Can Cancer Patients Get Mortgage Life Insurance? What You Need to Know

By Krista DeKuyper | April 2, 2025 | Life Insurance

Navigating the world of mortgage life insurance is daunting, particularly for cancer patients. Mortgage life insurance ensures your mortgage is paid off in the event of your passing. That being said, a cancer diagnosis brings a host of complications to the process, affecting your eligibility and terms. In this article, we will explore the implications of having cancer on your insurance coverage. We’ll also uncover the options available and strategies to enhance your chances of securing a policy.

Insurance and Cancer: The General Impact on Coverage

When an insurance provider offers you a policy, they must assess the risk factor associated with insuring you. Part of this will be assessing your general health. They will especially need to know if you’ve been diagnosed with cancer. The risk factor you present as a cancer patient varies depending on:

  • Type of Cancer: Different types of cancer present different levels of risk. For example, some cancers have a higher survival rate and are perceived as less risky than more aggressive forms.
  • Stage and Treatment: The stage of cancer and the treatment being undergone (chemotherapy or radiation) heavily influences an insurer’s decision. Those in remission or with early-stage cancers will receive more favourable terms when applying for mortgage life insurance.
  • Overall Health: Insurers will also consider your overall health outside of your cancer. This includes any pre-existing and co-existing medical conditions. A more comprehensive health profile allows insurers to better gauge risk.

Can Cancer Patients Get Mortgage Life Insurance?

Yes, cancer patients can get mortgage life insurance, though it will be difficult to secure favourable terms. It is definitely not impossible or ill-advised for a cancer patient to get mortgage life insurance. 

  • Guaranteed Issue Policies: Many insurers offer guaranteed issue life insurance policies with no medical underwriting. This is crucial for high-risk policyholders looking for a simplified insurance solution. Keep in mind that insurers recoup their costs by offering more limited coverage with higher premiums. You’ll need to consider whether these limited options still meet your needs.
  • Simplified Issue Policies: Simplified issue policies require minimal health questions but still assess risk based on your medical history. This means they will assess your cancer diagnosis, but with less scrutiny than the typical mortgage life insurance provider. While applicants with a less severe cancer are more likely to qualify, approval is not guaranteed.
  • Consult with a Broker: Work with our experienced insurance brokers at Healthquotes for access to a range of policies tailored to cancer patients. We’ll match you with insurers who offer policies that align with your specific health circumstances. We seek to help simplify the process, allowing you to focus on your recovery. 

Challenges for Cancer Patients Seeking Mortgage Life Insurance

Unfortunately, securing mortgage life insurance as a cancer patient will not be as simple as it is ordinarily. It comes with many challenges that can make the process long and frustrating. Here are some common challenges cancer patients face during the process:

  • Higher Premiums: Insurance companies charge higher premiums for cancer patients as a result of their high risk. This will be especially prevalent if you are undergoing treatment. 
  • Limited Coverage Options: Insurers will restrict the maximum amount of coverage available for service. This makes it challenging to secure a policy that meets your needs.
  • Medical Underwriting Hurdles: During the medical underwriting process, your potential providers will request extensive health history and treatment records. If you have a long medical history, this will complicate the application process. 
  • Policy Exclusions: Some policies may include exclusions relating to pre-existing conditions, particularly in categories linked to your cancer diagnosis. This means your family can not receive complete benefits in certain circumstances.

How to Improve Chances of Getting Mortgage Life Insurance

  • Obtain medical documentation ahead of time to speed up the application process. This includes your treatment history, prognosis, and letters from your healthcare providers. If you’re in remission or in the early stages of cancer, this will reduce your risk level for insurers. 
  • Applying after reaching remission may be a better option for you to gain more favourable terms and extensive coverage. 
  • Working with an insurance broker will equip you with the knowledge you need to find a suitable option. We’ll find an option that benefits you, not the insurance provider. We’re also able to advocate on your behalf. 
  • Research insurance providers known for accommodating clients with health conditions. Some companies specialize in offering products for individuals with a medical history, including cancer patients.
  • Stay informed about policy terms by carefully reviewing and comparing them to competitors. An insurance broker will help you understand the fine print. We present the facets of your insurance policy in a more simple and easy to understand manner.