Life insurance can seem confusing at the best of times, but if you have a pre-existing medical condition, you might wonder if you’ll be accepted for any life insurance at all. This can be particularly true for cancer survivors. Even if you’re in remission or cancer-free. Insurance providers may also perceive you as a higher risk due to your history of cancer, leading to potential difficulties in securing life insurance cover.

However, it’s crucial to emphasise that this is not the case for all brokers or insurers. Despite the challenges, there are insurance options available for individuals with a medical history, including cancer survivors. Some companies specialise in providing affordable cover for those with pre-existing conditions, tailoring policies to meet their specific needs.

To increase your chances of finding suitable life insurance, consider working with a specialist insurance broker. Who will help you navigate the application process. Additionally, be prepared to provide detailed information about your medical history, treatments and current health status. Transparency ensures that the policy will pay out and allows insurance providers to assess your risk. In turn, this leads to more favourable cover options.

Remember that everyone is unique, and so is your life insurance application. Exploring various options is essential to finding a policy that provides the necessary cover to financially support your loved ones.

“Cancer survival is improving and has doubled in the last 50 years in the UK” – Cancer Research UK

Is cancer insurance worth it?

Let’s take a moment to consider that you may have a family history of cancer, or perhaps you’ve bravely faced cancer yourself. This could increase your chances of a cancer diagnosis, and protecting your family financially with a life insurance policy could be worthwhile. The same goes for individuals who have received a recent diagnosis. Speaking to a life insurance specialist will help solve any unanswered questions and help you understand what options are available.

Tip: By obtaining life insurance when you are younger and probably healthier, you decrease the risk of higher premiums, giving you more flexibility. This is because insurers will assess all ‘risks’ within a person’s application to provide suitable policy terms.

Life insurance risk factors

Other factors to consider if you’re wondering whether a cancer insurance policy would be right for you include whether you have any particular risk factors. A family history of cancer is one risk factor – for example, you may be at higher risk of developing breast cancer if you have a close relative who’s also had it.

Another risk factor is age, as some cancers become more likely once you reach a certain age. For instance, it’s recommended that men get checked for prostate cancer more regularly as they get older, as the risk of developing it increases with age.

Lifestyle choices can also have a big impact. If you’re a smoker, there is a higher risk of lung cancer as well as other conditions. In fact, one of the best ways to reduce your life insurance premiums and improve your health is to quit smoking. You may be able to reduce your monthly premiums by as much as 50% with this one action!

It’s also important to think about what occupation you work in if this could have a bearing on your risk of cancer. For example, if you work outside all day, use hazardous chemicals or work with asbestos, this could increase your risk. Your job could also have an impact on risk factors for other conditions such as heart disease, all of which will be taken into account in your life insurance policy.

Being prepared to discuss your situation with a specialist broker will help speed up the application process. Which can sometimes take 6 weeks to complete. Below are the key areas that a protection adviser will ask about to help them determine the level of cover needed:

1. Type of cancer
2. Area / organs affected
3. Grade and stage
4. Treatment received (i.e. Chemotherapy, Radiotherapy etc.)
5. Date you were diagnosed with cancer
6. Date of the last treatment for cancer
7. Time in remission (if applicable)
8. Medical history

What can cancer insurance help with?

 Taking a step back, we should first highlight what is life insurance and how it pays out.

Life insurance is a financial product that provides a lump sum (agreed within the policy) in the event of your death. Alternatively, the policy will pay out if you have received a terminal diagnosis with 12 months or less to live.

Of course, it’s up to the individual to decide what they’ll use their life insurance payout for. However, here are some common examples:

• Paying off the mortgage –  to remove the pressure of paying off the mortgage from loved ones. Particularly if the policyholder was the main or sole earner.
• Pay for funeral expenses – to relieve family members of this financial burden at a difficult time.
• Pay off any debts and loans or unexpected costs – to protect loved ones from having to shoulder these expenses while mourning.
• Supporting family members when you’re gone – to provide loved ones with an inheritance or cash gift.

Life insurance can also be much-needed financial support for yourself after you have received a terminal diagnosis. The lump sum can help to cover the costs of palliative care and nursing support if needed. Or you can use it to purchase wigs or headscarves if you wish.

Alternatively, it can also be used to help you to make the most out of your time. Your insurance payout could support family members to take time away from work and join you on that holiday you have always dreamed of. You could even cross items off your bucket list and try things you’ve always wanted to.

The purpose of life insurance is to provide you with a lump sum if and when you qualify under the terms of your policy. What you do with that money is entirely up to you. But if you’re wondering whether or not cancer insurance is really worth it. It’s good to remember that being financially prepared gives you one less thing to worry about. Especially when going through something as life-changing as a cancer diagnosis.