Canada has one of the highest rates of multiple sclerosis diagnosis globally, with approximately 90,000 Canadians being diagnosed as MS patients in 2023. Multiple sclerosis (MS) is a disease that damages the protective covering around nerves in the brain and spinal cord. 

If you have been diagnosed with MS, you may wonder if you can still get life insurance. However, the good news is that you can obtain life insurance with MS. There are numerous insurance options available for people affected by multiple sclerosis, and you can seek the assistance of a life insurance advisor to guide you through the application process. 

This blog explores different life insurance options for MS, eligibility criteria, cost factors, and tips to get the best life insurance for multiple sclerosis in Canada.

What is multiple sclerosis?

Multiple sclerosis (MS) is a chronic neurological disease that affects the brain and spinal cord, damaging the protective myelin sheath around nerve fibers.

When the immune system attacks this sheath, it interrupts the communication between your brain and body, leading to a wide range of symptoms. These symptoms often vary from person to person, making MS an unpredictable health condition.

Doctors typically classify MS into four types:

• Relapsing-remitting MS (RRMS): This type causes temporary flare-ups followed by periods of recovery
• Secondary progressive MS (SPMS): This form begins as RRMS but eventually leads to a steady worsening of symptoms
• Primary progressive MS (PPMS): Symptoms worsen gradually from the start without clear relapses or remissions
• Clinically isolated syndrome (CIS): This is a first neurological episode that may or may not develop into MS

Can you get life insurance with multiple sclerosis?

Yes, you can get life insurance even if you have been diagnosed with multiple sclerosis. Although insurers view MS as a high-risk condition, they still offer coverage options based on how well you manage the disease. Insurance companies evaluate your application based on the type of MS, your age at diagnosis, the frequency and severity of flare-ups, your current treatment plan, and the stability of your condition over time.

If your MS is mild and stable with minimal progression, some insurers may approve you for a traditional life insurance policy with full underwriting. However, if your condition shows rapid progression or causes significant disability, you may either qualify for no-medical plans or face rejection. The non-medical policies do not require a medical exam, but they typically come with higher premiums and limited coverage.

What do MS patients look for in a life insurance policy?

Life insurance for MS patients should typically offer long-term financial security, flexibility, and guaranteed protection. Since MS is a chronic and progressive disease, people want to ensure their loved ones remain financially protected even if their health deteriorates over time.

• Guaranteed coverage despite medical history: Applicants prefer policies like simplified issue or guaranteed issue life insurance that do not require medical exams and offer easier approval
• Stable and predictable premiums: Many choose whole life or term life insurance with fixed premiums to ensure affordability, especially if their condition progresses
• Cash value accumulation: Policies like participating whole life insurance attract MS applicants who want to build savings they can access during emergencies or to supplement retirement
• Flexible underwriting: Individuals look for insurers that assess MS on a case-by-case basis, considering factors like type of MS, symptom stability, and treatment history
• Conversion options: Individuals suffering from MS often value term policies with conversion privileges to switch to permanent coverage later without new underwriting
• Support for legacy planning: Applicants want policies that allow them to leave behind a tax-free death benefit to support family members or settle outstanding debts

What are the life insurance options for MS patients?

People with multiple sclerosis (MS) can choose from several life insurance options in Canada, including traditional or no-medical life insurance policies. Some individuals may also seek life insurance coverage as a part of a group plan.

Here are the most common life insurance options for individuals diagnosed with MS:

Traditional life insurance

If you have multiple sclerosis (MS) and your condition has remained stable for several years, you can qualify for term life insurance through full medical underwriting. Term life offers affordable coverage for a fixed period, such as 10, 20, or 30 years. Some applicants with mild but stable symptoms may also qualify for whole life insurance, which offers lifelong coverage and builds cash value over time.

Insurers actively assess your medical history, possibly requesting an Attending Physician Statement (APS) from your doctor. They may also review specialist reports, MRI results, and neurological assessments. These details help insurers evaluate the severity, stability, and progression of your condition. 

If you have relapsing MS with few or no recent flare-ups, you have a stronger chance of securing traditional insurance coverage with competitive premiums and favorable terms.

Simplified issue life insurance

If traditional policies prove difficult to qualify for, you can apply for simplified issue life insurance. This type doesn’t require a medical exam but includes a health questionnaire. Applicants with moderate MS who can still function independently often apply for this life insurance plan

Guaranteed issue life insurance

If you have severe or rapidly progressing multiple sclerosis (MS), are currently undergoing treatment, and require frequent hospitalizations, guaranteed issue life insurance can offer reliable coverage. These policies require no medical exams or health questions, making them ideal for individuals with advanced or unstable MS who may not qualify for traditional plans. 

However, guaranteed issue policies include a two-year waiting period for full benefits in case of death due to natural causes. If the insured passes away during this period, the policy typically refunds the premiums paid with interest. 

While these plans come with higher premiums and lower coverage limits, they ensure that even high-risk applicants with MS can secure some form of life insurance protection for their loved ones.

Group life insurance

If you’re still employed and your workplace offers group life insurance, you can take advantage of this coverage. Group plans don’t require medical underwriting, so MS patients can obtain life insurance as part of their employee benefits package.

How do insurers evaluate life insurance applications for MS patients?

Life insurance providers in Canada take a highly personalized and cautious approach when reviewing applications from people diagnosed with the condition. To determine your eligibility and premium rates, life insurance companies evaluate several medical and lifestyle factors, such as:

• Age at diagnosis and current age: Applicants diagnosed later in life with minimal symptoms often face fewer underwriting challenges than those diagnosed earlier with a long history of disease progression
• EDSS (Expanded Disability Status Scale) score: A lower score on this neurological disability scale indicates better physical function and improves your chances of qualifying for standard or slightly rated premiums
• Time since the last relapse: Long periods of remission, typically two or more years, signal disease stability, which life insurance providers consider a lower risk
• Frequency of relapses: Frequent relapses or flare-ups raise red flags for insurers, as they indicate active MS and may lead to higher premiums or declined applications
• Duration and stability of remission: Applicants with long-term, stable remission periods without disease progression stand a better chance of securing life insurance coverage
• Type and intensity of treatment: Use of low-risk or stable medication shows effective symptom control. On the other hand, aggressive treatments or frequent changes may signal severe or unstable MS

Medical documentation requirements for life insurance approval

To verify your health status and disease stability, insurers usually request:

• An Attending Physician’s Statement (APS) from your primary care doctor
• Neurologist evaluations and imaging reports (MRIs) to assess lesions, disease activity, and the impact on the central nervous system
• Blood work related to autoimmune function, vitamin levels (e.g., B12 or D), and inflammatory markers
• Proof of occupational therapy or rehabilitation assessments to evaluate day-to-day activities
• A detailed list of current and past medications, especially disease-modifying therapies (DMTs)

Factors that insurers look for in life insurance for MS patients

What are the best life insurance companies for multiple sclerosis in Canada?

Many insurance companies in Canada offer life insurance coverage to individuals suffering from MS. These companies include Assumption Life, Canada Protection Plan, Industrial Alliance, Sun Life, and Manulife.

Best life insurance companies for people diagnosed with MS

*Illustrative life insurance plans for a 35-year-old non-smoking male diagnosed with multiple sclerosis

Does multiple sclerosis increase the cost of life insurance premiums?

Yes, multiple sclerosis (MS) usually increases the cost of life insurance premiums because insurers view it as a higher-risk condition. Underwriters assess how MS affects your long-term health and mortality rate, and most insurers apply premium loadings. 

For individuals with mild, well-managed MS, premiums may increase by 25–75%. Moderate or progressive MS may result in premium hikes of 50–100%, and in some severe cases, insurers may decline coverage.

For example, a 40-year-old non-smoking woman with mild MS might pay around $56 per month for a $500,000, 20-year term policy, whereas a man with the same profile may pay about $72-$85 per month. 

Applicants with moderate MS can expect life insurance rates in the range of $200–$300 per month due to their higher risk classification. Providing a complete medical history and comparing life insurance quotes can help you secure the most affordable policy.

Tips for getting the best life insurance with multiple sclerosis

If you are looking to get the best life insurance with multiple sclerosis, consider working with an insurance broker, gathering medical records, opting for a no-medical plan, and being honest about your condition. 

• Work with a life insurance broker: A life insurance broker can help you choose the right plan as per your medical condition by comparing life insurance quotes from multiple insurers. Moreover, our licensed advisors at PolicyAdvisor will understand your needs and compare life insurance plans from 30+ insurers to help you choose the best plan at affordable rates
• Gather medical records: Make sure to gather all the medical records of your MS diagnosis. Additionally, from treatment history, medications, and proof of disease stability, having detailed documentation can help the insurer better understand your condition
• Apply when stable: Applying for life insurance when your condition is stable can increase your chances of approval. Additionally, insurance providers favour applicants whose MS has been stable for at least a year or two, with no significant progression
• Consider no-medical policies: Consider applying for non-medical policies like simplified issue or guaranteed issue life insurance. Moreover, these life insurance options require fewer to no medical questions and are quicker to qualify for, though they may have limited coverage and higher premiums
• Be honest:  Always provide accurate information about your medical condition, diagnosis, treatments, and medication to the insurer. Additionally, not disclosing accurate information at the time of application can lead to claim denial later

How to get affordable life insurance quotes for multiple sclerosis?

Finding the best life insurance quote when you have multiple sclerosis can feel overwhelming, but it’s essential to secure your financial future and provide peace of mind to you and your family. At PolicyAdvisor, our licensed advisors can help you get tailored quotes by comparing plans from 30+ insurers and finding the one that fits your unique needs and budget.

You can also get access to our AI-powered life insurance calculator that can give you monthly plans based on your needs in under a minute! Additionally, connect with our experts today to get life insurance quotes and find the best plan designed just for you.

