Life Insurance For Breast Cancer Patients and Survivors in Canada

What is Breast Cancer Prevalence in Canada?

Breast cancer is the most commonly diagnosed cancer among Canadian women. According to the Canadian Cancer Society:

• An estimated 28,600 Canadian women were diagnosed with breast cancer in 2022. This represents 25% of all new cancer cases in women.
• 1 in 8 women in Canada will develop breast cancer during their lifetime.
• 1 in 34 Canadian women will die from breast cancer.

Source: https://www.canada.ca/en/public-health/services/chronic-diseases/cancer/breast-cancer.html

With early detection and improving treatments, survival rates are rising. However, a breast cancer diagnosis can significantly impact one’s ability to qualify for life insurance coverage and lead to higher premium costs.

This article explores how breast cancer patients and survivors can obtain life insurance in Canada, key factors that influence eligibility and rates, types of policies available, and tips for finding affordable coverage.

Can You Get Life Insurance for Breast Cancer After The Diagnosis in Canada?

The good news is, yes, you can still get life insurance after being diagnosed with breast cancer in Canada. However, your eligibility for coverage and at what cost will depend on several factors related to your diagnosis, treatment, and current health status.

The stage of breast cancer plays a significant role in determining outcomes:

• Standard rates or ratings based only on other health factors unrelated to the cancer are more likely to be offered for early-stage localized cancers.
• For later-stage invasive cancers that have progressed and metastasized, insurability restrictions or denial are much more probable.

In general, working with an experienced independent broker and being prepared to provide detailed medical records can help maximize your chances of securing some form of coverage. 

While you may pay higher premiums, particularly in the first 5-10 years after treatment, most breast cancer survivors can obtain individual life insurance policies in Canada. The key is finding the right insurer and plan based on your unique diagnosis, treatment, and recovery.

What Factors Do Canadian Companies Consider for Life Insurance for Breast Cancer Patients?

When evaluating breast cancer patients or survivors for individual life insurance, key factors Canadian insurers will examine closely include:

• Stage of cancer at diagnosis – Early-stage localized cancers confined to the breast are viewed much more favourably by underwriters compared to late-stage invasive cancers that have metastasized to other parts of the body. The higher the stage, the higher the risk profile.
• Time elapsed since diagnosis and treatment – More time passed since completing treatment and maintaining stability is better. Most insurers prefer to see a minimum of 2-3 years free of cancer recurrence.
• Types and doses of treatments undergone – Extensive chemotherapy and radiation therapy regimens raise future health risks in the eyes of insurers. Limited, targeted treatments are ideal.
• Any recurrence or metastases – Evidence of breast cancer returning or spreading to other organs like the lungs, liver or brain represents an exceptionally high-risk situation for life insurers. This significantly jeopardizes eligibility.
• Current health status and stability – Demonstrating a return to normal health with no persisting symptoms or problems after treatment helps improve the outlook. Maintaining regular follow-ups and monitoring is also beneficial.
• Age and other risk factors – Younger age at diagnosis is preferred, as is maintaining a healthy weight, not smoking, and having no other illnesses. Age and risks like obesity or smoking will also factor into pricing.
• Family history of breast cancer – Having a strong family history of breast cancer increases the perceived risk, especially if multiple first-degree relatives had cancer. Genetic mutations like BRCA raise concerns.

Providing complete medical records, including pathology reports, surgical notes, oncologist treatment summaries, mammogram and imaging results, and bloodwork, ensures insurers can most accurately assess an individual’s health status and future risks.

How Does Breast Cancer Impact Your Life Insurance Rates in Canada?

Breast cancer survivors who had early-stage diagnoses, successful treatments, and have maintained stability for several years often still qualify for standard rates from some insurers in Canada. However, for most patients, higher “rated” premiums are likely for at least the first 5-10 years after active treatment until greater time has elapsed without cancer recurrence.

These general guidelines apply to breast cancer patients and survivors applying for individual coverage in Canada:

• Early-stage breast cancer: Potentially able to qualify for standard rates after being 2-3 years post-treatment with no recurrence.
• Later stage diagnoses: Expect 50% – 200% higher “rated” premiums for 5-15 years after finishing treatment before potentially improving.
• Extended stability: After 10+ years with no recurrence, discounting of rated premiums may be possible.

Ultimately, each individual’s case is unique, and there are exceptions in both directions. It is imperative to shop policies from a range of the top Canadian life insurance companies and life insurance brokers to uncover the best rate for your particular health history – never assume you have to pay the highest premiums quoted. The differences between insurers can be substantial.

Types of Canadian Life Insurance for Breast Cancer Survivors

In Canada, breast cancer survivors have several individual life insurance policy options to consider:

Term Life Insurance

Provides pure death benefit protection for a set period, typically 10, 20 or 30 years. Lower premiums, but coverage expires without value at the end of the term if not continually renewed.

