If you’ve just been diagnosed with cancer or you have had cancer for some time, you will be going through a torrid time, most probably the worst experiences in your life so far.
When gene changes occur over the course of a person’s life, cancer (there are more than 200 types) can become the reality the most unfortunate outcome. Irregular cell growth can lead to tumours and cancer can spread to different parts of the body. There are cancers that can be cured (remission) and some that can’t, so cancer can come back.
Different cancers include:
- Brain tumours
Treatment for cancer affects the whole body and not just the cancerous cells, so the effects on the systems within the body can be immensely traumatic. What if you don’t have a life insurance policy in place? Should you be concerned about the validity of the policy you currently hold?
UK Life Insurance with Cancer History
It won’t be easy to get life insurance if you’re still being treated and premiums will be much higher. Normally you can expect insurers to offer life to cancer sufferers who have been in remission for at least 2 years.
What if you already had life insurance cover before you were diagnosed? If you did and you were 100% honest in your application, your insurance company would have to honour it. It is best to stick with the policy you have because getting a new policy will be more difficult to obtain.
Getting Life Insurance after Cancer
You can get life insurance with the cancer you had excluded from a policy. So you can still obtain new life cover if you die from a different health condition in the future.
My Cancer is terminal Can I Still Buy Life Insurance?
You can still buy life insurance but with very limited options including lower death benefit payouts, if you have a terminal illness such as cancer (Breast cancer for example). You will be able to apply for a guaranteed instant issue policy where there are no medical examinations and no health questions to answer – even if you have stage 4 cancer.
Insurers regard someone with terminal cancer as being very high risk and premiums will reflect this. Depending on your budget, an option going forward would be to consider buying multiple guaranteed issue life insurance policies.
This will mean Death Benefit will be much higher upon your death. If you are over 50 years old and you have a terminal illness such as cancer you would be limited to an over 50’s plan.
- A medical examination would not be needed
- Acceptance is guaranteed – even if you have stage 4 cancer
- Cover is available to any UK resident who is aged between 50 and 80 (subject to premium limits and sum assured)
- With this type of cover, if you die from an accident inside the first 2 years, your estate will receive a lump sum of 300% of the sum assured, but the maximum payout is £48,000. Your estate would receive 150% of premiums paid if you died within the first two years (if you didn’t die from an accident). The sum assured would be paid out (on natural death or accidental death) after 2 years of having the policy
- You would stop paying premiums when you reach the age of 90, and you would enjoy the same cover.
- It is possible to take out many policies if this is your preference – as long as the total premiums don’t amount to more than £75. It is important to realise also that the combined sum assured across all policies you take out should not exceed more than £20,000 (but there is a maximum of £10,000 if you are aged between 50 and 59).
- If someone has terminal cancer and is aged under 50 they will not be successful with a life insurance application.
Questions I Could Be Asked if I Apply for Life Insurance after Cancer?
An insurer or insurance broker has the task of asking you questions about the history of your serious condition. Every life insurance policy application assesses risk. Going through cancer can mean troubling, terribly difficult and emotional times and reflecting on those times can bring sadness and sensitivity. Honesty is always the best policy. Be prepared for questions such as:
- What type of cancer
- What stage cancer was it
- When was your cancer first diagnosed
- Was it malignant and did it spread to other parts of the body
- Has the cancer been surgically removed
- Are you a smoker
- Is your cancer in remission? If so, for how long has your cancer been in remission
Prime Financial Solutions and Mortgages Ltd
If you need help with Life Insurance and any of the following, Prime can help – telephone 01942 665 436:
- Life Insurance
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- Income Protection
- First Time Buyers
- House Purchases
- Self Employed and Contractors
- Self Build
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PRIME IS A LEADING LIFE INSURANCE AND MORTGAGE BROKER – WIGAN & ALL THE UK
Setting up a life insurance policy is a complex issue. At Prime you always have an exceptional FCA approved team of life insurance & mortgage specialists with you on your journey. We provide excellent one to one services tailor made to your own individual needs and we make your time with us hassle free – we do all the heavy lifting for you. Prime is proud of the reputation it has built over many years, and this is largely reflected through the positive reviews we receive on a regular basis from customers in Wigan and the UK, on Trust Pilot and online.
Perhaps you have questions you would like answers to? Like..I have just been diagnosed with cancer, can I get life insurance? I was first diagnosed with pancreatic cancer last year and I am in remission, can I be insured? I am terminally ill can you find an insurer for me? I smoke and I have cancer, what can I do to find the best possible insurance company to insure me? Our dedicated team of experts can answer any of your questions.
Life Insurance is the simplest, most popular and best way to ensure your family is taken care of in the event of your death. You can find out more about us here and if you need help with everything UK Life Insurance and mortgages, Prime can help. Click here to Get a Life Insurance Quote or use our quick contact form. You can telephone our friendly dedicated team 01942 665 436