Best Life Insurance Companies for Cancer Patients (2025)

Best Life Insurance Companies for Cancer Patients

Best Life Insurance Companies for Cancer Patients

MassMutual has a few features that make it a great choice for people in remission from cancer. It’s one of the few companies Investopedia researched that state that they accept people who have had cancer. MassMutual will even consider some for an underwriting risk class called Ultra Preferred—its highest available. That’s the best-case scenario, and not everyone will qualify, but if you do, it could save you a lot of money on premiums compared to other risk classes.

MassMutual also includes two living benefits with some policies. These let you tap your death benefit for funds while you’re alive if you develop a serious illness. Plus, MassMutual is a financial powerhouse with the strongest possible financial strength rating. And the company has a stellar customer satisfaction record.

MassMutual has several options for full underwriting if you’ve had cancer. Those who have survived stage 1 papillary thyroid cancer could qualify for a preferred risk class after just two years in remission. Prostate cancer survivors may even be eligible for Ultra Preferred rates after five or seven years. And people who have been free of most other types of cancer are eligible for Ultra Preferred after 10 years.

Risk classes help insurance companies determine how much to charge an applicant. Typically, insurers use a Standard risk class for people with an average risk level and life expectancy. MassMutual’s Ultra Preferred class is two tiers better than Standard.

The company has a good selection of riders, including terminal illness and chronic illness living benefits, which come free with some policies.

MassMutual also has an excellent record of pleasing customers, logging far fewer complaints to state regulators than expected for its size and ranking third out of 21 companies in a J.D. Power customer satisfaction survey. In addition, MassMutual has earned the strongest financial strength grade possible from credit rating agency AM Best.

But there are a few things to be aware of when shopping for a MassMutual policy. You won’t find guaranteed issue insurance here. So, if you don’t qualify for a fully underwritten policy, you’ll need to look elsewhere. And you’ll need to call the company or meet with an agent to apply. There are no online options.

In business since 1851, MassMutual is one of the oldest life insurance companies and has the strongest financial strength rating available. It is based in Springfield, Massachusetts.

Nationwide is a close second to MassMutual when it comes to coverage for cancer survivors. Its underwriting guidelines state that some people in remission may be considered for its Standard Plus risk class, which translates into lower rates than with Standard or other higher-risk classes. And it includes three living benefits at no extra cost with many policies. Nationwide even offers a long-term care rider (for purchase) with some policies, which is rare. The company is very strong financially and has a great customer satisfaction record.

Like MassMutual, Nationwide accepts cancer survivors for life insurance and may consider some for lower-cost risk classes. People who have had one incident of Basal cell or squamous cell skin cancer can be considered for the top risk class, Preferred Plus Nontobacco. And those with other types of cancer may qualify for Standard Plus.

Standard Plus generally indicates above-average health and, therefore, lower premiums than Standard. For a cancer survivor to qualify for Standard Plus with Nationwide, they must have been in remission for at least 10 years and never had radiation or chemotherapy treatment. Other health factors also play a big role in determining your risk class. Your medical history and your family’s history are important, too.

On top of its coverage for cancer survivors, Nationwide is on this list for many of the same reasons Investopedia named it the best life insurance company for anyone. It offers a range of policies, many of which come with three living benefits included in the cost: terminal illness, critical illness, and chronic illness riders.Its long-term care rider is available for purchase

Nationwide earned an A+ financial grade from credit rating agency AM Best, which is not quite as high as MassMutual’s A++ but still indicates a “superior” ability to pay claims decades from now. Nationwide’s customer satisfaction record is impressive, too. State regulators received far fewer customer complaints about Nationwide than expected for a company of its size, and it ranked No. 5 out of 21 companies in the J.D. Power 2024 life insurance customer satisfaction survey.

Nationwide was founded in 1926, and its headquarters is in Columbus, Ohio.

Mutual of Omaha is a financially strong company that offers an online application for guaranteed issue policies, which are eligible for instant approval. Guaranteed issue plans require no medical information, so they are an option if you don’t qualify for other types of policies.

Mutual of Omaha has the best offering of the six companies we found that offer guaranteed life insurance policies. Coverage for the guaranteed whole life policy can be as low as $2,000 or as high as $25,000. It comes with a two-year graded period, which is the length of time after you buy the policy when your beneficiaries can only receive a reduced benefit if you die. With Mutual of Omaha, they’d receive the premiums paid plus 10%. You can apply for the policy online and get an answer within a few minutes.

Guaranteed issue policies are typically smaller and more expensive than a fully underwritten life insurance policy in which you undergo a medical exam. But they provide an option for people whose health normally disqualifies them from life insurance applications.

In business since 1909, Mutual of Omaha is a great company to buy a guaranteed issue policy from. Like Nationwide, it has an A+ financial strength rating. It averaged fewer customer complaints than expected for a company of its size over a three-year period. And it’s ranked above average in the J.D. Power customer satisfaction survey.

AAA Life Insurance also has a decent guaranteed issue whole life policy that’s worth considering, especially if you are a AAA member. It includes a $60 annual discount for members every year and, for all customers, an accidental death benefit rider that doubles your death benefit if you die in an accident. Plus, its payout during the graded period is higher than many competitors’ offerings.

The AAA guaranteed issue policy is very similar to Mutual of Omaha’s, with a few differences. Both companies offer up to $25,000 in coverage but the minimum coverage with AAA is $3,000, vs. $2,000 with Mutual of Omaha. But AAA’s policy comes with a small discount for members and includes the accidental death benefit.

Also, like Mutual of Omaha, its graded period is two years. But while Mutual of Omaha promises to pay your beneficiaries all the premiums you’ve already paid plus 10%, AAA’s policy promises an extra 30% on top of your paid premiums.

The main thing that caused us to rank AAA lower than Mutual of Omaha is that it has a poor customer satisfaction rating. State regulators received many more complaints than expected, given the company’s size. But the company is financially sound, with an A-grade financial strength rating.

AAA Life Insurance is part of the American Automobile Association (AAA) and is based in Livonia, Michigan. It has been in business since 1969.

Transamerica’s three burial insurance policies are the best we found for cancer survivors. You may qualify if you’ve had certain kinds of cancer and been in remission for at least two years. Coverage can be as high as $50,000 or as low as $1,000 at any age up to 85. Plans come with optional riders, too.

Transamerica’s Easy Solution burial policy comes with a two-year graded death benefit, a maximum death benefit of $25,000, and higher premiums than the other two burial insurance plans. The Immediate Solution is more affordable, offers coverage of up to $50,000, and has no graded period, but may be harder to qualify for. You can also purchase an accelerated death benefit rider that allows you to access part of your death benefit to pay for medical or nursing home expenses if you have certain medical conditions.

The third policy, the 10-Pay Solution, is very similar to the Immediate Solution, but you pay higher level premiums for 10 years and then have no more payments.

However, Transamerica has customer satisfaction issues. State regulators received many more complaints about Transamerica than expected, given its size. And it ranked 18th out of 21 companies in the J.D. Power customer satisfaction survey. Transamerica is financially strong, though, with an excellent financial strength rating from AM Best.

Based in Cedar Rapids, Iowa, Transamerica was founded in 1904.