Whole life insurance is gaining immense popularity among Canadians, not just for its lifelong coverage, but also for its ability to build cash value over time. In 2023, LIMRA reported that participating whole life premiums rose by 12%, leading to overall growth in the life insurance market. However, whole life insurance is fairly expensive. That’s why it’s important to find the cheapest whole life insurance companies that offer strong long-term value at the lowest possible cost. 

In this guide, we’ll talk about the cheapest whole life insurance companies in Canada, categorized by what they’re best at, helping you make the best choice for your financial future.

What affects whole life insurance costs in Canada?

Whole life insurance offers guaranteed lifetime coverage and builds cash value, but it also comes at a higher cost than term insurance. Insurance companies use several factors to calculate your premium. Understanding these can help you make a more informed decision when choosing a policy.

• Age and health: Your age plays a major role in how much you pay. The older you are when you apply, the higher your premium will be. Health conditions such as high blood pressure, diabetes, or a history of serious illness can also lead to increased rates, as they raise the risk for the insurer
• Smoking status: If you smoke or use tobacco products, insurers will classify you as a higher-risk applicant. As a result, your premiums can be higher compared to non-smokers. Quitting and remaining tobacco-free for at least 12 months can help you qualify for non-smoker rates
• Type of policy: Participating whole life policies pay dividends and allow your cash value to grow faster, but they usually cost more. Non-participating policies do not pay dividends, so they offer lower premiums but less growth potential
• Cash value growth and Dividend Scale Interest Rate (DSIR): Policies with strong cash value growth often rely on higher dividend scale interest rates. These policies offer better long-term returns but usually come with higher upfront costs
• Riders and customization: Adding optional riders like critical illness coverage, child term riders, or accidental death and dismemberment (AD&D) benefits increases your premium

Which companies provide the cheapest whole life insurance policies in Canada?

Several life insurance providers in Canada offer competitively priced whole life policies tailored to different needs. Whether you’re a senior, a smoker, or simply looking for the best value, there’s an option that fits. Here are the top companies known for offering the cheapest whole life insurance in 2025, each excelling in a specific category:

• Foresters Financial – Cheapest for smokers 
• iA– Cheapest for seniors and retirees
• Canada Life – Cheapest for riders and customizations
• Manulife – Cheapest for overall premiums
• Equitable Life – Cheapest for participating whole life policies with dividend rates
• Sun Life – Cheapest for high-net-worth individuals
• Canada Protection Plan – Cheapest for individuals with pre-existing conditions

Cheapest whole life insurance for smokers – Foresters Financial

Smokers typically pay higher premiums for life insurance, but Foresters Financial offers one of the most affordable options through its Essential Whole Life policy. This non-participating plan provides lifetime coverage with guaranteed premiums and benefits, making it a budget-friendly choice for smokers.

Foresters is also known for its Quit Smoking Incentive Plan, which can allow eligible smokers to qualify for non-smoker rates after one or two years of being tobacco-free, potentially reducing costs further over time.

Cost of Forrester Financial whole life insurance

*Illustrated monthly costs for smokers of various age ranges seeking $100,000 in coverage for a whole life insurance plan

Cheapest whole life insurance for seniors and retirees – iA

iA Financial Group stands out as one of the most senior-friendly insurers in Canada due to its Superior Risk Tolerance Program. This underwriting approach gives older applicants a better chance of approval and access to lower premiums, even with moderate health risks.

iA offers both participating and non-participating whole life options, with simplified issue choices for faster approval and less medical scrutiny. This makes iA an ideal fit for retirees seeking final expense planning and wealth building.

Showcasing iA’s Non-PAR L100 cash value and paid-up insurance benefits

*Illustrated the cash value and paid-up insurance for an individual seeking l100, Non-PAR whole life insurance plan with $100,000 in coverage

Cheapest whole life insurance for riders and customizations – Canada Life

When it comes to flexibility and personalized protection, Canada Life offers some of the most customizable whole life insurance plans in Canada. While their base premiums are competitive, it’s their wide selection of optional riders and policy features that make them the top choice for people who want tailored coverage without overpaying.

Some of the key customization options from Canada Life include: 

• Accidental Death Benefit rider: Boosts the payout if death results from an accident
• Waiver of Premium: Keeps your policy active by waiving payments if you become disabled
• Children’s term rider: Adds coverage for your children with the option to convert later without a medical exam
• Guaranteed Insurability Option (GIO): Lets you increase your coverage later in life without new underwriting
• Additional Deposit Option (ADO): Allows lump-sum contributions that grow your cash value and death benefit faster

Additionally, Canada Life’s participating whole life plans let you choose how to use dividends: reinvest them into the policy, reduce premiums, or take them in cash.

Cheapest whole life insurance for overall premiums – Manulife

When comparing whole life insurance providers in Canada, Manulife consistently ranks among the most affordable across multiple ages and coverage levels. Whether you’re a young adult starting a financial plan or a 50-something preparing for retirement, Manulife offers some of the lowest base premiums for guaranteed lifetime coverage. The cost-effectiveness extends across both participating and non-participating policy types.

Manulife’s affordability stands out particularly in policies offering:

• Level, guaranteed premiums for life
• Multiple payment options (life-pay, 10-pay, 20-pay, pay to 90)
• Competitive pricing for both single and joint coverage
• Access to Vitality programs that reward healthy habits and may reduce long-term costs

Manulife Par and Manulife Par with Vitality Plus products do include premium savings potential and strong cash value growth. Manulife’s overall pricing strategy, combined with stability and brand reputation, makes it one of the best whole life options in Canada today.

Cost of whole life insurance for Manulife

*Illustrated cost of a non-participating whole life insurance policy for an individual of various age ranges seeking $100,000 in coverage

Cheapest whole life insurance for participating whole life policies – Equitable Life

When it comes to participating whole life insurance, where policies build cash value and pay annual dividends, Equitable Life of Canada stands out as the most cost-effective choice in 2025.

Equitable Life offers two flagship participating products under the Equimax line: Equimax Estate Builder, which focuses on maximizing long-term death benefit and estate value, and Equimax Wealth Accumulator focuses on early cash value growth and flexibility

Equitable Life is particularly attractive due to the combination of affordable premiums and strong performance:

• Dividend Scale Interest Rate (DSIR) of 6.40% as of 2024—one of the highest in Canada
• Historically consistent dividend payouts, even in low-interest environments
• Ideal for both estate planning and long-term cash accumulation
• Available in 10-pay, 20-pay, and life-pay structures

Equitable’s participating policies consistently outperform others in cash value growth per premium dollar, offering clients a mix of affordability and long-term cash value growth.

Cash value growth of an Equimax Estate Builder plan

*Projected cash value for a 35-year-old, non-smoker, male opting for a 20-Pay with a $10,000 annual premium

Cheapest whole life insurance for high-net-worth individuals – Sun Life

Sun Life stands out as the top choice for high-net-worth individuals looking for substantial and flexible whole life coverage. With minimum coverage starting at $250,000, their policies are well-suited for clients seeking to preserve wealth, plan their estates, or leave a financial legacy.

Sun Life offers both participating and non-participating whole life insurance options. The participating plans provide long-term value through annual dividends and strong cash value growth, while the non-participating options offer guaranteed premiums and predictable benefits. 

High-net-worth clients can choose from premium payment options like 10-pay, 20-pay, or life-pay, and further tailor the policy with riders and additional deposit options

Cheapest whole life insurance for individuals with pre-existing conditions – Canada Protection Plan

Canada Protection Plan (CPP) is one of the top choices in Canada for individuals seeking whole life insurance without undergoing a medical exam. Their simplified application process makes coverage more accessible, especially for those with pre-existing conditions or health concerns. 

Applicants can choose from coverage amounts ranging from $10,000 to $1,000,000, depending on eligibility and plan type. Some policies come with immediate full death benefits, while others include a two-year waiting period before full coverage kicks in. 

To further customize the policy, CPP also offers optional riders such as the Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit, allowing policyholders to tailor their protection to suit their family’s specific needs.

Cost of whole life insurance for the Canada Protection Plan

*Illustrated cost for individuals of varied age ranges seeking $200,000 in coverage with a Life Pay option

Can I use whole life insurance as a tax-free investment in Canada?

Yes, you can use whole life insurance as a tax-efficient investment in Canada, especially with participating policies. These policies build cash value over time, which grows tax-deferred. You can access this cash through policy loans or withdrawals, often without triggering immediate taxes. 

Additionally, the death benefit is paid out tax-free to your beneficiaries. Participating whole life insurance also offers dividends, which can be reinvested to increase your policy’s value or reduce premiums. This makes it a popular strategy for high-net-worth individuals looking to grow and transfer wealth efficiently. 

Can I get whole life insurance in Canada without a medical exam?

Yes, you can get whole life insurance in Canada without a medical exam. Several Canadian insurers offer these types of policies, including Canada Protection Plan, Assumption Life, Foresters Financial, and iA Financial Group. 

These policies are commonly known as “no-medical” or “simplified issue” whole life insurance, and they are designed for people who:

• Prefer a quick and easy application process
• Have pre-existing medical conditions
• Want to avoid medical tests like bloodwork or physicals

Can I convert my term life policy into whole life in Canada?

Yes, you can convert many term life insurance policies into whole life insurance in Canada, often without needing a medical exam. The term conversion option allows you to switch to permanent coverage based on your original health status, even if your health has changed since you first bought the policy. 

Most insurers offer the term conversion feature up to a certain age, usually between 65 and 70. The new whole life premiums are calculated based on your age at the time of conversion, not your age when you purchased the term policy. 

Some insurers also allow partial conversions, meaning you can convert only a portion of your existing term life insurance coverage into a whole life insurance policy.

Can I use whole life insurance for retirement income in Canada?

Yes, you can use whole life insurance to supplement retirement income in Canada, especially through participating policies with strong cash value growth. Over time, the policy builds tax-deferred cash value, which you can access through policy loans or withdrawals. 

These funds can provide a flexible, tax-efficient source of income during retirement. Since policy loans don’t trigger immediate taxation and don’t require repayment on a fixed schedule, they offer financial flexibility. 

