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Life Insurance and Cancer: What you need to know

Sadly, it’s hard to find many people who have not been touched by cancer. Whether this be yourself, a family member or a friend, it is an awful disease which can come along in hundreds of different forms. It often leaves people fearing the worst.

However cancer survival has doubled in the last 40 years in the UK. Despite this, 1 in 2 of us will be diagnosed with cancer in our lifetimes.

Cancer life insurance can provide financial security and peace of mind during the difficult times of a diagnosis. Having a policy in place prior to receiving a cancer diagnosis is the best way to ensure you are covered.

A lot of people think they’re too young to take out a life insurance policy, or that it’s something they may never need. A medical condition can strike at any time, no matter how healthy you try to be. Having something in place will ensure that you and your family are covered if the worst was to happen.

Life insurance can be confusing but provides a safety net for your family. At The Insurance Surgery, our expert team can talk you through everything you need to know ahead of taking out a new life insurance policy.

We can give you all the information you need about different providers and policies so you can make an informed decision based on what is right for your personal circumstances.

A lot of comparison websites push you to make a decision purely on the cost, whereas we can help you find out more about what the policies include and you can make a decision from there. We can also guide you through the application process so you know exactly what questions you’d expect to be asked.

Can I get life insurance if I’ve had cancer?

With 1 in 2 of us being diagnosed with cancer in our lifetime, more people are diagnosed with cancer than ever before. If you are a cancer survivor, we can help you find a life insurance policy.

Life insurance provides a lump sum pay out that can be used anyway that your family wishes. It could help them pay for your funeral, pay off any outstanding debts, pay your mortgage and cover every day living costs. Reducing that financial stress at a tough time can help massively.

As cancer is a complex illness, insurers will want to gather as much medical information as possible from you when you apply for a life insurance policy through them.

Most insurers view Cancer life insurance underwriting similarly in terms of when primary treatment ended (usually it must be 2 years). They will ask about:
  • Grade
  • Stage
  • Type of Cancer
  • Location of Cancer
  • Treatment (e.g. Radiotherapy, Chemotherapy, Mastectomy or Lumpectomy)
  • Time from end of treatment
  • Any current reviews/treatment
They may also ask your GP or consultant for additional information to get a clear idea of your current health. They can ask for a medical examination to be completed.

It’s important to note that insurers usually require you to have been in remission for 2 years, depending on the treatment you have received. This is before they can give you a life insurance policy. If you were to try and take a policy out before this, it is likely that your application will be declined or the insurer will postpone cover until you have met the time period in remission.

There are some types of cancer that insurers will not cover for at all once you are in remission. The Insurance Surgery can look into this on your behalf and check the type of cancer and the severity against the criteria of all the insurance providers on our roster.

Can I get life insurance if I have cancer?

In short, it is unlikely that you’ll be able to take out a new life insurance policy when you have cancer.

However, that is not to say you won’t be able to in the future after you have been in remission for the required length of time needed.

If you or your GP suspect you have cancer, the insurance provider will need to see the results of any diagnostic tests to determine if they can insure you. If cancer is found, then they will only be able to cover you once you’re in remission.

How much does life insurance cost?

The cost of life insurance varies from person to person, as there are a lot of different factors that play a part in working out your monthly premium. Some of these factors include the following, which you can discuss with our team when you initially start an application:
  • Your age
  • Whether you smoke
  • Medical History
  • How long you want your policy to last
  • How much cover you want
Your current health plays a big part in the cost of a life insurance policy. At The Insurance Surgery, we are the UK’s No.1 Specialist Life Insurance Broker for those with medical conditions or dangerous occupations.

When it comes to cancer, the stage and grade of the cancer, the treatment received and the time in remission will all contribute to the final cost of your policy.

As a simple rule, the more likely you are to claim on your policy, the more expensive your cover will be.

It’s important to shop around and do your research to find the best policy for your circumstances. The beauty of using The Insurance Surgery is that we can do all that for you for no extra cost. We will apply to the insurance providers on your behalf before offering expert and impartial advice about which policy to choose.

Can I get life insurance if a family member has cancer?

There are some cancers that tend to be hereditary, meaning they are linked with genes that can be passed down through generations. You may be asked if your parents or siblings have been diagnosed with a certain type of cancer before a certain age when you apply for life insurance.

If the answer is yes, you may have to pay a slightly higher premium to reflect this. This is because you will be deemed as potentially higher risk. The good news is that in most cases, you should be able to take out a life insurance policy. Our team at The Insurance Surgery will be able to look at all your options and give you the information you need to make a decision to suit you and your family.

I’ve been declined life insurance elsewhere. What now?

We can explore your options and see what we can do to help you. Every insurer has different terms and a different approach so if you do meet the criteria and have been declined by one insurance provider, it doesn’t necessarily mean you will be declined by everyone.

You can read more about what to do after being declined elsewhere here. We can help you find the policy you and your family deserve.

Cancer Life Insurance

Receiving a cancer diagnosis can be devastating and cause stress, worry and sleepless nights. Your health and the health of your family is the most important thing to you, so we are here to support you should you need us.

It is important to be completely open and honest when you apply for a life insurance policy as if any details are incorrect, the insurance policy may not pay out at the end of the term. Even if you have a life insurance policy prior to becoming ill, insurers can refuse to pay your claim if they find out you didn’t tell the truth when you applied for the policy. This would leave your family with nothing, when they may have been relying on it.

If you are in remission and want to take out life insurance cover, contact The Insurance Surgery today. We can help you find your perfect plan to protect yourself and your family. Fill in an online quote form to get your enquiry started, or call us on 0800 083 2829.