Breast cancer survivors can pay double for life insurance
In honor of Breast Cancer Awareness month, October’s price index looks at how much breast cancer survivors could pay for life insurance.
After at least five years in remission, most breast cancer survivors can get life insurance coverage — but they’re going to pay more, according to Policygenius data. Compared to someone with no history of breast cancer, many breast cancer survivors pay about double in average monthly premiums. However, younger cancer survivors see a slightly smaller gap in pricing. For example, a 35-year-old female would pay 40% more for $250K in coverage than the same applicant with no history of breast cancer.
The data demonstrates the importance of buying life insurance sooner rather than later — age plays a major role in life insurance rates, and the younger and healthier you are, the less you’re likely to pay. Being younger also decreases the chances of experiencing a major health concern that increases the cost of buying life insurance.
Breast cancer screening was just one of many elective procedures that was postponed at the start of the pandemic, which could not only cost people in terms of their health, but also when it comes to getting affordable life insurance coverage. As facilities across the U.S. resume services, it’s important to get screened.
U.S. monthly averages as of October 1, 2021
Term life insurance for people with breast cancer
The chart below shows average monthly premium prices for a 20-year term life insurance policy for individuals with a Standard health classification who were diagnosed with Stage 1 localized breast cancer in 2015 and had their last treatment in 2016. Sample applicant’s treatment plan included chemotherapy, radiation, and a lumpectomy. Quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $21.55 | $32.28 | $55.21 |
25 year old male | $25.16 | $39.92 | $67.97 |
35 year old female | $25.80 | $39.30 | $65.96 |
35 year old male | $30.33 | $47.51 | $83.02 |
45 year old female | $50.88 | $77.85 | $142.80 |
45 year old male | $61.17 | $98.47 | $182.31 |
55 year old female | $110.44 | $171.14 | $328.23 |
55 year old male | $144.99 | $241.78 | $465.45 |
Month-over-Month analysis
No big changes from September to October 2021
There were no notable shifts in pricing from September 2021 to October 2021 for smokers and non-smokers. Applicants across all core demographics continue to see pricing stability.
U.S. monthly averages as of October 1, 2021
Term life insurance for non-smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $14.35 | $21.26 | $34.49 |
25 year old male | $17.30 | $27.18 | $45.12 |
35 year old female | $16.70 | $25.70 | $43.10 |
35 year old male | $18.96 | $30.68 | $52.34 |
45 year old female | $28.75 | $47.81 | $86.57 |
45 year old male | $35.69 | $61.07 | $114.11 |
55 year old female | $61.11 | $108.97 | $207.68 |
55 year old male | $85.29 | $152.76 | $288.99 |
U.S. monthly averages as of October 1, 2021
Term life insurance for smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $35.06 | $58.95 | $109.03 |
25 year old male | $43.42 | $73.81 | $137.65 |
35 year old female | $44.79 | $78.48 | $144.70 |
35 year old male | $53.69 | $93.96 | $178.45 |
45 year old female | $90.42 | $164.89 | $316.65 |
45 year old male | $122.60 | $227.35 | $437.38 |
55 year old female | $200.35 | $369.68 | $715.33 |
55 year old male | $289.10 | $528.31 | $1034.74 |
Methodology: The prices displayed above are based on internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace (AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, SBLI and TransAmerica). The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term, coverage amount) as of October 1, 2021. Monthly averages are based on 11 products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all 11 products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria. The index is updated each month.
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