However, any unpaid loan balances reduce your death benefit. It’s important to structure the policy properly with the help of a licensed advisor to ensure it fits your long-term retirement and estate planning goals.

How to choose the right whole life insurance company in Canada?

When choosing a whole life insurance company in Canada, it’s important to look beyond just the monthly premium. Whole life insurance is a long-term financial product, and your provider should offer strong performance, stability, and value over decades.

• Look for value: Focus on long-term value, including cash value growth, flexibility, and total returns, not just the cheapest premium
• Check dividend history (for participating policies): A reliable whole life insurance dividend track record shows how consistently the company rewards policyholders and signals financial health
• Understand cash value growth and access: Find out how quickly your policy accumulates cash value, and whether you can access it easily through loans or withdrawals
• Review financial strength and claims record: Choose a company with strong credit ratings (e.g., A.M. Best, DBRS) and a solid reputation for paying claims promptly
• Evaluate product customization: Consider whether the insurer allows riders, premium payment options (e.g., 10-pay, 20-pay), or partial conversions if your needs change
• Consider customer support: Good customer service, online access to policy information, and responsive claims support are essential for long-term satisfaction

Is whole life insurance worth it in Canada in 2025?

Whether whole life insurance is worth it in Canada in 2025 depends on your financial goals and personal situation. With rising dividend scale interest rates and stronger insurance options from top insurers like Equitable Life and Canada Life, whole life insurance continues to be a solid choice for high-net-worth individuals and families seeking permanent coverage. 

However, for those with limited budgets or short-term needs, term life insurance might offer more flexibility at a lower cost. You can seek the help of our expert advisors at PolicyAdvisor to get customized whole life insurance quotes from 30+ top providers in Canada. 

Our experts can help you get customized quotes based on your unique needs through our whole life insurance calculator, along with additional riders to help you find maximum coverage at the most affordable prices. Schedule a call with us today!

Receiving a prostate cancer diagnosis can be life-altering, not just physically and emotionally, but financially as well. The Canadian Cancer Society estimates that prostate cancer will affect 27,900 Canadian men in 2024, making up 22% of all new cancer cases among men. With early detection and better treatment options, many survivors live long, healthy lives, prompting insurers to reassess how they evaluate cancer histories. 

This blog explores the life insurance landscape for prostate cancer survivors, including eligibility criteria, policy types, pricing factors, and how to find the best coverage available in Canada today.

Is it possible to get life insurance after prostate cancer in Canada?

Yes, it is possible to get life insurance after prostate cancer in Canada, though the type of policy and terms you qualify for will depend on several key factors. Canadian insurers generally assess applications from cancer survivors based on the stage and grade of the cancer, how long the applicant has been in remission, the type of treatment received, and their overall health profile. 

Many survivors can qualify for traditional term or whole life insurance, especially when doctors detect the cancer early and treat it successfully. In other cases, simplified or guaranteed issue policies, requiring minimal or no medical underwriting, may be viable options.

How do insurers determine the eligibility of life insurance for prostate cancer survivors?

Life insurers in Canada determine the eligibility of life insurance for prostate cancer survivors through a comprehensive underwriting process. Insurers carefully review both medical and lifestyle factors to assess long-term health risks and determine the level of coverage and premium rates an applicant may qualify for. 

Here are the primary factors insurers consider when reviewing applications from prostate cancer survivors:

• Stage and grade of the cancer at diagnosis: Insurers typically place fewer underwriting obstacles for applicants diagnosed with low-stage, localized prostate cancer than for those with more advanced or aggressive forms of the disease.
• Gleason score: This score measures how aggressive the prostate cancer was. A lower Gleason score (such as 6 or less) indicates a less aggressive cancer, and life insurers view this more favourably 
• Time since completion of treatment: The longer you have been cancer-free, the better your chances of being approved. Many insurers prefer a waiting period of one to five years post-treatment before offering standard life insurance policies
• Type of treatment received and response to treatment: Treatments such as radical prostatectomy (complete surgical removal) with no signs of recurrence are generally seen as lower risk. More complex treatments or mixed outcomes may lead to higher premiums or restricted coverage
• Current PSA (Prostate-Specific Antigen) levels: Insurers will review recent PSA test results to assess whether the cancer is in remission or if there are any signs of recurrence. Stable or declining PSA levels are a positive sign
• Age at the time of diagnosis and application: Younger applicants diagnosed early and treated successfully can have more favourable outcomes than older individuals or those diagnosed later in life
• Overall health and lifestyle choices: Insurers assess co-existing health conditions such as hypertension, diabetes, or obesity, along with lifestyle habits like smoking, alcohol use, diet, and physical activity levels. A healthier lifestyle can mitigate some of the risks associated with your cancer history
• Family medical history: A family history of prostate cancer or other hereditary cancers may increase perceived risk, although this is usually considered in the broader context of your personal health history

What are the types of life insurance options for prostate cancer survivors in Canada?

Prostate cancer survivors in Canada can access several life insurance options, though eligibility depends on factors like the stage of cancer, treatment type, remission period, and overall health. Insurers assess risk carefully, but many survivors can still secure meaningful coverage with the right policy.

• Fully underwritten life insurance: Best suited for survivors in long-term remission with low-risk cancer and stable PSA levels. Offers the most affordable premiums and high coverage amounts but requires full medical underwriting, including exams and records
• Simplified issue life insurance: Ideal for those with recent or moderate health issues. Requires no medical exam, only a brief questionnaire. Approval is faster, though premiums are higher and coverage amounts are lower
• Guaranteed issue life insurance: Designed for individuals with serious health risks or recent treatment history. No medical questions or exams, but comes with high premiums, low benefit amounts, and a waiting period before full benefits apply
• Permanent life insurance (Whole or universal life): Offers lifetime coverage and may build cash value. Suitable for stable survivors looking for long-term protection or estate planning, though premiums are higher than term options

How long should a prostate cancer survivor wait before applying for life insurance?

Most Canadian insurers prefer a waiting period of 6 months to 5 years post-treatment to properly assess risk and consider your application for standard or near-standard rates. However, the waiting period may be different for you based on your stage and grade of the cancer, type of treatment received, and how well you’ve recovered.

For example, if the cancer was low-grade and detected early, and you’ve been in remission with stable PSA levels, you may be eligible for coverage as early as 6 to 12 months after treatment. However, if the cancer was aggressive or if you underwent radiation or hormone therapy, insurers may require a 2 to 5-year cancer-free period before offering traditional coverage. 

During this waiting period, you may still qualify for simplified or guaranteed issue life insurance. This requires fewer medical disclosures but comes with higher premiums and limited coverage.

Does prostate cancer increase life insurance premiums?

A history of prostate cancer may increase life insurance premiums, and it significantly influences how an insurer assesses your risk profile. Insurers determine premiums based on the likelihood of future health complications and generally consider cancer survivors as higher-risk applicants.

However, the extent of the premium increase depends on multiple factors, including the stage of cancer at diagnosis, Gleason score, treatment outcomes, and time since remission. Applicants with early-stage, low-grade prostate cancer who have been in remission for several years with stable PSA levels can receive approvals at standard or mildly rated premiums. 

On the other hand, those with aggressive or recurrent cancer may face higher premiums, coverage limitations, or even temporary declines. Insurers also consider your age, lifestyle habits, and overall health during the underwriting process.

What are the best life insurance companies for prostate cancer survivors?

While underwriting policies vary, some Canadian life insurance providers apply more flexible criteria when evaluating the cancer history of prostate cancer survivors. These insurers may offer competitive rates, quicker assessments, or tailored policies depending on your health status and time since treatment.

Here are some insurers commonly recognized for being favourable to prostate cancer survivors:

• Canada Life: Known for its detailed underwriting and willingness to consider applicants with a history of low-grade or early-stage prostate cancer, especially after a few years in remission
• Manulife: Offers both traditional and no-medical exam options. Manulife is often open to insuring survivors who are several years post-treatment with stable health indicators
• Equitable Life: A smaller but flexible insurer with strong simplified issue life insurance offerings, ideal for those who may not yet qualify for fully underwritten policies
• Assumption Life: Offers a range of no-medical and simplified issue products, making it a good fit for applicants who are within a shorter recovery timeline
• Empire Life: Provides both term and permanent insurance with relatively adaptable underwriting policies for cancer survivors in stable remission
• Humania Assurance: Specializes in simplified and guaranteed issue life insurance, suitable for prostate cancer survivors who may face challenges with traditional underwriting

Are there no-medical exam life insurance options for cancer survivors in Canada?

Yes, cancer survivors in Canada can access life insurance options that do not require a medical exam. These include simplified issue and guaranteed issue life insurance policies, which are specifically designed for individuals with pre-existing health conditions, including a history of cancer. 

Simplified issue policies involve a short health questionnaire but no medical tests. This makes them a suitable choice for survivors who have been in remission for some time and want quicker approval with moderate coverage. Guaranteed issue policies do not require any health questions or exams and offer guaranteed acceptance. 

Some insurers also offer no-medical term life insurance with limited underwriting, which can be ideal for those who want to avoid medical testing but still obtain meaningful protection.

What’s the difference between “rated,” “standard,” and “declined” in cancer-related life insurance underwriting?

In Canadian life insurance underwriting, “standard” means you’re approved at regular rates, “rated” indicates you’re approved but with higher premiums due to medical risk (common for cancer survivors), and “declined” means you’re not eligible for coverage at that time. 

Prostate cancer survivors often fall into the “rated” category, especially if diagnosed in the past 5–10 years. Ratings can improve over time with good health and cancer-free years, so reapplying later may lead to better results.

Can prostate cancer survivors be denied life insurance in Canada?

Yes, insurers may deny life insurance to prostate cancer survivors in Canada. However, this typically depends on the specifics of their medical history. Applicants with aggressive or recently treated prostate cancer may be deemed higher risk and could face a decline. This may happen particularly if it was an advanced form of cancer, with recurrent or poorly controlled symptoms.

