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Last updated: 4 January, 2021
There are specialist life insurance after cancer policies available. These protect people who’ve had a cancer diagnosis and treatment, and their families. If you’ve had cancer, it doesn’t mean you’ll automatically be declined for life insurance.
The main reason you might like to have life insurance after cancer is that the payout could pay off your debts if you passed away, such as your mortgage. Similarly, the payout could be a way of providing money for your family after you die. It could also pay for your funeral costs.
Whether you’ll get get accepted for a life insurance with cancer policy depends on several factors. These include:
What type of cancer you had
How long you had cancer for
The severity of the cancer you had.
If you’ve just been diagnosed or if you’re still receiving treatment, it’ll be much harder to get insurance. If you can, it’ll definitely be more expensive if you can get it. But many insurance providers don’t tend to offer life insurance for cancer patients until around two or three years after they’ve recovered.
Before you get life insurance with cancer quotes, you’ll need to decide what type of life insurance you’re actually looking for.
The options – for any life insurance – usually include:
Level term: This is where you can choose a payout and decide how long you want cover for. Then you’ll pay a fixed monthly premium until the policy ends.
Decreasing term: This is where you can choose a payout and how long you want cover for. However, with a decreasing term, the size of the payout decreases as time goes on. So the payout is larger if you pass away near the beginning of the insurance term.
Whole of life: This is where you choose a payout, then pay fixed monthly premiums. There is no fixed term – it only ends when you die. You have the highest chance of getting a payout with this type of policy as it covers you for life.
Some of the questions an insurance provider broker might want to know the answer to include:
What kind of cancer did you have?
When was it diagnosed?
Was it malignant or non-malignant?
What stage of cancer did you have?
Has the cancer been surgically removed?
Has there been any re-occurrence of the cancer?
Did the cancer spread?
Are you in remission?
How long have you been in remission?
Do you smoke?
Is there family history of the disease?
The answers to these questions will help the insurer work out what kind of risk you pose. Using a broker means you’ll only have to answer these questions once as they’ll do all the legwork looking into different insurance providers.
Although it can feel intrusive, it’s important to be completely honest when you answer. Being dishonest could invalidate your policy.
You may still be able to get some form of life insurance.
You can get life insurance for cancer survivors by calling the number at the top of the page for guidance, or you you can use our online broker form.
They might be able to find an insurer that can offer life insurance for cancer survivors which excludes the cancer you had. This means that if you passed away as a result of something else, you’d still be covered.
If you’re 50 or over, you could apply for over 50s life insurance which guarantees acceptance, regardless of your medical history.
This can be a good type of life insurance for cancer patients who are otherwise struggling to get cover.
However, there are a few things to look out for ad be aware of if you choose to take out over 50s life insurance. These include:
Payout: The payout you get is usually lower than it is with a standard life insurance policy.
Time limits: Sometimes, these policies don’t pay out if you pass away within a year or two of the policy starting. However, they often refund the money paid so far if this happens.
Long-term value: With an over 50s policy, you’ll pay your premium every month until you die. If you live for a very long time, you could end up putting in more than you get out from a payout.
If you already had a life insurance policy when you were diagnosed with cancer, your insurance company will be obliged to honour it. It would only be invalid if you weren’t honest about your medical history when you took the policy out.
Your insurance provider might not let you increase the value of your policy until two or three years after you’ve recovered. But it’s still well worth keeping up with your existing policy as it’ll be easier than starting a new one after you’ve been diagnosed.
You may find it harder to get cover, but you should still get as many quotes as you can until you get accepted for the cover you want.
No, you could get cover as a cancer survivor, but it relies on the details of your cancer and how risky each insurer's underwriter thinks you are.
Yes, but you may find it cheaper to have one policy that gives you the exact cover you need.
By comparing life insurance, you could save money on the policy. The best value life insurance will offer the cover to you and your family. Choose a life cover plan from one of the best UK life insurance companies and see the online discounts they offer.
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