Cancer life insurance premiums can vary dramatically from one insurance provider to another depending on how good they are with whichever type of Cancer you have or have had. Most insurance providers will view Cancer life insurance underwriting in a similar way in terms of when primary treatment had ended (usually must be 2 years) or any chemotherapy. Life insurance underwriters will usually require some key information about your Cancer, such as:
- Type of Cancer
- Location of Cancer
- Treatment (e.g. Radiotherapy, Chemotherapy, Mastectomy or Lumpectomy)
- Time from end of treatment
There are currently reported to be more than 200 different types of Cancer so it is very difficult to provide accurate estimates for Cancer life insurance without knowing more details. Cancer is also the most common medical condition in the UK and the most common cause of death in the UK so a major issue as far as life insurance underwriting is concerned, especially now that more people are being cured and we are living longer as a population. Cancer life insurance premiums will also depend on whether any lymph nodes have been affected and how aggressive the Cancer is, which can potentially cause significant increases to premiums or loadings.
In general, applications for Cancer life insurance will see some sort of premium increase in the several years after primary treatment has ended which is where the risks are clearly higher. This type of loading is called a ‘per mille’ loading and will be directly linked to the level of Cancer life insurance cover that is being applied for.
Cancer life insurance cover may also be deferred or postponed for a number of years after treatment has ended to ensure that there is no re-occurrence which is common with certain types of Cancer. If you have had an application for Cancer life insurance declined or postponed in the past or if you have cover in place currently and have previously had Cancer then it is always worth reviewing your cover based on your current circumstances, especially if there have been no further issues.
In some more severe or serious cases for Cancer life insurance then there are a number of alternative options that we can recommend at The Insurance Surgery so contact one of our life insurance advisers to find out more. Anyone who has suffered from Cancer in the past will know how important it is to have the right level of life insurance cover in place so speak to the experts to see what we can do to protect you and your family.