However, a denial from one insurer does not mean that you are out of options. You may apply with other insurance companies with a lenient underwriting process. You may even go for no-medical life insurance plans. Working with a broker who specializes in cancer-related policies can significantly improve the chances of approval.

Will I need a medical exam to get life insurance after prostate cancer?

In Canada, traditional fully underwritten life insurance will require a medical exam for prostate cancer patients, especially if you are applying for higher coverage amounts. This exam may include blood work, a urine test, and a review of your PSA levels, treatment history, and overall health status.

However, if you prefer to avoid a medical exam, there are no-medical exam options available in Canada, such as simplified issue and guaranteed issue life insurance. These options are particularly useful for prostate cancer survivors looking for life insurance coverage. 

Your eligibility for no-exam coverage will depend on how long it has been since your treatment, your current health, and the insurer’s underwriting criteria.

Can beneficiaries of prostate cancer patients receive a life insurance payout?

Yes, beneficiaries of prostate cancer patients can receive a life insurance payout, provided the policy is in force and all conditions are met. If a person with prostate cancer holds a valid life insurance policy that was issued before the diagnosis, and they pass away while the policy is active, the insurer will typically pay the full death benefit.

However, complications may arise if the policy was purchased after the diagnosis. In such cases, the waiting period and disclosure requirements become critical. For example, guaranteed issue policies usually have a two-year waiting period during which only a partial benefit or return of premiums is paid if death occurs due to natural causes, including cancer. 

Also, if an applicant withholds or misrepresents medical information during the application process, the insurer may deny the claim. Prostate cancer patients need to fully disclose their medical history to ensure that their coverage remains valid.

How to get the best life insurance quotes for prostate cancer patients in Canada?

Finding the best life insurance quotes after a prostate cancer diagnosis can feel overwhelming, but it’s absolutely possible, especially with the right approach and tools. You’ll also want to consider what type of policy best suits your needs and determine how much coverage you truly require.

To streamline this process, consider using PolicyAdvisor, one of Canada’s leading online life insurance platforms. PolicyAdvisor works with 30+ top-rated Canadian insurance providers, giving you access to a broad range of products and underwriting criteria tailored to cancer survivors. 

With their AI-powered life insurance calculator, you can get personalized quotes in under 60 seconds, no paperwork or phone calls required. Plus, PolicyAdvisor offers lifetime after-sales support, helping you manage your policy, update coverage, or file claims when needed. Schedule a call with us today to get the best life insurance quotes!

Did you know that high costs prevent almost 53% of Canadian adults from getting life insurance? This cost barrier makes finding affordable life insurance a top priority for families..  Factors like your age, health, occupation, and how much coverage you want all change the price of term life insurance in Canada. With so many choices and factors that affect the cost, it’s hard for many Canadians to find the cheapest term life insurance.

In this article, we will explore the most affordable term life insurance companies based on different categories like smokers, seniors, children, etc, and share tips to help you get the best coverage for your budget.

What is term life insurance?

Term life insurance is a type of life insurance policy that offers coverage for a specific term or period. This term can be for 10, 20, or 30 years. Your beneficiaries receive the full death benefit if you die during the coverage term. However, if you outlive the term, there is no payout. However, you can also renew your term life insurance policy if your term is about to expire. 

The death benefit from term life insurance can pay your mortgage payments, outstanding loans, children’s education costs, credit card debt, cost of living expenses for dependents, and funeral expenses.

What factors influence the cost of term life insurance in Canada?

Various factors that affect the rates of term insurance include age, gender, health status, smoking habit, coverage amount, length of policy, and occupation.

• Age: As you age, the likelihood of death increases, and so does the cost of term life insurance. To get affordable term insurance, you can opt for a policy at a younger age 
• Gender: According to Statistics Canada’s 2018 data, women live approximately 4-5 years longer than men (about 84 years versus 79.9 years). Thus, due to a higher life expectancy, the term insurance premium is lower for women than for men
• Health status: Your health history, overall health condition, or any pre-existing condition also impacts the term premium. Individuals with a healthy history get better rates, while those with a chronic illness or health condition pay higher premiums
• Smoking status: If you are a smoker, you may have to pay a higher premium due to increased health risks
• Coverage amount: The higher the coverage amount you choose, the higher your premium will be. For example, a coverage of $500,000 may cost more than $100,000
• Length of Policy: Longer-term policies, such as 20 or 30 years, cost more than shorter term as 10 years
• Occupation: Your occupation also affects your term insurance costs. If you are in a dangerous or high-risk job, your premium can increase

Which companies offer the cheapest term life insurance in Canada?

Several insurance companies like Manulife, Canada Life, Assumption Life, Industrial Alliance, and Wawanesa offer low-cost term life insurance in Canada. 

Here is a list of the most affordable life insurance companies that offer plans for different health conditions, ages and smokers, and people with high-risk jobs.

• Wawanesa: Cheapest term life insurance for seniors
• Manulife: Cheapest term life insurance for children
• Assumption Life: Cheapest term life insurance for people with health conditions
• Industrial Alliance: Cheapest term life insurance for smokers
• Canada Life: Cheapest term life insurance for people in high-risk jobs

Cheapest term life insurance for seniors: Wawanesa

Wawanes offers the lowest premiums for term life insurance for seniors. They offer term policies from 10-30 years or up to age 80, with renewal options up to age 100. So, if you are a senior citizen below 80, you can get an affordable term insurance policy from them.

For a typical $500,000 coverage for a 20-year term from Wawanesa ranges from $30.15 to $430, depending on the applicant’s age. Term life insurance from Wawanesa is one of the most affordable in Canada. 

Monthly term life insurance quotes in Canada by Wawanesa

*Representative values, based on term life insurance for non-smokers in good health. $500,000 coverage, 20-year term

Cheapest term life insurance for family: Manulife

One of the top insurers, Manulife, offers affordable term life insurance plans for families. The insurer gives the lowest rates for most age groups. You can also get additional discounts when you add dependents or bundle your coverage. 

Moreover, for young parents, Manulife also offers additional child riders at affordable costs that you can include as per your family’s needs. 

For a typical $500,000 coverage, a 20-year term from Manulife ranges from $32 to $433 depending on the age.

Monthly term life insurance quotes in Canada by Manulife

*Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term

Cheapest term life insurance for people with health conditions: Assumption Life

Assumption Life term life insurance policy is a great option for people who have health issues. Their policies don’t require you to take a medical exam. Instead, they ask a few medical questions at the time of application. 

Moreover, you can get coverage for higher amounts if you undergo medical and financial underwriting. 

For a typical $500,000 coverage, a 20-year term from Assumption Life ranges from $32 to $718, depending on the age of the applicant.

Monthly term life insurance quotes in Canada by Assumption Life

*Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term

Cheapest term life insurance for smokers: Industrial Alliance

If you are a smoker, you can get a cheap term life insurance plan from Industrial Alliance. The insurers offer low rates for smokers in Canada across all age groups. They offer a unique Pick-A-Term product that lets you customize the length of your term life insurance. 

For a typical $500,000 coverage, a 20-year term for a male smoker of 30 years old from Industrial Alliance may cost up to $60 per month.

Monthly term life insurance quotes in Canada by Industrial Alliance

*Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term

Cheapest term life insurance for people in high-risk jobs: Canada Life

Canada Life term insurance policy is ideal for those who work in risky jobs. The insurer offers flexible term lengths and customization for specific risk periods. 

You can also choose from a variety of additional benefits and riders, such as accidental death benefit, child’s term life insurance rider, guaranteed insurability rider, etc.

For a typical $500,000 coverage, a 20-year term from Canada Life ranges from $30 to $403, depending on your age.

Monthly term life insurance quotes in Canada by Canada Life

*Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term

How can I lower my term life insurance premium?

You can lower the cost of your term life insurance plan by applying early, maintaining a healthy lifestyle, picking an appropriate term length, and comparing term plans.

• Apply early: The younger you apply, the lower your term insurance premium will be. Age plays a major role in deciding your premium. So early purchase saves you money over the long term
• Maintain a healthy lifestyle: Term life insurance premiums increase for those who have a certain health condition. So, make sure to stay fit and maintain a healthy lifestyle for lower premiums
• Choose an appropriate term length: Choosing the term length of your policy is also important. Longer-term policies cost more, so choose a policy term that aligns with your financial needs
• Research and compare: Term life insurance premiums can vary from insurer to insurer. Comparing term life insurance quotes from brokers like PolicyAdvisor can offer you a great deal. Our licensed advisors compare premiums from over 30 insurers to help you get the best term life insurance in Canada

Will I get any money back if I cancel my term life insurance?

Yes, you can get a full refund of your premium if you cancel your term policy within the free-look period. Most insurance providers typically offer a 10-30 day free-look period after you purchase a policy. 

If you cancel the policy after the free-look period, you may get a small, pro-rated refund if you have paid premiums in advance.

Can I convert my term life policy into whole life in Canada?

Yes, you can convert many term life insurance policies into whole life insurance in Canada, often without needing a medical exam. The term conversion option allows you to switch to permanent coverage based on your original health status, even if your health has changed since you first bought the policy. 

Most insurers offer the term conversion feature up to a certain age, usually between 65 and 70. The new whole life premiums are calculated based on your age at the time of conversion, not your age when you purchased the term policy. 

Some insurers also allow partial conversions, meaning you can convert only a portion of your existing term life insurance coverage into a whole life insurance policy.

Is term life insurance worth it in 2025?

Yes, term life insurance is still worth it in 2025, especially for Canadians seeking affordable, high-coverage protection for a specific period. 

Term policies offer low premiums and predictable coverage, making them ideal for families, new homeowners, or anyone with temporary financial obligations like mortgages or child-rearing expenses. In 2025, many insurers offer customizable term lengths (10, 20, or 30 years), convertible options, and digital tools to compare quotes and apply online. 

Term life is especially useful if you only need insurance during your peak earning years. Although it doesn’t build cash value like permanent insurance, it provides significant financial protection at a fraction of the cost. With rising living expenses, term life insurance remains a practical, budget-friendly choice.