Read more: Term life insurance in Canada

Permanent Life Insurance 

Lasts for the entirety of one’s life, not a set term, and has a cash value savings component that grows on a tax-advantaged basis over time. Considerably higher premiums than term life, but also accumulate equity. Whole life and universal life are common types of permanent life insurance in Canada.

Read more: Permanent life insurance in Canada

Guaranteed Issue Life Insurance

A simplified no-medical exam life insurance policy that requires no health questions or tests. It tends to be more expensive for smaller coverage amounts of $25,000 – $50,000. Sub-optimal option but available to Breast Cancer Prevalence in Canada.

When faced with a pre-existing condition like breast cancer, working with an independent broker experienced in high-risk coverage facilitates exploring all of these options in detail. The broker can explain key differences and help select the right individual policy type, coverage amount, duration, and benefits to suit the survivor’s financial needs and budget.

Tips To Find Affordable Life Insurance For Breast Cancer Survivors in Canada

Here are some top tips for Canadian breast cancer survivors looking to secure affordable individual life insurance coverage:

• Shop multiple insurers – Every life insurance company assesses risk differently based on their own underwriting appetite and claims experience. Getting customized quotes from at least 5-10 top insurers gives the clearest picture of your range of options.
• Consider group or association plans – If available through an employer, alumni organization, club, or association, these plans can provide simplified health screening and potential access to higher coverage limits. Always worth exploring.
• Review all possible discounts – Ask brokers about multi-policy discounts, alumni group specials, employer programs, and any other ways to reduce premiums through bundled products or preferred relationships.
• Choose the longest policy term possible – For term insurance especially, locking in guaranteed level rates for 20-30 years secures your insurability for decades to come.
• Optimize your health status – Get regular check-ups following cancer treatment, maintain screening tests, follow medical advice, and lead a healthy lifestyle. This minimizes risks.
• Work with an expert broker – Find an advocate who specializes in high-risk coverage across multiple Canadian insurers. They have the experience to optimize your options.
• Apply 2-3+ years after completing treatment – Canadian life insurers are most comfortable with breast cancer cases that have demonstrated stability for multiple years after achieving remission.
• Consider guaranteed issue insurance – If declined for medically underwritten policies, guaranteed issue life insurance, which does not require any health questions or tests, could provide a small benefit.

What Are Some Alternatives If Traditional Life Insurance for Breast Cancer in Canada is declined?

If an individual is declined for medical underwriting on the traditional term, whole, or universal life insurance policies in Canada, below are a few potential alternative options to secure some coverage:

Guaranteed Issue Life Insurance 

As mentioned above, guaranteed issue life insurance does not require any health declarations or medical exams. It can provide a small death benefit in the range of $25,000 – $50,000. The main downsides are cost and limited face value.

Accidental Death Insurance 

Sometimes called accidental death and dismemberment (AD&D) insurance, these policies pay out if an individual dies due to an accident. They do not cover health conditions and have restrictions, but they can offer catastrophic coverage for the budget.

Group Life Insurance 

Exploring whether group life insurance is offered through one’s employer, a professional association, an alumni organization, or a fraternal group. The underwriting is often simplified, so chances may be higher for approval. Typical coverage amounts are 1-2x annual salary.

For breast cancer patients who get declined for individual policies, do not give up. Consider the alternatives above, make health and lifestyle optimizations, and re-apply annually until eventually approved. Maintaining persistence and patience is key.

Is Purchasing Life Insurance for Breast Cancer Survivors Recommended in Canada?

Obtaining some level of life insurance protection likely makes sense financially for most breast cancer survivors in Canada in order to achieve greater peace of mind. There are several compelling reasons to consider coverage:

• Replace lost income if you pass away prematurely – Life insurance proceeds enable surviving dependents to maintain their standard of living.
• Pay off outstanding debts so the family avoids the burden – Debts like mortgages, loans, and credit cards can be settled so loved ones aren’t left struggling.
• Fund final expenses without depleting the estate – Funerals, medical bills, taxes etc. can be covered without leaving a diminished legacy.
• Cover medical costs if the cancer returns – Recurrences, even many years later, could necessitate expensive treatments. Life insurance proceeds could cover these costs for loved ones.
• Provide an inheritance or investment funds – Insurance benefits can be used by beneficiaries to invest or fund future needs like education.

Speaking with a certified life insurance advisor allows breast cancer survivors to review their financial obligations, desired legacy, and how life insurance in Canada could provide stability amid the health and longevity uncertainties that cancer brings. The advisor can provide personalized policy recommendations tailored to the survivor’s unique circumstances and budget.

While the process of shopping for life insurance after breast cancer may seem complicated and intimidating initially, it is important not to forgo coverage entirely.

With the right guidance and persistence, Canadian breast cancer survivors can gain financial protection for their loved ones and peace of mind despite their diagnosis.

