Life insurance premiums can vary dramatically from one insurance provider to another. Premiums depend on how good they are with the type of Cancer you have or have had.
Most insurers view Cancer life insurance underwriting similarly in terms of when primary treatment ended (usually it must be 2 years). 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
- Any current reviews/treatment
There are currently reported to be more than 200 different types of Cancer. This means it is very difficult to provide accurate estimates for life insurance without knowing more details.
Cancer is the most common medical condition in the UK and the most common cause of death. It’s a major issue for insurance underwriters, especially with more people being cured and longer life expectancies.
Cancer life insurance premiums also depend on whether any lymph nodes have been affected and how aggressive the Cancer is. This can potentially cause significant increases to premiums.
Applications for Cancer life insurance will usually have some sort of premium increase for several years after primary treatment has ended. This is the period when the risk is higher, which is why you may pay a higher premium. It’s called ‘per mille’ loading and is directly linked to the level of Cancer life insurance cover being applied for.
Cancer life insurance cover may also be deferred or postponed for a number of years after treatment has ended. This is to ensure that there’s no recurrence which is common with certain types of Cancer.
You may have previously had a Cancer life insurance application declined or postponed or already have cover in place. If so, it’s worth reviewing your cover based on your current circumstances. However, it is unlikely that we can get you a better premium or extra cover to what you had prior to your cancer treatment.
In some more severe or serious cases there are alternative options that we can recommend. However, we will always give impartial advice and would never recommend taking out a policy with exclusions if you have terminal cancer. We want you to have the best chance possible of getting an insurance payout for your family. Contact one of our life insurance advisers to find out more.
Most life insurance policies do include terminal illness cover. This means the insurer will pay out the full amount of the cover straight away if you are expected to live for less than 12 months.
Anyone who has suffered from Cancer will know the importance of having the right level of life insurance cover in place. You can speak to the experts at The Insurance Surgery to see what we can do to protect you and your family.