How to get the best term life insurance quotes in Canada?

To get the best term life insurance quotes in Canada, you need to compare policies from multiple insurers while factoring in your age, health, coverage amount, and policy length. At PolicyAdvisor, we make this process simple and transparent. Our licensed advisors work with over 30 of Canada’s top life insurance companies to help you find the most competitive quotes that match your unique needs. 

You can use our free term life insurance calculator to instantly explore coverage options and premiums, or speak with our experts for personalized guidance. We review your goals, suggest the right term length, explain optional riders, and ensure you don’t overpay for coverage. Schedule a call with us today to get term life insurance quotes for your financial protection.

Epilepsy is a neurological disorder that leads to recurring seizures and affects about 300,000 Canadians, roughly 1 in 100 people. Having epilepsy doesn’t mean you cannot get life insurance in Canada.

This is one of the most common misconceptions people face when buying life insurance with pre-existing conditions. Insurers don’t automatically reject applications of epilepsy patients, but assess each case based on their specific situation.  

In this article, we’ll take you through different life insurance options for epilepsy, eligibility criteria, cost factors, and tips for getting the best life insurance for epilepsy in Canada.

Life insurance options for epilepsy patients in Canada

There are several life insurance options available for epilepsy patients. These include term life insurance, traditional (medically underwritten) life insurance, permanent life insurance, and no-medical life insurance.

Traditional life insurance

A traditional life insurance policy requires you to answer health-related questions and also requires a medical exam. This type of life insurance offers good coverage at a standard premium, however, with a detailed medical exam. 

For epilepsy patients looking to buy traditional life insurance, the insurer will review your medical history, frequency, control, severity, type of epilepsy, etc. If your condition is stable and you are otherwise healthy, you can qualify for traditional life insurance at standard rates.

Term life insurance:

Term life insurance with epilepsy comes in durations like 10, 20, or 30 years. Shorter terms (e.g., 10 years) have lower premiums but expire sooner, while longer terms (e.g., 20 years) offer extended coverage at higher costs.

Permanent life insurance

This type of life insurance policy offers lifelong coverage, ensuring a death benefit is paid to your beneficiary whenever you pass away. It also includes a cash value component that grows over time. Types of permanent life insurance include whole life insurance, universal life, and variable life insurance. These policies carry a higher premium but offer lifelong coverage.

No-medical life insurance

If your traditional life coverage isn’t approved, you can opt for a no-medical life insurance policy. This life insurance option does not require a detailed medical exam and is quickly approved. A simplified issue life insurance policy asks a few health questions, offering moderate coverage. 

A guaranteed issue life insurance is the easiest, as it requires no medical questions or exams. So the approval is certain, and easiest in these policies, making them the best option for those with a severe case of epilepsy. However, premiums under no-medical policies are higher, and coverage is limited compared to traditional ones.

What do insurers look for when you have epilepsy?

Insurance providers evaluate several factors when assessing applications of epilepsy patients. Understanding these criteria helps you prepare for the application process well in advance. These criteria include your age, date of onset, severity of symptoms, frequency of seizures, medical history, and treatment and hospitalization.

Under what circumstances can life insurance for epilepsy be denied?

While most epilepsy patients can get some form of life insurance, certain situations may lead to the denial or postponement of coverage. These include uncontrolled epilepsy, incomplete information, recent diagnosis, or unstable condition.

What is the cost of life insurance for epilepsy in Canada?

The average premium for life insurance with epilepsy in Canada is typically 25% to 100% higher than standard rates. For example, a 40-year-old male seeking $250,000 of 20-year term coverage might pay around $160 per month if rated for epilepsy, compared to about $80–$100 per month for someone without pre-existing conditions. 

For permanent life insurance, the average premium can be $175 per month for $100,000 of coverage at age 60. The actual cost of premiums varies based on your age, coverage amount, control and severity of epilepsy, and the type of policy chosen.

Best insurance companies offering life insurance for epilepsy in Canada

Most insurers offer life insurance with epilepsy through their traditional or no-medical life insurance policies. These include Assumption Life, Canada Protection Plan, Humania Assurance, UV Assurance, and IA Access Life.

Best life insurance companies for epilepsy patients

How to improve your chances of getting approved?

Several strategies, like comparing options, providing a complete medical record, applying at the right time, and working with an insurance broker, can increase your chances of getting approved for life insurance with epilepsy in Canada.

• Disclose complete information: Make sure to disclose all the relevant information related to your medical condition, such as doctor’s report, medical history, seizure frequency, and hospitalization, if any, at the time of approval. Any hidden or misleading information can lead to claim denial at the time of need
• Apply at the right time: Apply for life insurance for epilepsy when your condition is stable and you haven’t had seizures in the last 6 months or 1 year.  Applying at the right time can improve your approval chances
• Compare plans: Compare epilepsy life insurance quotes from multiple insurance providers, as each insurer has different guidelines and exclusions around pre-existing conditions. However, doing so can be exhausting. Our licensed advisors at PolicyAdvisor can not only compare plans of 30+ insurers for you but also advise you on the best life plan for your medical condition without any cost

Get the most affordable life insurance for epilepsy in Canada

Depending on your medical condition and its severity, getting life insurance for epilepsy in Canada can be difficult, but it’s not impossible. Insurers may charge higher premiums or require more documentation, but many Canadians with epilepsy still secure coverage, especially if their condition is well managed. 

Our licensed advisors at PolicyAdvisor can compare plans from over 30 top insurance companies at no cost, helping you find the best life insurance quote for your situation and guiding you through the application process to improve your chances of approval.

Alcohol use is widespread in Canada and continues to increase, even in 2025. According to the 2023 Canadian Community Health Survey, over three-quarters (roughly 77%) of adults in Canada’s provinces reported consuming at least one alcoholic beverage in the past 12 months. Applying for life insurance can be challenging, especially if you’re in recovery from alcohol addiction. 

In this blog, we’ll explore how insurance companies assess applicants with a history of alcohol use. Whether you’ve been sober for six months or six years, you’ll gain insights into the best life insurance policies for recovering alcoholics in Canada.

Understanding life insurance options for people with pre-existing conditions

To get the right coverage, understanding life insurance options for medical conditions is essential. You can choose from options like traditional life insurance, simplified issue, and guaranteed issue life insurance. 

Traditional life insurance

Also known as fully underwritten life insurance, this type of life insurance option provides the best rates and the highest coverage. However, it requires detailed health questions and sometimes a life insurance medical exam.

No medical life insurance

No medical life insurance option does not require you to have an extensive medical exam or blood test to qualify for a policy. If you have a pre-existing condition, this option can be your best bet. The coverage offered under a no-medical life insurance can be lower with higher premiums as compared to traditional life insurance. It includes:

• Simplified issue life insurance, where you answer a few questions about your medical history, but no medical exam is required
• Guaranteed issue life insurance is very convenient as it does not require any medical exam or questions to qualify for a policy

How to choose a life insurance option based on your health and budget?

Choosing the right life insurance plan depends on your medical situation and what you can afford, so match your coverage type to both your medical needs and your budget.

• Evaluate your health: For minor, well-managed conditions like controlled high blood pressure, traditional life insurance has lower premiums and greater coverage (e.g., $500,000 for $40–$60/month). For severe conditions like heart disease, go for no-medical policies like simplified issue (fewer health questions) or guaranteed issue (no questions or exams)
• Review your budget: If you are willing to pay higher premiums ($50–$100/month), no-medical life insurance policies provide convenience and quicker approval. If you have a low budget, you can go with a traditional life insurance policy, but it will require a medical exam

For example, a 45-year-old Canadian with type 2 diabetes may qualify for $200,000 in simplified issue coverage for $60–$90/month or $500,000 in traditional coverage at $45–$70/month if the medical condition is controlled and they pass a medical exam

How does life insurance medical underwriting work?

Life insurance medical underwriting is a process insurance companies follow to assess if they can offer you coverage or not. It includes reviewing details like your age, severity of health conditions, family medical history, lifestyle, smoking habits, occupation, and more. If you have any existing medical conditions, you may also have to go through a medical exam. Based on this assessment, your insurer either approves your coverage or rejects it. 

Life insurance medical underwriting is also used to determine the premium rates for your policy. Medical conditions that are mild and well-controlled only slightly increase your premium. 

On the other hand, severe conditions can lead to higher premiums and maybe even denial of traditional coverage. In such cases, no-medical life insurance is always an option.

Which medical conditions affect life insurance approval in Canada?

Life insurance providers assess your health to estimate your life expectancy. If you have a pre-existing medical condition, it can impact your eligibility, increase your premiums, or result in a modified or denied policy. 

• Heart disease: Conditions like a previous heart attack, coronary artery disease, or irregular heartbeat (arrhythmia) often lead to higher premiums.
• Cancer: The coverage depends on cancer type, stage, and remission period. For instance, stage 1 cancer patients who have been in remission for over five years may qualify for standard rates, whereas recent or metastatic cancer might lead to a denial or deferred application
• Diabetes: Type 2 diabetes that’s well-managed with diet or medication might be insurable with slightly higher premiums. However, poorly controlled diabetes with complications (e.g., neuropathy or vision loss) increases the risk significantly
• High blood pressure: If controlled with medication and lifestyle, you can get life insurance for high blood pressure
• Obesity: Individuals with a BMI over 35 or 40 may face higher premiums, especially if it’s linked to other conditions like sleep apnea, high cholesterol, or type 2 diabetes
• Mental health conditions: Conditions like major depression, anxiety disorders, or bipolar disorder can influence life insurance approval, especially if there’s a history of hospitalization, suicide attempts, or disability claims
• Chronic liver or kidney disease: Applicants with hepatitis B/C, cirrhosis, or chronic kidney disease may face limited coverage options 
• Respiratory conditions: Severe or uncontrolled COPD (chronic obstructive pulmonary disease), especially in smokers, typically results in much higher premiums
• Neurological disorders: Conditions like multiple sclerosis (MS), Parkinson’s disease, or a history of strokes or seizures can affect insurability depending on their severity and progression
• HIV/AIDS: Some insurers now offer coverage to HIV-positive applicants who meet strict treatment and health stability requirements. Expect limited options and higher costs

Which are the best life insurance companies for medical conditions in Canada?