Pros and Cons of Life Insurance for Breast Cancer Survivors in Canada

Potential advantages of obtaining life insurance for Canadian breast cancer survivors:

• Provides money to support dependents and maintain their standard of living
• Funds debt repayment so family members are not left in financial distress
• Covers outstanding medical bills in the event of death
• Pays for final expenses without reducing the estate value
• Gives peace of mind knowing the family will be taken care of

Potential disadvantages of obtaining life insurance for Canadian breast cancer survivors:

• It can be more difficult to qualify for traditionally underwritten policies.
• Need to disclose pre-existing cancer history, which raises privacy concerns for some.
• Premium costs are often higher, at least for the first ten years after diagnosis/treatment.
• It may take some time and effort to find an insurer willing to provide coverage.
• Contacting doctors for records and completing applications can be demanding.

When applying for life insurance with pre-existing conditions, illnesses like Depression, High BMI, Mental Illness, Cancer, Heart Disease, HIV/AIDS… can influence your eligibility. Read these valuable resources to understand better how these affect underwriting in Canada :

• Life Insurance with Depression
• Life Insurance with a High BMI
• Life Insurance with a Mental Illness
• Life Insurance with Cancer
• Life Insurance for Heart Disease
• Life Insurance with HIV/AIDS
• Life Insurance with Anxiety
• Life Insurance with Hepatitis

How To Buy Life Insurance for Breast Cancer Patients in Canada

Here are some tips for breast cancer patients in Canada looking to purchase individual life insurance coverage:

• Speak with your oncologist and doctors to obtain detailed medical records, including pathology reports, treatment regimens, recent scans and bloodwork.
• Be completely transparent on your applications about your diagnosis, treatment dates, family history, genetic test results or any other relevant medical history.
• If declined by an insurer, try at least 5-10 other insurers. Get quotes from brokers with high-risk expertise.
• Consider no medical exam guaranteed issue policies if unable to obtain traditional coverage.
• Ask brokers about group life options through alumni groups, employers, or associations.
• If wait-listed, re-apply annually until approved. Make positive health changes to improve your outlook.
• Set up automatic premium payments to ensure the policy does not unintentionally lapse.

Where to Buy Life Insurance for Breast Cancer Survivors in Canada

Breast cancer survivors in Canada can purchase life insurance through:

• Independent brokers – Recommended, as they offer policy choices from 30+ insurers.
• Direct insurers – Top Life Insurance Companies in Canada like Sun Life, Manulife, Canada Life, Equitable Life Insurance… Have specific breast cancer questions.
• Group associations – Alumni groups, professional associations, etc. It may simplify underwriting.
• Financial institutions – Some banks and credit unions offer life insurance, often with simplified health screening.

An experienced independent broker with high-risk expertise is ideal, as they present the widest range of individual policy options at the best rates. Checking for group options also makes sense as a potential supplementary coverage source.

How to Claim Canadian Life Insurance for Breast Cancer Deaths

To initiate a life insurance claim in Canada for a policyholder who died from breast cancer complications:

• Locate their active policies. Check with brokers and insurers for documents indicating coverage.
• Contact the insurance company or companies by phone or online to start the claims process.
• Provide requested documentation like a death certificate listing the cause of death, medical records, and proof of insurance ownership.
• The insurer will review documentation and validate the claim is eligible per policy terms and conditions.
• Once approved, the death benefit will be paid out to designated beneficiaries by cheque, direct deposit, or transfer within 1-2 weeks.
• If the claim is questioned or denied, immediately consult with the broker or advisor who sold the policy for assistance contesting it.

Submitting a claim ensures loved ones have access to benefits when needed most.

Getting Life Insurance for Breast Cancer Patients and Survivors is Possible

A breast cancer diagnosis can be emotionally and financially devastating for patients and families. However, there are options for securing life insurance after breast cancer treatment in Canada. Coverage can be obtained with proper guidance on choosing the right policy and insurer for your unique situation.

While qualifying for preferred rates on life insurance after breast cancer is unlikely, survivors can find plans to suit their budget by shopping policies from a variety of carriers. Working with an experienced broker specializing in high-risk cases is key to successfully navigating this process.

The application and approval process requires perseverance, but life insurance provides critical protection that breast cancer patients and survivors should not overlook. Do not abandon hope of gaining coverage that can protect your assets and provide for loved ones.

At Life Buzz, we understand the challenges of sourcing life insurance after serious medical diagnoses like breast cancer. Our advisors have extensive expertise in finding coverage for higher-risk applicants across Canada’s top insurance companies.

We’re here to help you compare your options and secure a policy tailored to your unique needs. Don’t delay – contact us today to discuss your situation. Life insurance solutions are always available, and we’ll find the optimal coverage for you.

Frequently Asked Questions About Life Insurance for Breast Cancer Patients and Survivors in Canada

Article Sources:

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1. Life Insurance for Breast Cancer Patients and Survivors – https://protectyourwealth.ca/
2. Life Insurance and Breast Cancer – https://lsminsurance.ca/
3. Life Insurance after Breast Cancer – https://www.dundaslife.com/