Receiving a cancer diagnosis is a life-altering event that comes with numerous challenges. Among these challenges is the question of how your diagnosis will affect your finances and those of your loved ones.

One common worry is about whether or not you’ll be able to obtain life insurance. Especially if you’ve experienced a decline in the past. The good news is, that although it can be harder for cancer patients to be accepted for insurance, it is nevertheless possible to obtain cover.

Below, we discuss various considerations that should be involved in insurance conversations for cancer patients.

Can you be denied health insurance if you have cancer?

In the UK, we are very lucky to have a healthcare system provided by the National Health Service (NHS). However, due to long waiting lists, private medical insurance (health insurance) is fast becoming an alternative solution for many people. But can you get health insurance if you’ve already been diagnosed with cancer?

Insurers will base their decisions on risk. For cancer patients, the current diagnosis may pose a higher risk, making it challenging to secure health insurance without an exclusion added to the policy. The likelihood of being accepted depends on various factors, including the stage and type of cancer, treatment history and your overall health.

One effective strategy for improving your chances of being approved for health insurance is to work with a specialist insurance broker. These professionals have expertise in navigating the insurance landscape, particularly for individuals with pre-existing conditions like cancer. They can assess your unique situation, connect you with insurers who specialise in covering individuals with medical conditions and negotiate on your behalf to secure suitable cover.

Factors Affecting Life Insurance Approval and Monthly Premiums.

Cancer patients can obtain life insurance, but approval is not guaranteed. Several factors can influence both the likelihood of approval and the cost of premiums offered:

• Stage of Cancer: The stage of cancer plays a significant role in determining insurance approval and premiums. Early-stage cancers may present a lower risk to insurers, increasing the likelihood of approval and potentially reducing monthly premiums.
• Type of Cancer: Certain types of cancer are perceived as higher risks by insurance companies due to factors such as treatment options and survival rates. For example, aggressive cancers may result in higher premiums or stricter underwriting criteria.
• Duration of Illness: How long a patient has had cancer can impact insurance approval and premiums. Patients with a longer history of cancer may face more scrutiny from insurers and potentially higher premiums.
• Treatment History: The type and success of treatments undergone by the patient can also influence insurance considerations. Individuals who have undergone successful treatment or have a positive prognosis may have better chances of approval and lower premiums.

While it’s true that obtaining life insurance as a cancer patient presents challenges, it’s not impossible. By understanding the risk, using the expertise of a specialist insurance broker and considering the various factors that influence approval and premiums, cancer patients can improve their chances of securing suitable cover. Remember, everyone’s situation is unique, and there are options available to provide financial protection during and beyond your cancer journey.

What affects your chances of being accepted for cancer insurance?

When applying for insurance after a cancer diagnosis, it’s essential to be transparent about your medical history and provide accurate information to insurers. It can be tempting to withhold information that you think might cause insurers to decline you or restrict the cover offered, but this isn’t a good idea. Providing misleading or otherwise inaccurate information makes it less likely that you’ll be protected when you need it.

 

You may also find that providing accurate information works in your favour. Insurance providers will have worked with a number of cancer patients. They can often make accommodations or offer tailored policies to better suit your individual needs.

It’s a good idea to seek advice from an insurance broker specialising in covering individuals with pre-existing conditions. These brokers have expertise in navigating the insurance market. Often receiving exclusive access to products that are not widely available to other brokers, meaning they are best placed to help you find suitable cover at competitive rates. They can also support you at every step of the insurance process to make it easier for you. This can help you with anything you’re unsure of when applying for protection insurance.

With the right approach and support, cancer patients can navigate protection insurance with confidence.

For more information, speak to The Insurance Surgery today: 0800 083 2829.