late-stage diagnosis. This can make obtaining life insurance more difficult and potentially more costly. However, it’s important not to lose hope. There are still options available tailored to fit these circumstances. Let’s examine each of them to better understand their respective benefits and limitations, and how they may be suitable for someone dealing with pancreatic cancer.

• Term Life Insurance: This type of insurance offers coverage for a specific period, typically between 10 and 30 years. It is generally more affordable than other types of insurance and pays out a death benefit if the policyholder dies within the term. However, obtaining term life insurance with a pancreatic cancer diagnosis can be challenging as insurers view this as a high-risk condition. Some insurers may still offer a policy, but the premiums are likely to be significantly higher.
• Whole Life Insurance: This is a type of permanent life insurance that provides lifetime coverage and accumulates cash value over time. Like term life, getting approved for a whole life policy with pancreatic cancer is usually difficult due to the perceived high risk. However, some providers specialize in high-risk cases and may offer coverage at a higher cost.
• Guaranteed Issue Life Insurance: Also known as guaranteed acceptance life insurance, this type does not require a medical exam or health questions. Therefore, it’s often a viable option for individuals with serious health conditions like pancreatic cancer. However, these policies tend to have lower coverage limits and higher premiums than other types of life insurance. Additionally, the death benefit is typically graded, meaning the full benefit will not be paid if the policyholder dies within the first few years of the policy.
• Simplified Issue Life Insurance: Similar to guaranteed issue life insurance, simplified issue policies do not require a medical exam but do include some health questions. This could be another option for those with pancreatic cancer, though approval is not guaranteed.
• Group Life Insurance: This type of insurance is typically offered by employers or organizations. The underwriting process is more lenient as the risk is spread across a large group of people, increasing the likelihood of acceptance for individuals with pancreatic cancer. The downside is that coverage is often lost if the individual leaves the job or organization.
• Final Expense Insurance: This is a type of whole life insurance with lower coverage limits designed to cover funeral costs and other end-of-life expenses. It is often easier to qualify for than other types of life insurance, making it a potential option for those with pancreatic cancer.

Remember, the availability and costs of these policies can vary widely based on the individual’s age, stage of cancer, and overall health, among other factors. Therefore, consulting with a knowledgeable insurance agent or broker can be highly beneficial.

What Questions Are Asked by Underwriters?

When evaluating a life insurance application, underwriters typically ask a series of questions to determine the risk associated with insuring the applicant. Here are some common questions asked, particularly when the applicant has a health condition such as pancreatic cancer:

1. Date of Diagnosis: When was the applicant diagnosed with pancreatic cancer? A more recent diagnosis might be viewed as a higher risk.
2. Stage and Grade of Cancer: What is the stage and grade of the pancreatic cancer? The stage indicates the size and spread of the cancer, while the grade describes how much the cancer cells resemble healthy cells. More advanced stages and grades are seen as higher risk.
3. Treatment History: What treatments has the applicant undergone, such as surgery, chemotherapy, or radiation? The success and side effects of these treatments can impact the applicant’s health and longevity.
4. Current Health Status: Is the cancer in remission or is it active? A cancer in remission is generally seen as less of a risk than active cancer.
5. Follow-Up Care: Is the applicant receiving regular check-ups and monitoring? Regular follow-up care can often lead to better outcomes.
6. Lifestyle Habits: Does the applicant smoke or consume alcohol? Both smoking and excessive alcohol consumption can increase health risks.
7. Family Medical History: Does the applicant have a family history of pancreatic cancer or other serious health conditions? A strong family history of certain conditions can increase an individual’s risk.
8. Age and Gender: Older applicants and males are generally seen as higher risk for life insurance.
9. Overall Health: Apart from pancreatic cancer, how is the applicant’s overall health? Other health conditions, such as heart disease or diabetes, can further increase risk.
10. Occupation and Hobbies: Does the applicant work in a high-risk job or have risky hobbies? These factors can also impact an individual’s risk profile.

Remember, each insurer may have a slightly different underwriting process and may ask different or additional questions. It’s always important to answer these questions truthfully, as providing false or misleading information can lead to the denial of a claim or the cancellation of the policy.

The Application and Approval Process

The procedure to apply for life insurance when you have pancreatic cancer is typically straightforward, but it might involve a few additional steps.

Primarily, you’re expected to fill out a comprehensive questionnaire. This questionnaire will cover aspects of your overall health status, with particular emphasis on the details of your pancreatic cancer diagnosis.

Upon completion of this step, patience becomes key. It typically takes about 4 to 6 weeks for the insurance company to process your application and come to a decision. The outcome can be an approval or denial, along with a rating that will determine your premium amount.

While the insurance industry has gradually started to embrace digitalization, with several companies offering online applications, traditional paper applications are still the norm when dealing with high-risk cases, such as those with severe diseases or conditions like pancreatic cancer. So, despite the growing trend of digital applications, be prepared to fill out a physical form in most scenarios.

Moreover, some insurance companies provide expedited approval processes. However, if you have a history of pancreatic cancer, your choices will likely be more constrained, with guaranteed issue life insurance being the primary option. This type of policy does not require a health examination or medical questions, making it a more accessible choice for individuals dealing with serious health conditions.

When Should an Individual With Pancreatic Cancer Buy Life Insurance?

The sooner you can purchase life insurance, the better. As you age, the likelihood of health issues rises, which can have an impact on your life insurance rates. These medical issues may cause your premiums to rise and, in some cases, might even make you ineligible for life insurance.

In the case of a pancreatic cancer diagnosis, the importance of obtaining life insurance immediately is even more important. It’s advisable to acquire the highest coverage that your budget allows for, and to maintain this coverage for as long a period as you can afford.

By doing this, you’re taking active steps to protect the financial future of your loved ones. It also provides an essential sense of security that can help alleviate the burdens that come with dealing with pancreatic cancer. This approach allows you to focus your energy on your health and wellbeing, rather than worrying about financial uncertainties.

Frequently Asked Questions (FAQs) about Life insurance with Pancreatic Cancer

Find a solution for what you’re looking for

Your best bet is to start doing research right away if you wish to find the greatest life insurance at some stage of pancreatic cancer. 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 Waterdown, Edmonton, and, Kelowna.