Securing life insurance for pre-existing conditions with the right insurance provider can give you better coverage and costs. Several insurers are well-known for accepting applicants with medical conditions. These include Canada Protection Plan, Foresters Financial, Canada Life, Sun Life, and Empire Life.

Best life insurance companies for medical conditions

How does the severity and control of your medical condition matter?

Insurance companies consider the severity and control to approve your life insurance policy. They classify applicants based on different risk categories such as preferred risk, standard risk, and substandard risk. 

• Preferred risk: This is for healthy individuals with no or minor medical conditions. They are offered the lowest premiums
• Standard risk: For applicants with some pre-existing conditions, but those are well-manageable. They are offered moderate premiums
• Substandard risk: For people who have a serious medical condition or a poorly controlled condition. They are offered a higher premium or restricted coverage

Do you need a medical exam to get life insurance for pre-existing conditions in Canada? 

The need for a medical exam depends on the type of policy you are choosing, such as traditional or no-exam insurance. 

• Traditional insurance: If you are looking to purchase a traditional life insurance policy, you will have to give a life insurance medical exam. Such a medical exam typically includes questions about your health history, blood or urine tests, and a basic check of weight, height, and blood pressure
• No-exam insurance options: If you have an existing medical condition and are skeptical about a medical exam, you can either go for simplified issue or guaranteed issue life insurance options. Simplified issue life insurance policies require just a few health questions, while a guaranteed issue policy does not require any questions

Why shouldn’t you delay applying for life insurance with a medical condition?

Delaying your life insurance application, especially when you have a pre-existing condition, can restrict your coverage and increase your premiums as well. If you wait, your health condition may worsen or you may develop new conditions, which can make it harder to qualify for a life insurance policy in the future. There is also a possibility of your application being denied by your insurer. 

Applying at a time when your condition is stable or well-controlled can help you secure broad coverage at moderate premium rates. You may also have to face a waiting period for a pre-existing condition, so getting coverage sooner can start your waiting period earlier.

How to compare life insurance policies when you have a medical condition?

There are some key factors that you must review while comparing life insurance with medical conditions. These include coverage, premium, policy exclusions, riders, and policy wordings.

• Policy coverage: Consider the amount and type of coverage you want under your life insurance policy. Choose an amount and coverage that suits your budget and matches your future needs
• Exclusions:  Some insurers may not offer coverage for certain medical conditions, or they may have waiting periods for such conditions. Always check whether your pre-existing condition is covered or excluded in the policy wording
• Premium rates: The cost of your policy depends on your age, health, occupation, and severity of medical condition. So, make sure to compare what different insurers charge for the same policy. You can take help from an online tool like a life insurance premium calculator or connect with licensed advisors at PolicyAdvisor for a detailed cost comparison
• Optional riders: You can also add an optional rider to your policy to enhance its coverage. These riders come with an extra cost. Consider whether these riders will be helpful for you, as per your health risks and budget
  

How to get affordable life insurance for medical conditions?

Getting affordable life insurance with pre-existing conditions is possible if you follow the right approach.

Some ways to increase your chances of securing a life insurance policy within your needs and budget include lifestyle changes, being honest with disclosure, applying at the right time, and working with an insurance broker. 

• Be honest about your health: Hiding any medical condition will never get you a good policy. There may be chances of denied claims or even policy cancellations. So, make sure to disclose your medical conditions or any medical records at the time of application
• Improve your lifestyle: Improving your health and lifestyle habits can also make it easier to get the right life insurance policy at budget-friendly rates. Quitting smoking, keeping a check on your weight, blood pressure, and cholesterol, and limiting alcohol intake can lead to lower premiums
• Apply at the right time: If you have had a major health issue recently, and you apply right after, the chances of getting your application rejected increase. So, it’s always better to wait till your condition gets stable and then apply for a policy. Some insurers may also have a specific waiting period for when you can apply after a serious medical condition

• Work with an experienced broker: Working with a life insurance broker can help you choose the best policy for yourself. By assessing your medical conditions, lifestyle habits, occupation, and budget, they can help you get the best life insurance for medical conditions. Our licensed advisors at PolicyAdvisor can do all this for you and help you choose the right policy by comparing life plans of 30+ insurers

Surviving cancer is a major milestone, but securing your financial future can feel daunting. Life insurance for cancer survivors in Canada offers peace of mind, but the stage of your disease and treatment procedure can play an important role. These details can significantly impact not just your eligibility but also the cost of your premiums.

The Canadian Cancer Society reports that, according to specialists, approximately 247,000 new cancer cases occur in Canada each year, affecting a significant portion of the population. Understanding when to apply for life insurance for cancer survivors can be essential to protect against future financial challenges. This guide will help you find out the right time to apply for life insurance and make informed choices about your coverage options.

Can you get life insurance after cancer?

Yes, many cancer survivors can get life insurance, but approval depends on several factors, such as the type and stage of cancer, how long you’ve been in remission, and your current health status. Due to advances in treatment and more flexible underwriting, cancer is no longer an automatic denial for many insurers in Canada.

While some individuals with low-risk cancers may qualify within a few years post-treatment, others may need to wait longer or consider higher-risk policy options. People who can get life insurance after cancer include:

• Survivors of early-stage cancers (e.g., Stage 0 or 1)
• Individuals with non-aggressive cancers, such as certain skin or thyroid cancers
• People who have been in remission for 1–5 years, depending on cancer type
• Applicants with no signs of recurrence and consistent follow-up care
• Those in overall good health and with no other serious medical issues

What factors do insurers consider to provide life insurance for cancer patients?

Insurance companies focus on several key factors to decide coverage for cancer survivors. These affect your chances of getting the best insurance for cancer patients:

• Type, stage, and grade of cancer: Early-stage or low-grade cancers improve approval chances. Advanced cancers may require longer waiting or higher premiums
• Time since last treatment or remission: The longer you’ve been cancer-free, the better your chances for the best cancer insurance
• Medical reports and follow-ups: Clean medical tests and regular check-ups showing no recurrence help your application
• Risk of cancer returning: Lower risk means higher chances of approval
• Lifestyle habits after treatment: Healthy habits like no smoking, exercise, and a good diet increase your chances

How long should you wait after cancer treatment to apply for life insurance?

The waiting period for cancer patients can range from 1 to 10 years, depending on the type and severity of your cancer. Insurance companies want to see that your cancer is in remission and that your health is stable before they approve your application.

If you have life insurance for cancer survivors, your wait time may be shorter or longer based on your specific situation. Here’s how the waiting periods usually break down:

Waiting periods for low-risk cancers

If you had a low-risk cancer, you usually need to wait between 1 to 3 years after treatment before applying for life insurance. If you have regular medical check-ups and your doctor confirms no signs of cancer, insurance companies often consider you for life insurance fairly quickly. These include:

• Basal cell or squamous cell skin cancer: Doctors often fully treat these common types of skin cancer with surgery, and they rarely spread
• Early-stage thyroid cancer: When detected early, thyroid cancer often responds well to treatment and has high survival rates
• Stage 0 or 1 breast or prostate cancer: These cancers are in their earliest stages, usually small and localized, making recovery more likely
• Cervical carcinoma in situ: This early form of cervical cancer has not spread beyond the surface cells

Waiting periods for moderate to high-risk cancers

For moderate to high-risk cancers, the waiting period is usually between 5 to 10 years or more. These cancers may be more aggressive or have a higher chance of returning. They include:

• Stage 2 or 3 breast, colon, or lung cancer: These stages mean the cancer is larger or may have spread to nearby lymph nodes, requiring more intense treatment and longer monitoring
• Leukemia or lymphoma: These blood cancers can be unpredictable, so insurers want a longer period of remission before offering coverage
• Melanoma (depending on depth and stage): Melanoma can be serious if it has penetrated deeply or spread, so insurers carefully evaluate each case
• Any cancer with lymph node involvement or metastasis: If the cancer has spread beyond its original site, insurers usually require a longer cancer-free period

What is the best life insurance for people with cancer in Canada?

Cancer survivors in remission often find that no-medical life insurance policies, such as guaranteed issue or simplified issue plans, offer the best starting point. These plans do not require a medical exam or detailed health questions, making approval faster and easier. While the coverage amounts may be smaller and premiums may be higher, they provide the best cancer insurance for Canadian residents fighting against the disease.

Another excellent option is life insurance with a critical illness rider. This rider adds coverage that pays out a lump sum if you face a critical illness, such as a cancer recurrence. It combines the benefits of life insurance with financial support for medical treatments, making it a strong choice for cancer patients in remission.

Working with an expert advisor, such as our licensed professional at PolicyAdvisor, who understands cancer survivors’ unique needs, can help you find the best insurance solution for your situation.

Is it harder to get life insurance coverage after cancer?

Yes, getting life insurance after cancer is more challenging, but it’s possible. Insurers see cancer as a severe health risk with a higher chance of morbidity, so they carefully review your diagnosis, the type of treatment you received, and how long you’ve been in remission

Even if you do qualify for life insurance as a cancer patient, the coverage may come at a higher cost. Many people choose simplified issue or guaranteed issue life insurance, which don’t require medical exams. These are easier to get but come with higher premiums and lower coverage limits.

Are life insurance premiums higher for cancer patients in Canada?

Yes, life insurance premiums are generally higher for cancer survivors, but the final cost depends on your case history. Insurers assess how much risk they’re taking on, and a past cancer diagnosis usually increases that risk.

However, not all cancer survivors face the same rates. If doctors catch your cancer early, treat it successfully, and it hasn’t returned, insurers may offer you premiums closer to standard rates. On the other hand, if you have advanced or recent cancer, insurers will likely charge you higher premiums.

