Can I get Long Term Care Insurance if I’ve had Cancer?

Many people assume that just because they’ve had some form of cancer, that they are no longer eligible for long-term care insurance. Actually, if you’ve strictly followed all treatment, waited an appropriate numbers of years, and are released from a doctor’s care, then there’s a good chance you are eligible. Your best bet is to speak with a specialist who will ask you a series of questions and research which carrier can give you the best coverage for the best cost.

Mutual of Omaha

The top selling long-term care insurance carrier currently for LTC Consumer is Mutual of Omaha. Based on their underwriting guide, having had cancer is not an automatic knock out. If you have had basal cell or squamous cell skin cancer, you may even still qualify for a preferred rating, which gives policy holders a discount. Many cancers, excluding stage IV or multiple cancers, can still qualify for a standard rating if it’s been 2 years since the date of your last treatment and you are in full recovery with no recurrence. Other cancers, recurrence, or using tobacco may still qualify for a Class I, which is a lower rating or be reviewed by underwriters on a case-by-case basis.

Aetna

For those curious about short term care and cancer, Aetna’s application simply asks, “Within the past 36 months have you been diagnosed or treated by a medical professional or had surgery for any of the following: B. internal cancer (including breast cancer and prostate cancer), leukemia, lymphoma or melanoma?” If you can answer no to that question, then you’re fine in terms of cancer.

OneAmerica

More and more people are turning to hybrid products, so we took a look at OneAmerica’s Annuity Care and Asset Care products. Both products are accepting of many types of cancer and will look at the history of treatment and overall health of the applicant at the time of underwriting. Because you are investing more of your own money, and there is less risk for the carrier, hybrids can be a bit more lenient in some areas of underwriting.

"A cancer diagnosis and treatment are not an auto-decline for long-term care insurance."

A cancer diagnosis and treatment are not an auto-decline for long-term care insurance. If you’ve been through a cancer journey you probably know more about the need for proper insurance than most. Long-term care insurance can protect your retirement and your family in your later years. Speak to a specialist today to find out if you qualify and what the best option is for your plan.

This blog post is designed to provide general information on the subjects covered. Review actual insurance company proposal and specimen policy for specific pricing, underwriting, and contract provisions. This post is intended for information only and is not a final offer.