Being diagnosed with cancer is, for many, an extremely stressful experience. So, the last thing you need is to have the additional worry of life insurance and how your diagnosis affects your eligibility and the cost of premiums for life insurance.
Life insurance can provide financial security for your loved ones in the event that the worst should happen, but getting coverage can be, unfortunately, more complicated if you have cancer. But, while it’s true that a cancer diagnosis can make securing life insurance more challenging, it is not impossible to get the coverage you need.
So, whether you’re exploring options for the first time or need more information on how your specific condition and its stage might impact your ability to get life insurance, this article could be useful for you.
In this article, we’ll help you understand more about obtaining life insurance with a cancer diagnosis and break down the factors that could affect your policy and the cost of your premiums.
Read on or jump to a specific section:
- What factors impact my eligibility and the cost of premiums?
- Why does my diagnosis impact my ability to purchase life insurance?
- Where can I get life insurance with cancer?
- How do I make sure I’m getting the right cover?
What factors impact my eligibility and the cost of premiums?
When looking for life insurance with a cancer diagnosis, there are several factors that could influence both your eligibility and the cost of your premiums. Understanding these factors can help you not only better understand life insurance, but also make it easier for you to get the coverage you need.
The type of cancer
One of the key factors that will influence your eligibility and the cost of your premiums is the type of cancer you have. Insurance companies assess risk based on how treatable the type of cancer is. For instance, non-melanoma skin cancer is often viewed as low risk because it’s usually highly treatable.
However, lung cancer is typically considered high risk due to its generally more aggressive nature, which often leads to higher premiums or potential denial of coverage.
The stage of cancer
Along the same vein, the stage of your cancer is also relevant to your eligibility and premiums.
Early-stage cancer (stage 0 or I) generally has a better prognosis and results in more favourable insurance terms. Whereas advanced cancer (stage III or IV) will typically result in higher premiums and, in some cases, securing life insurance may be more challenging, and specialist insurance policies might be necessary.
The quality and effectiveness of your treatment
The effectiveness of the treatment received also influences insurance decisions. For example, if you’re in complete remission and you have been cancer-free for several years, you’re more likely to be offered lower rates: the longer your remission period, the lower your rates are likely to be.
If you are having ongoing treatment, you will likely be offered higher premiums. However, the success rate of the treatment you’re receiving will be considered, and those with higher success rates might see a reduction in their rates.
Navigating life insurance with a cancer diagnosis requires careful consideration of these factors and consulting with an experienced insurance broker who specialises in high-risk cases can provide valuable guidance and help you find the best policy for your needs and circumstances.
See also: Can I get life insurance with a pre-existing condition?
Why does my diagnosis impact my ability to purchase life insurance?
Navigating life insurance with a cancer diagnosis can be challenging and at times frustrating. However, it can be helpful to understand why your diagnosis has an impact on purchasing cover to help you approach the process with clarity and confidence, ensuring you find the protection and peace of mind you need.
Insurance companies typically run a risk assessment on every claim. This assessment evaluates various factors to estimate future health trends including health uncertainty, treatment outcomes and historical data. And, since cancer has a negative impact on all these factors, most insurers will deem those with cancer to have a higher risk than average.
Where can I get life insurance with cancer?
As we have mentioned throughout this article, having a cancer diagnosis can make getting life insurance a more complicated task than it is for most, but that doesn’t mean it’s impossible.
If you have an early-stage cancer diagnosis, or you’re in complete remission, you should be able to get life insurance from a standard life insurance provider. However, you need to consider that your premium rate could be higher than expected.
Alternatively, if you’re denied life insurance from standard life cover providers or your cancer has progressed to a higher stage, you might have to consider pursuing a specialist life insurance policy that is designed to provide protection to those with pre-existing medical conditions. For example, our Life Insurance with Pre-Existing Conditions in partnership with Pulse.
See also: Can I get life insurance after a heart attack?
How do I make sure I’m getting the right cover?
When you have a pre-existing medical condition like cancer, securing the right life insurance coverage can be a complex process, but it’s certainly achievable with careful planning and informed decision-making.
Here are some steps you can take to ensure you’re getting the right coverage for your specific needs:
- Research and compare: Thoroughly research different insurance providers and policies on the market and compare their terms, premiums, and coverage options.
- Work with a specialist broker: Meeting with an insurance broker who specialises in high-risk cases can help you navigate the industry and find policies tailored to you.
- Be transparent: Providing accurate and comprehensive information about your medical history and current health status can help insurers make informed decisions and even lead to better coverage options.
- Consider different policy types: Explore the possibility of a specialist insurance policy like our Impaired Life Insurance with Pre-Existing Medical Conditions policy in partnership with Pulse.
- Evaluate your needs: Assess your financial needs and goals to determine the amount of coverage you require to ensure your loved ones are adequately protected should the worst happen.
By following these steps, you can more easily navigate the challenges of purchasing life insurance with a pre-existing condition like cancer and secure the protection and peace of mind that you and your loved ones deserve.
Alternatively, take a look at our specialist policy covering cancer and other pre-existing medical conditions in partnership with Pulse. Pulse specialises in providing life insurance to individuals with pre-existing medical conditions, offering tailored policies that cater to your unique health needs and making sure your family gets the financial security they need should the worst happen.
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