Mortgage Advisor & Director
Former Senior Protection Advisor
According to Cancer Research, one in two people in the UK will be diagnosed with cancer at some stage in their lives. Along with being emotionally overwhelming, the unexpected nature of it can also make financial concerns a priority.
Here, we’ll explain whether you can get life insurance with cancer, and what people should know if you’re a cancer survivor or simply someone looking to protect yourself from a future cancer diagnosis.
Can you get life insurance if you have cancer?
Yes, this is possible, but it is harder to get cover. You’ll likely find that your life insurance options are limited and will depend on the type, stage, and treatment status of your cancer diagnosis. Other areas of your health and lifestyle will also factor into whether you can get life insurance with cancer, and how much it costs.
How your application gets assessed
If you’re applying for life insurance with cancer, here are some of the key areas underwriters will assess when determining your eligibility and the cost of premiums:
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Type of cancer: Some of the most common forms include breast cancer, skin cancer (melanoma), prostate cancer, bladder cancer, testicular cancer, lung cancer, and thyroid cancer. However, there are more than 200 types in total, and insurers view them differently because each is treated in a specific way.
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Stage and grade: Along with the type of cancer, insurers will want details about the stage and grade of your cancer diagnosis, because this can help determine the chances of remission and recovery.
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Treatment status: Whether you’re awaiting treatment, undergoing treatment, post-treatment, or in remission can heavily influence an insurer’s decision about providing life insurance for cancer patients and survivors.
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Time passed: The amount of time since your diagnosis or recovery may also influence an insurer’s decision. For example, some insurers may only be willing to provide life insurance several years after remission.
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Age and health: Your cancer diagnosis isn’t the only determining factor underwriters will look at. They’ll also want to know about your age and medical history. Certain life insurance providers will also want a better understanding of your family's cancer medical history.
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Lifestyle factors: Lifestyle factors such as your weight and whether you’re a smoker will impact your insurance costs. Where you live and even working in higher-risk occupations like construction or the police makes a difference. How much cover you need also affects the cost of your policy.
How to get a quote online
If you have (or had) cancer, insurers will want in-depth details about your health, before providing a quote. Trying to find accurate quotes can be frustrating because some online platforms may say you can get cover, but later impose restrictions or exclusions related to your cancer diagnosis.
Speaking to a broker simplifies the process and ensures you get the right cover. A brief discussion means they can get familiar with your medical history and find you the most suitable life insurance policy. It’s also worth noting that specialist insurers have policies tailored for cancer patients and survivors that they don’t advertise.
If you’d like a free, no-obligation chat with an insurance advisor specialising in life insurance for people with cancer, you can get started here:
Get your bespoke life insurance quotes today
Will you need a medical?
In some cases, insurers will request a medical assessment if you apply for life cover with cancer. However, you may be able to provide existing medical documents.
Ideally, it’s best to have to hand as much relevant information as you can relating to your cancer, including:
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Medical records from your GP, oncologist, or consultant.
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Diagnosis details, including dated letters if possible.
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Details about current or upcoming treatments.
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Confirmation of the cancer being in remission (or confirming no new signs of cancer if you’re applying for life insurance after cancer).
Some guaranteed-acceptance life insurance policies, like those designed for over 50s don’t require medicals or details of your cancer history. But, they tend to have higher premiums and lower payouts.
Does life insurance payout with a cancer diagnosis?
Some life insurance policies will pay out for a cancer diagnosis, especially if you have comprehensive whole-of-life insurance, but you often need to have either critical illness cover (CIC) or terminal illness cover benefit:
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Critical illness cover: This comes as standard with certain policies, but it’s a benefit that costs extra with others. If you have CIC, then you can get a lump sum payout with a cancer diagnosis. However, you always need to check what illnesses and cancers are covered, because it varies between insurers.
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Terminal illness cover: Again, this can be included with some life policies, but it’s an extra benefit that has to be added to others. Typically, if you’re terminally ill, perhaps diagnosed with stage 4 cancer, and have less than 12 months to live, your policy will pay out a lump sum to your beneficiaries.
Life insurance for cancer survivors
If you’ve had a cancer diagnosis, made it through treatment and recovered - you can usually access a wider range of life insurance policies. However, each insurer may have stipulations around how long you’ve been cancer-free, often requiring a number of years. The period of time can range from 2 to 10 years in most cases.
The specific type of cancer can influence the timeframe. For example, a breast or a prostate cancer survivor may require longer or shorter remission periods than someone with another type of cancer. The severity of your cancer and treatment history can also make an impact.
Why choose Teito for your life insurance needs
Finding the right life insurance policy with cancer (or after cancer) isn’t completely straightforward. Your situation will be unique and you’ll need support to ensure you get cover that will be there when you need it, at a reasonable cost.
Although a cancer diagnosis can significantly impact your ability to get life insurance, our expert advisors can find you the correct cover for your situation and needs. They have in-depth knowledge about which insurers and policies are best for those currently dealing with cancer and cancer survivors.
Here are some more of the reasons people choose us to find them the best life insurance policy before, during, or after cancer:
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We can get tailored life insurance quotes
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Our advisors have 5-star ratings on leading review sites
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Your first chat is free, with no obligation to proceed
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Access to exclusive life insurance for cancer patients
Ready to take advantage of a free, no-obligation chat with an advisor who specialises in life insurance with cancer? Get started here.
FAQs
Yes, whether you have an existing policy or are looking to get quotes for a new policy, you’ll have to make your insurer aware if you have cancer. If you don’t disclose a cancer diagnosis during your application, it will likely void your insurance.
For existing policies, it’s always worth checking your policy notes to see how quickly you must disclose something like a cancer diagnosis. Because sometimes, if you have critical illness cover, some insurers will have a claim window.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.