Life insurance for cancer survivors
24 Aug 2021
“Cancer” is a scary word. It’s one we all dread - but with a shocking 1 in 2 people developing a form of cancer at some point in their lives, it’s something we should be prepared for. With 450 people dying of cancer per day in 2019, it’s natural to want cover against such a common disease. However, getting life insurance with pre-existing conditions can be tricky - although not impossible.
So can I still get life insurance if I’ve had cancer?
The good news is that life insurance premiums for cancer have continued to drop over the past several years. This is due to medical advances and decreases in mortality levels. However, whilst cancer survival has doubled in the last 40 years, cancer or a history of it may still make getting insurance a little tricky. The type and stage of your cancer will largely affect whether or not a policy is available to you. They will also affect the terms of that cover, including the price of premiums.
It’s impossible to guarantee that you’ll definitely be able to get life insurance if you currently have cancer or have had severe cancer in the past. Insurance providers will ideally want you to have been free of cancer and have been finished with treatment for a few years, although it does depend on the stage and type of cancer.
Many insurers don’t offer affordable cover until at least 2-3 years after you’ve recovered from cancer. In order to get coverage, you may need to have a medical exam or to provide the insurer with medical reports. However, as cancer is so common, the life insurance industry has had to learn how to cover people with cancer. Many insurers will view things on a case by case basis.
Different types of cancer and levels of severity will be treated differently. If you’ve had very severe cancer like cancer of the lung or bowel it might be tricky. You also might find it difficult if you had very advanced cancer or received a terminal diagnosis. However, it’s important to remember that each insurer will approach every situation separately on a case by case basis. Whilst one insurer may decline you for critical illness cover, another might offer you a policy with a cancer exclusion.
How can I apply for life insurance as a cancer survivor?
As a cancer survivor, your chances of getting any life insurance products that suit you and your budget will be increased by going through a broker. They’ll be able to guide you and advise you about what kind of cover you can reasonably expect.
Whilst your choice of providers may be smaller and your premiums may be higher, it’s possible to get many different types of life insurance cover. If you have been declined by other insurance companies in the past, don’t let that put you off. Speak to us at LifeSearch - we have experience in dealing with applicants with pre-existing medical conditions, such as cancer, and we know how to advise you and which providers to turn to.
Before you’re accepted for an insurance policy, insurers will need to know a few things - and going through a broker will ease this process. You will probably be asked:
- What your medical history aside from the cancer is
- How long ago your diagnosis was
- Where the cancer was/the type of cancer
- How long you were treated for
- When your last treatment was
- What your current state of health is
It’s important to be honest when going through these steps, even if you’re worried it’ll drive up premiums. Going through an experienced life insurance broker will help a lot here, as they’ll be able to help you manage your expectations and place you with the best insurer possible for your situation.
If you are a cancer survivor or somebody recovering from cancer and you’re considering taking our life insurance, let a broker like LifeSearch help you. We know how important insurance products become after going through something like cancer. You’ve been through enough - let us find you the best policy to protect you. Get in touch with us on 0800 316 7253 and we’ll provide you with the quotes you need to put your mind at ease after cancer.
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