What happens if you are denied life insurance as a cancer survivor?

If you’re denied life insurance after a cancer diagnosis, you’re not out of options. A denial usually means that the insurer sees your risk as too high based on their underwriting criteria, but other types of coverage may still be available.

• Understand the reason for denial: Request details from the insurer about why they chose to decline your request. This helps you better prepare for your next application and correct any gaps or missing information
• Consider group life insurance through an employer or association: Group policies often don’t ask for detailed medical history, making them a great option if available
• Wait and reapply: If your denial was due to a recent diagnosis or treatment, you may qualify in the future, especially if you stay in remission and maintain regular follow-up care
• Speak with a high-risk insurance broker: Some brokers specialize in finding policies for people with complex, high-risk medical histories. They can match you with insurers more likely to consider your case

How can you get life insurance after cancer treatment?

Getting supplemental cancer insurance is possible, and you can take steps to improve your chances of approval and even lower your premium. Here’s how you can improve your chances of getting best insurance for cancer patients:

• Stay in regular follow-up care: Insurance companies look for proof that you’re under medical supervision. Keep up with all recommended checkups, screenings, and reports
• Wait for a stronger remission period: The longer you’ve been cancer-free, the better your risk profile. If you’re in early remission, waiting a year or two may lead to better offers
• Maintain a healthy lifestyle: Quitting smoking, eating well, exercising, and maintaining a healthy weight show insurers that you’re managing your health responsibly
• Gather detailed medical records: Be ready to provide clear, up-to-date documentation of your diagnosis, treatments, recovery timeline, and ongoing health status
• Work with a broker who specializes in high-risk cases: Some advisors understand which insurers are more flexible with cancer histories. They can help you compare options and avoid unnecessary declines.

Where can I get the best life insurance for cancer survivors in Canada?

Finding the best cancer insurance after a diagnosis can feel overwhelming, but you don’t have to do it alone. At PolicyAdvisor, we specialize in helping cancer survivors find the right life insurance coverage based on their health history, remission timeline, and financial goals.

We partner with 30+ top insurance companies in Canada, giving you access to a wide range of products, including term and whole life insurance, no-medical life insurance options, and policies with life insurance cancer payouts through critical illness riders

Our team of licensed life insurance advisors understands the unique challenges cancer survivors face. Whether you’re newly in remission or several years out, our AI-powered life insurance calculator will help you get accurate quotes within seconds. Schedule a call with us today to get your customized life insurance quote!

Alcohol use is widespread in Canada and continues to increase, even in 2025. According to the 2023 Canadian Community Health Survey, over three-quarters (roughly 77%) of adults in Canada’s provinces reported consuming at least one alcoholic beverage in the past 12 months. Applying for life insurance can be challenging, especially if you’re in recovery from alcohol addiction. 

In this blog, we’ll explore how insurance companies assess applicants with a history of alcohol use. Whether you’ve been sober for six months or six years, you’ll gain insights into the best life insurance policies for recovering alcoholics in Canada.

Can a recovering alcoholic get life insurance in Canada?

Yes, a recovering alcoholic can get life insurance in Canada, but the type of coverage, premium rates, and eligibility will depend on several key factors. Insurers typically assess your length of sobriety, overall health, and medical history, including treatment for alcohol use disorder and any related conditions such as liver disease, depression, or anxiety.

The longer you’ve been sober and the more stable your health, the better your chances of qualifying for a wider range of policies. While recovering applicants may face higher premiums or limited options early in their sobriety, coverage is possible, and often improves with time and lifestyle stability.

How can recovering alcoholics qualify for life insurance in Canada?

Recovering alcoholics can qualify for life insurance, but insurers base eligibility on several medical and lifestyle factors. Insurers carefully evaluate your risk profile, and the stronger your recovery journey, the better your chances of approval. 

1. Duration of sobriety

Most life insurance providers require at least 2 to 5 years of continuous sobriety to be eligible for traditional fully underwritten policies. The longer you’ve been sober, the more favorable your rates.

• Less than 2 years: You may still qualify for simplified or no medical life insurance, though with higher premiums
• 5+ years: Strong candidates for standard or near-standard rates with traditional policies

2. Completion of treatment or rehabilitation

Insurers look favorably on applicants who have completed a recognized alcohol rehabilitation program or ongoing therapy. Proof of treatment completion, such as medical records or a doctor’s letter, can strengthen your application.

3. Alcohol-related medical history

A major part of the underwriting process is your medical history, especially if your past alcohol use has led to other health conditions. Common alcohol-related conditions that insurers consider high-risk include:

• Liver disease, such as fatty liver, alcoholic hepatitis, and cirrhosis
• Pancreatitis
• Hypertension (high blood pressure)
• Cardiomyopathy or other heart conditions
• Gastrointestinal disorders such as GERD, ulcers, and gastrointestinal (GI) bleeding
• Neurological issues such as memory problems, peripheral neuropathy
• Mental health disorders such as depression, anxiety, and bipolar disorder
• History of overdose or hospitalizations related to alcohol

The absence of these conditions, confirmed through recent medical reports, can greatly improve your insurability.

4. Current health and lifestyle stability

Insurers want to see that you’re leading a healthy, stable lifestyle post-recovery. Factors that can support your application include:

• Stable employment and income
• Regular check-ups and doctor visits
• Active participation in recovery groups (e.g., AA, therapy)
• No recent hospital admissions or ER visits
• Clean driving record and no history of DUIs or legal issues

5. Smoking status

If you smoke or use tobacco, it will further increase your risk rating. Non-smokers usually qualify for lower premiums.

What is the best life insurance for recovering alcoholics in Canada?

Recovering alcoholics can still qualify for life insurance in Canada, but approval depends on the insurer’s underwriting guidelines, your sobriety period, and overall health. Some companies, such as Manulife, Empire Life, and RBC, focus on traditional fully underwritten policies, while other companies, like iA Financial, Canada Protection Plan, UV, and Assumption Life, specialize in simplified or no-medical life insurance that suits individuals with a history of substance use. 

• Manulife: Manulife is favored as the best life insurance for recovering alcoholics because it considers applicants who have been sober for at least five years and have no recent relapses or severe alcohol-related health issues.
• Canada Life: Canada Life offers traditional life insurance and evaluates applicants based on the duration of sobriety, treatment history, and current medical condition.
• Canada Protection Plan: Canada Protection Plan offers simplified and no-medical life insurance options that suit applicants in early recovery or with pre-existing conditions.
• RBC Insurance: RBC reviews applications from individuals with long-term sobriety and good health, and uses detailed medical and lifestyle assessments in underwriting.
• UV Insurance: UV Insurance provides express and simplified issue life insurance that does not require a medical exam but may include follow-up questions on alcohol use.
• Assumption Life: Assumption Life offers a range of no-medical and simplified policies designed for applicants with past substance use and stable recovery.
• iA (Industrial Alliance): iA considers applicants who have maintained sobriety and provides both traditional and simplified insurance depending on the risk level.
• Empire Life: Empire Life generally accepts applicants with five or more years of continuous sobriety and no significant alcohol-related medical complications.
• Humania Assurance: Humania provides flexible, no-medical life insurance policies that work well for individuals in recovery with manageable health profiles

Can recovering alcoholics qualify for traditional life insurance?

Yes, recovering alcoholics can qualify for traditional life insurance in Canada, especially if they have been sober for a significant period, typically five years or more. Major insurers such as Canada Life, Manulife, RBC Insurance, and Empire Life may offer coverage to individuals with a history of alcohol use, but approvals are subject to strict underwriting protocols.

When applying, insurers will conduct an in-depth risk assessment, often requiring detailed medical and lifestyle information for medical underwriting, including:

• Current age
• History and pattern of alcohol use (e.g., daily, social, or binge drinking)
• Amount of alcohol previously consumed
• Diagnosis of alcohol abuse or dependence
• Duration of sobriety or moderation
• Any history of relapse
• Participation in self-help or recovery groups (e.g., AA)
• Use of medications for recovery or mental health
• Co-existing medical or psychological conditions (e.g., anxiety, depression)
• Alcohol-related complications such as fatty liver, cirrhosis, pancreatitis, heart attack or damage
• Driving history, including DUI offences
• History of drug use or emotional disorders

Your insurer may additionally ask for additional medical evaluations and documentation, such as:

• Alcohol usage questionnaires
• Attending physician’s statement (APS)
• Motor vehicle report
• Comprehensive blood profile

If the applicant still consumes alcohol or shows signs of alcohol-related health issues, the insurer will most likely decline the application. However, insurers often consider applicants who have demonstrated long-term sobriety, stable health, and lifestyle improvements for coverage at standard rates, depending on their risk assessment.

Is no-medical life insurance a good option for recovering alcoholics?

Yes, no-medical life insurance can be a practical option for recovering alcoholics in Canada, particularly for those who may not qualify for traditional coverage. These policies do not require a medical exam and typically involve fewer health-related questions.

Several Canadian insurers, such as Assumption Life, Canada Protection Plan, iA Financial Group, Humania Assurance, and UV Insurance, offer no-medical or simplified issue life insurance plans. Coverage amounts often range between $250,000 and $750,000, depending on the insurer and individual risk factors. However, insurers do not guarantee your plan’s approval. Many plans include screening questions, and applicants may face rejection if they show:

• Abnormal body weight (either underweight or significantly overweight based on BMI)
• Recent or active alcohol abuse or treatment within the last 12 months
• Serious alcohol-related medical conditions, such as cirrhosis, fatty liver, heart damage, or pancreatitis
• Severe mental health conditions or a history of hospitalization for psychiatric reasons
• Multiple health issues (co-morbidities) that compound risk
• Recent relapses or ongoing substance use

Some plans, like UV’s Express Life Insurance, may ask follow-up questions even without a medical exam. These may relate to sobriety duration, past relapses, medications, or participation in recovery programs.

What is the waiting period to buy life insurance for recovering alcoholics in Canada?

