WATTS NEWS

NEWS: Can You Get Life Insurance if You Have Cancer

Posted September 29, 2021

Many people, mistakenly, believe that if they have been diagnosed with cancer or have recovered from cancer that it will not be possible to take out life cover. This is not always the case. It can still be possible to get life insurance with cancer. However, the type of cover that you may be able to get will depend on the insurer that you choose and also the details of your illness.

Getting the right advice

It is very important to get the best impartial advice when looking at any type of life cover. If you have had or currently have cancer then it is wise to speak to an Independent Financial Advisor (IFA) in order to ensure that you are selecting the best policy for your needs. They will be able to do a comparison of all of the providers who offer cover and find the one that is most appropriate. Because they are not tied to any particular insurance provider, they will be able to look at all of the companies out there.

How might my policy differ?

The type of life insurance that you might be able to take out will usually be offered to you at a higher premium. This means that you will pay a higher monthly amount than someone else of a similar age who has not had cancer. It is possible that you may be refused cover completely. It is worth noting that life insurance policies that have an exclusion for claims that are cancer related are rare.

The stage that your cancer is at, and the type of cancer you have will affect whether you are offered cover, or not, and also the terms that apply to the cover.

The insurance provider may require you to undergo a medical examination before agreeing to the cover, and they will want to see your medical reports. Each case is assessed on its own particular details.

What about if I have recovered from cancer?

If you are fully recovered from cancer and have finished your treatment you may unfortunately find it quite difficult to get life insurance. The premiums that you will be offered will be much higher. However over time for most cancers the risk of the cancer returning decrease, and this means that the cost of premiums should decrease as well. If you already have life cover with high premiums it can be worth looking for an alternative if a number of years have passed since you had your all clear.

For advice and support about the cover we could offer you, please don’t hesitate to get in touch. We would be happy to talk you through your options.

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