Finding the right life insurance after cancer needn't be a hassle, we've put together this short guide on finding life insurance after a cancer diagnosis.
Firstly, how does cancer affect getting life insurance?
Many of us know someone who has had cancer, and according to Cancer Research UK, every two minutes someone in the UK is diagnosed with cancer*. With so many people affected by cancer, there’s no wonder why so many people look to taking out financial protection against the impact cancer can have on loved ones. So what does this mean when it comes to life insurance if you’ve already had cancer?
Unfortunately, cancer is one of the illnesses that can have a significant impact on both the availability and cost of life insurance.
Can you still get Life Insurance after cancer?
Because each case is individual there isn't a straight yes or no answer. If you've suffered from cancer in the past, insurers usually regard this as a pre-existing medical condition. This means that they will take this into consideration, along with any other medical disclosures, when they are looking to offer cover.
Depending on the nature and extent of the cancer, there may be a specific time period before you can get life cover and you may also face higher premiums.
Most insurers generally don't offer cover to someone who's still undergoing cancer treatment and won't approve an application until a specified recovery period has passed. This can be 2-3 years after you have fully recovered but it can be longer depending on the insurer.
If you have had or are living with cancer and you want to buy life insurance, you will usually be expected to provide some key information. This will usually cover:
- The time since recovery
- Type of cancer
- The grading and staging
- What type of treatment you had, how long this lasted for and if it was successful
- Your medical history
What if someone in my family has had cancer?
Your family history can affect the cost of your monthly premiums and policy. This is because some types of cancer can be hereditary, so if a close relative has previously been diagnosed before a certain age, then it could increase the cost of your premium.
However, despite this, you should still disclose all information about your family's medical history during the application. Leaving out information could lead to the denial of a pay-out.
What if I get cancer during my policy?
If you already have a life insurance policy before you were diagnosed, the insurance company should honour it your policy as normal. Your policy shouldn’t be affected as long as you’re honest during the application.
If you or a family member has suffered from cancer, you can still get an online quote for life insurance but you will need to answer the medical questions honestly. You can begin your free online quote here.