What Survivors Should Know About Melanoma and Life Insurance

In this article...
  • Melanoma and life insurance could be a challenge for some survivors. Find out how skin cancer may affect your policy purchase during or after treatment.

Melanoma and life insurance may be on your mind if you're having treatment for this type of skin cancer. If you've entered remission, you might still have questions about how having a history of cancer could affect your life insurance. These answers provide more details about available coverage after a melanoma diagnosis.

Can I Get Term Life Insurance With Melanoma?

Many people who have melanoma qualify for term life insurance. Each insurance company has its own guidelines for coverage when it comes to cancer. You and your health care provider will need to answer questions such as:

  • How severe is your melanoma diagnosis?
  • At what stage of the disease did you receive a diagnosis?
  • Does the disease have a positive prognosis?
  • Have you previously had skin cancer or other types of cancer?
  • Do you have a family history of cancer, especially skin cancer and/or melanoma? 
  • Has the melanoma metastasized to other parts of the body?
  • What types of treatment have you had? 
  • Are you currently in melanoma treatment? If not, how long have you been in recovery?

You're more likely to receive approval for term life coverage if you have successfully undergone treatment and have a good prognosis, especially if you were diagnosed before the disease spread. On the other hand, you may be unable to find life insurance within your budget if you have advanced-stage melanoma, your disease hasn't responded to treatment or you've had cancer more than once.

How Should I Handle Melanoma and Life Insurance?

After a melanoma diagnosis, start your search for life insurance by shopping around. Obtain quotes from a few providers to see whether you qualify for affordable coverage.

Document all of your medical appointments and get copies of your records. You'll need to provide these details as part of your life insurance application. You'll have a better chance of approval if your physician attests that you have a positive prognosis and will likely fully recover from melanoma.

If you can't find a term
life insurance policy because of your melanoma history, you may consider buying coverage that doesn't require a medical exam. Guaranteed acceptance policies cost more than term life policies, but you won't need to worry about getting approved. 

You can also apply for life insurance again when you've been cancer-free for a few years. Many providers reduce rates in this situation, especially for applicants younger than 60.

How Does Melanoma Affect Life Insurance Rates?

Each insurance provider sets rates in its own way, so you may get dramatically different quotes from different companies when researching melanoma and life insurance. Generally, however, the premiums you'll pay for life insurance coverage increase with the complexity and severity of your health concerns. 

A diagnosis of melanoma may put you in the highest risk category, which will increase your rates. Health isn't the only factor that affects life insurance premiums, though. The provider will also consider your career, gender, age, hobbies, lifestyle and risk factors like alcohol and tobacco use. 

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