In Canada, most traditional life insurance policies have a two-year contestability period. During this time, the insurer can investigate and deny a claim if there’s any misrepresentation, including undisclosed alcohol use or relapse. 

For simplified issue life insurance, there’s often a two-year graded benefit period. If the insured passes away during this time, the insurer typically refunds premiums with interest instead of paying the full benefit. These waiting periods help insurers manage risk and are crucial for applicants in recovery to understand.

Is life insurance with pre-existing conditions costly for recovering alcoholics?

Yes, life insurance with pre-existing conditions can be expensive in Canada. Insurance providers treat conditions such as fatty liver, cirrhosis, high blood pressure, pancreatitis, and alcohol-related heart or nerve damage as high-risk factors. Mental health concerns like depression, anxiety, or past suicide attempts also raise concerns during the underwriting process. 

If these conditions appear recent, severe, or uncontrolled, insurers usually increase premiums, reduce coverage options, or decline the application completely. However, if the applicant has maintained stable health and long-term sobriety, some insurers may offer standard or slightly higher-than-standard rates. 

Can I get life insurance as a recovering alcoholic with liver problems?

Yes, but recovering alcoholics with liver problems, such as fatty liver, hepatitis, or cirrhosis, may face higher scrutiny during underwriting. Traditional life insurance may be unavailable if the condition is severe or poorly managed. 

However, some insurers offer simplified or no-medical life insurance options that do not require medical exams but may come with higher premiums and lower coverage. Maintaining stable liver function, sobriety, and providing recent medical documentation can improve your chances of qualifying for coverage.

Can a recovering alcoholic with past rehab records get life insurance coverage?

Yes, but the outcome depends on how recently you attended rehab. If you were in rehab within the last year, most traditional life insurance providers in Canada will postpone or decline your application, as they typically require a longer period of demonstrated sobriety and stability. However, no-medical or simplified issue life insurance may still be an option, though at higher premiums.

If you have not been in rehab for at least five years and have remained sober with no relapses or major health concerns, you may qualify for traditional life insurance with standard or slightly rated premiums, depending on your overall health and lifestyle.

Will past alcohol-related health issues affect my life insurance application?

Yes, past alcohol-related health issues can significantly affect your life insurance application in Canada. Insurers assess both your medical history and your current health to determine your risk level. If you have experienced conditions linked to alcohol use, such as fatty liver, cirrhosis, pancreatitis, high blood pressure, heart disease, or depression, they may view your application as higher risk.

Depending on the severity and stability of these conditions, insurers may take one of the following actions:

• Approve your application at a higher premium (rated policy)
• Offer limited coverage through simplified or no-medical policies
• Postpone or decline your application, especially if the issue is recent, ongoing, or poorly managed

To improve your chances of approval, it’s important to demonstrate that your condition is under control. Providing recent medical records, test results, and proof of long-term sobriety will help underwriters assess your risk more favourably.

Where can a recovering alcoholic apply for life insurance?

Life insurance for recovering alcoholics is available in Canada, but the key is choosing the right provider and the right type of policy based on your sobriety history and health status. You can compare life insurance providers, their offerings, and monthly premiums.

However, navigating multiple insurers on your own can be overwhelming, especially with complex underwriting requirements. This is where platforms like PolicyAdvisor can be extremely helpful. We have partnered with over 30 leading insurers and help applicants with pre-existing conditions or a history of alcohol use receive the best life insurance quotes in one place. 

We can help you access both traditional and no-medical life insurance products, and our licensed advisors can guide you through the process, help you gather the required documents, and find insurers more open to approving recovery-based cases. Check out our life insurance calculator to get a quote in under 60 seconds.

A cancer diagnosis changes everything. With an estimated 247,100 new cancer cases expected in Canada in 2024, the reality is that cancer affects nearly every Canadian family.

Beyond the emotional and physical challenges, Canadian families face significant financial pressures that can devastate their savings and future security. [Source: Canadian Medical Association Journal]

What many don’t realize is that cancer accounts for approximately 67% of all critical illness insurance claims paid in Canada. Understanding the difference between critical illness insurance and life insurance could save your family from financial hardship when facing cancer.

This comprehensive guide examines how critical illness insurance and life insurance protect Canadian cancer patients differently, helping you make an informed decision about which cancer insurance coverage suits your needs best. 

Understanding your insurance options for cancer protection

In Canada, critical illness insurance and life insurance offer distinct protection for cancer patients. Critical illness insurance delivers a tax-free lump-sum payout upon cancer diagnosis, to help you manage immediate expenses and maintain financial stability during treatment. 

In contrast, life insurance ensures your family’s long-term financial security by providing a death benefit to cover debts, mortgages, or living costs after your passing. 

What is critical illness insurance?

Critical illness insurance provides a lump-sum payment when you’re diagnosed with a covered serious illness, including cancer. In Canada, most critical illness policies cover over 25 conditions, with cancer being the most commonly claimed condition. 

Key features:

• Immediate cash payment upon diagnosis
• No restrictions on how you spend the money
• Covers living expenses during treatment
• Available while you’re still alive to benefit

What is life insurance?

Life insurance pays a death benefit to your beneficiaries when you pass away. For cancer patients, life insurance ensures your family’s financial security after you’re gone, covering debts, mortgages, and ongoing living expenses.  

Key features:

• Death benefit paid to beneficiaries
• Protects the family’s long-term financial security
• Can include living benefits riders
• Builds cash value (permanent policies)

Critical illness insurance for cancer patients

How critical illness insurance works for cancer

Critical illness insurance becomes invaluable the moment you receive a cancer diagnosis. Most Canadian insurers pay benefits for invasive cancers after a brief waiting period (typically 30 days from diagnosis). 

Coverage details:

• Invasive cancer: Full benefit payment for cancers that have spread beyond the original site
• Carcinoma in situ: Partial payment (usually 15-25% of coverage) for early-stage cancers
• Skin cancer: Limited coverage for melanomas and certain skin cancers

Financial protection during treatment

Cancer treatment in Canada involves significant out-of-pocket expenses despite universal healthcare. Critical illness insurance for Canadian cancer patients helps cover these costs that government health plans don’t address:

• Income replacement: Average treatment period ranges 6-18 months
• Treatment costs: Experimental drugs, private clinics, alternative therapies
• Living expenses: Transportation, accommodation, childcare, household help
• Mortgage protection: Prevents foreclosure during treatment

Can you get life insurance after cancer in Canada?

Obtaining life insurance after a cancer diagnosis presents unique challenges for Canadian patients. The life insurance underwriting process becomes more complex when cancer is involved, but options exist for cancer survivors seeking financial protection.

Timing considerations:

• During treatment: Most insurers decline applications
• Post-treatment: Waiting periods of 2-10 years depending on cancer type
• Remission period: Gradual acceptance with higher premiums

Is cancer considered a pre-existing condition?

Yes, cancer is considered a pre-existing condition by insurance companies. A pre-existing condition refers to any illness, disease, or health issue that existed before you applied for health or life insurance. Cancer is specifically included in this category, meaning that if you’ve been diagnosed with cancer prior to applying, insurers will typically treat it as a pre-existing condition during their assessment.

Types of life insurance for cancer patients

Life insurance offers vital financial protection for cancer patients and their families, with options tailored to varying health and financial needs. Term life insurance provides affordable, temporary coverage ideal for protecting dependents or paying off debts like mortgages. 

Permanent life insurance offers lifelong coverage with cash value growth, suitable for estate planning despite higher premiums. Guaranteed issue life insurance ensures accessibility without medical underwriting, perfect for those with active cancer or severe health conditions, though it comes with lower coverage limits and waiting periods.

Term life insurance:

• More affordable premiums
• Temporary coverage (10-30 years)
• Ideal for mortgage protection and dependents

Permanent life insurance:

• Lifelong coverage with cash value
• Higher premiums but guaranteed acceptance
• Estate planning benefits

Guaranteed issue life insurance:

• No medical underwriting required
• Lower coverage amounts ($50,000 maximum typically)
• Higher premiums and waiting periods

Living benefits for cancer patients

Modern life insurance policies often include accelerated death benefits that allow cancer patients to access their death benefit early. These living benefits can provide crucial financial support during cancer treatment:

• Terminal illness benefits (life expectancy under 12-24 months)
• Chronic illness benefits for long-term care needs
• Critical illness riders similar to standalone policies

Cost comparison: Critical illness vs. Life insurance

When considering cancer protection in Canada, the cost of insurance varies based on age, coverage amount, and whether you’re choosing critical illness or life insurance. 

For critical illness insurance, which pays out a lump sum upon a cancer diagnosis, premiums typically start around $50 per month for a 35-year-old and can increase to $500 per month for someone aged 55, based on $100,000 in coverage.

On the other hand, life insurance premiums are generally more affordable for higher coverage amounts. For example, term life insurance for a 35-year-old costs approximately $30 to $80 per month for $250,000 in coverage, while a 45-year-old may pay between $60 and $150 per month for the same coverage. 

Permanent life insurance offers lifelong protection but can cost 5 to 10 times more than term life options.

Which insurance is right for you?

When protecting your family against the financial impact of cancer, Canadians typically choose between critical illness insurance and life insurance, or both. The right choice depends on your age, financial responsibilities, and protection goals. 

Critical illness insurance offers immediate support during treatment, while life insurance focuses on long-term family security. Some families may benefit from combining both for comprehensive cancer coverage options.

Critical illness vs Life insurance: How to choose the best insurance for cancer patients?

Choose critical illness insurance if:

• You have dependents relying on your income
• You want to cover treatment and recovery expenses
• You’re focused on maintaining lifestyle during illness
• You already have life insurance in place

Choose life insurance if:

• Your priority is your family’s long-term financial security
• You have large debts or a mortgage
• You want maximum coverage at a lower cost
• You aim to leave a financial legacy

Consider both if:

• You have high financial obligations
• You want full protection against both life and health risks
• Your budget can handle both premiums
• You’re the main income earner