LIFE INSURANCE AND CANCER
Specialists in getting people life insurance
who have cancer or are in remission.
Cancer is likely to affect 1 in 2 people in the UK. (1) This guide will answer questions you may have about life insurance and cancer. You can also find out more about life insurance before and after a cancer diagnosis as well as how to make a claim.
Does Life Insurance Cover Cancer
Even though some life insurance companies do so, not all do. It’s crucial to read the policy terms to see what coverage is possible. This is significant because not all insurance companies cover all cancer kinds. Ask the provider if they provide a certain sort of cancer coverage if you are unsure.
If you pass away from cancer, certain life insurance policies, including whole life and term life, will pay out. If you are given a cancer diagnosis, others will compensate you. This covers protection against serious illness, mortgage loss, and loss of income. Your specific circumstances and the type of cancer will determine the amount of the reimbursement.
Thankfully, here at Life Expert we specialise in getting people who have cancer or have recovered from cancer life insurance.
Get in touch today to get a free quote for life insurance with cancer.
Can I get life insurance if I currently have cancer or have been diagnosed with cancer in the past?
Cancer can make it more difficult, but not impossible, to obtain life insurance. Your insurance premiums could rise as a result. You might also not be able to apply for some insurance products. Depending on the type of cancer you have (or have had), you will receive a different level of coverage and pay a different premium amount. Additionally, it is based on how long it has been since your diagnosis or recovery.
Obtaining a quote is the most effective approach to learn whether an insurer offers cancer coverage for your particular scenario. Make an effort to provide correct responses to all medical and health-related concerns. Common inquiries might be:
• How long ago was your diagnosis?
• What were the results of any recent tests or scans?
• Where is the cancer and has it spread?
• Are you currently receiving treatment and, if not, when will you receive it?
• What medication are you taking?
Some of these queries might require in-depth information. We advise being as detailed as you can and requesting quotations as soon as you are prepared to respond to them.
Life Insurance For Terminal Cancer Patients
You might receive a payout if you buy a whole life insurance policy and later learn that you have terminal cancer. Normally, you could do this if your prognosis was for a 12-month or less lifespan. For each insurer, the rules are different.
Before receiving a terminal diagnosis, you may be eligible for a cash payout if you purchase serious illness insurance.
There are numerous companies that can offer life insurance to people who already have medical conditions. But terminal illnesses are typically excluded from this.
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Having a family history of cancer
It can be wise to get life insurance if cancer runs in your family. In the event that you get sick, this would safeguard your finances and family.
You might pay more for insurance if your family has a history of illness. This is because you can be viewed as a bigger risk by the insurer. But it’s always a good idea to consider purchasing insurance. If something were to happen to you, it might be quite useful to your beneficiaries or family.
If your family has a history of cancer, the provider might inquire about it when you get a quote. If so, the insurer might inquire as to which family member(s) was/were diagnosed. They’ll be curious about the cancer’s type, the prognosis, and the patient’s age at the time of diagnosis.
Your responses will be used to calculate the premiums and level of coverage. There is a higher chance that you will inherit some malignancies because they run in families. However, if a family member was diagnosed later in life, your premiums might be reduced.
I already have life insurance, how will being diagnosed affect my existing policy?
You might be qualified to submit a claim based on the type of diagnosis and coverage you have. However, if you already have life insurance and are diagnosed with cancer, your policy may change.
Remember to inform your provider of any changes in your health even before receiving a diagnosis. While your short-term premiums may increase, if the insurer doesn’t know, they may not be able to reimburse you later.
How to claim on your life insurance if you receive a cancer diagnosis
If you’ve been diagnosed with cancer and have a life insurance policy that covers it, you can file a claim. You should get in touch with your insurance company and ask them how to proceed to do this.
They might require you to complete forms with all the necessary information. Additionally, you might need letters from doctors or hospitals and medical records.
Before filing a claim, it is good to study your insurance policy. Your premiums can increase after filing a claim, or your insurer might decide to add an exclusion to your coverage.
