About bowel cancer life insurance [Quick summary]

Bowel cancer life insurance summary:

  • There’s no specific ‘bowel cancer life insurance’ policy. This simply refers to a life insurance policy taken out by someone who’s had bowel cancer
  • 1 in 17 men and 1 in 20 women will be diagnosed with bowel cancer during their lifetime[1]
  • Most insurers will need a specified period of remission to pass before they could offer you cover
  • You’ll need to provide details about your cancer during the application process in order for insurers to assess your eligibility
  • If you’re currently still living with bowel cancer, you'll be declined for cover (unless you take out an over 50s plan)
  • If accepted for cover you may pay increased life insurance premiums due to the higher risk to the insurer
  • If you struggle to secure standard types of life insurance, you may consider cover through a specialist insurer or an over 50s plan if you’re a UK resident aged 50 - 85

Can I get life insurance after bowel cancer?

Yes, it could be possible to secure life insurance after bowel cancer.

However, bowel cancer will have an impact on your eligibility for cover and the price you pay if you’re offered a policy.

To be eligible for standard types of life insurance (such as level and decreasing term) you’ll need to have been in remission for a specified period.

This period can vary between insurers, which is why it’s important to compare multiple quotes.

If you’re currently still living with bowel cancer, you'll be declined for cover unless you apply for an over 50s plan where no medical information is required.

Using our award-winning service, you can compare quotes from leading UK insurers. We can take your personal circumstances into consideration and present you with our most suitable options.

Simply get in touch today for your free quotes.

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Why use Reassured?

  • We’re the UK’s largest life insurance broker with 15 years of experience *
  • We’re rated ‘Excellent’ on Trustpilot with over 77,000 customer reviews
  • We provide free & no-obligation quotes from leading mainstream & specialist insurers (through our advised team)
  • We have a specialist impaired risk team who have a great track record of finding some form of cover for those who have previously been declined
  • Our service is award-winning & FCA (Financial Conduct Authority) regulated

How does bowel cancer affect life insurance?

Bowel cancer could affect your life insurance application in the following ways:

  • Your eligibility - If you’re still living with bowel cancer or you have only just entered remission, you'll be declined for cover (unless you apply for an over 50s plan where no medical information is required). Insurers often need a specified period of remission to pass before they will offer cover. Typically, the longer you have been in remission, the less of an impact cancer will have on your application.
  • The price you pay - If you’re offered a policy, it’s likely that your premiums will be increased due to the higher risk involved with insuring you. The extent to which your premiums are increased will depend on your personal circumstances, such how severe your cancer was, how long you’ve been in remission for and whether you have any other high-risk factors (such as additional health concerns and/or smoking).

If you’re worried about how bowel cancer may affect your life insurance application, why not speak to one of our highly trained experts?

We work with both standard and specialist insurers, allowing us to find you our most suitable options.

Why do I need life insurance after bowel cancer?

A life insurance policy could help to provide you with peace of mind that if anything happened to you, your loved ones could still get by financially.

A life insurance pay out could help to cover:

  • Mortgage or rental payments
  • Household bills & living costs
  • Funeral costs
  • Additional childcare fees
  • Debts in your name
  • An inheritance

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Calculate how much life insurance you may need by filling in the costs you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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What questions will I be asked during the application?

During the application, insurers will need to ask some additional questions to allow them to get a better understanding of your personal circumstances and the impact cancer has had on your health.

These questions could include:

  • When were you diagnosed?
  • What stage was your cancer?
  • Did your cancer spread (if so, where?)?
  • How long have you been in remission?
  • Has your cancer ever come back?
  • What treatment did you have?
  • When did you stop treatment?
  • Did you need to have surgery?
  • Do you have a family history of cancer?

You may also be asked whether you have any additional medical concerns, such as:

While it can be hard to open up about a difficult period in your life, like going through a cancer diagnosis, insurers need to know this information to accurately assess your eligibility for cover and the price you could pay for a policy.

It’s essential to provide accurate and up-to-date information. If you withhold information or provide false details, this could prevent your loved ones from receiving a pay out.

How much is life insurance after bowel cancer?

The price you pay for life insurance after bowel cancer can vary depending on your personal circumstances.

You’ll be required to answer a questionnaire which will provide insurers with your key details, such as:

Insurers will use this information, along with the details of your condition, to assess your level of risk. Your monthly life insurance premium will then be calculated accordingly.

It’s likely the premiums you pay will be inflated due to the increased risk.

Alternatively, if you’re a UK resident aged 50 - 85, you could secure an over 50s plan with premiums starting from just £5 per month through Reassured + .

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What is the best life insurance after bowel cancer?

There could still be a variety of life insurance options available to you as a bowel cancer survivor.

However, your personal circumstances (such as the severity of your condition and length of remission) could impact what options are best suited to you.

Policy options available include:

Level term life insurance

Provides cover for a specified period (the term) and will pay out a fixed lump sum if you pass away during this time.

You’ll be required to provide medical information during the application.

Decreasing term life insurance

Provides cover for a specified period and will pay out if you pass away during this time. The sum assured (cover amount) will reduce throughout the policy lifetime.

You’ll be required to provide medical information during the application.

Whole of life insurance

Provides cover for the rest of your life, offering a pay out when you pass away, not if.

You’ll be required to provide medical information during the application and premiums will need to be paid for the rest of your life.

If you’re deemed as high-risk by standard insurers, you could also apply for:

An over 50s plan

Provides cover for the rest of your life, guaranteeing a pay out (after the 12/24 month waiting period).

This option doesn’t require medical information, therefore bowel cancer won’t impact your application.

Cover through a specialist insurer

Specialist insurers specialise in offering cover to high-risk applicants.

You’ll be required to provide medical details but using a specialist insurer could make it easier for those with medical conditions to find cover some form of cover.

Comparing multiple policy types and insurers can help you to find suitable cover for your personal circumstances.

Why not use our fee free service to compare no-obligation quotes?

Does life insurance pay out for bowel cancer?

Yes, if you pass away due to bowel cancer or any complications caused by bowel cancer, your policy will pay out.

As long as all the information you provided during the application process was correct, your loved ones can receive a pay out as per the terms and conditions of your policy.

Please note, that if you take out an over 50s plan and pass away due to bowel cancer (or other natural causes) during the first 12 - 24 months a pay out won’t be made.

This period is known as a ‘waiting period’ and it’s used to mitigate the risk of not requiring medical information during the application.

While a full pay out won’t be made for natural death during this time, your loved ones will receive back all the premiums you’ve paid into the policy.

Is bowel cancer covered by critical illness cover?

Yes, bowel cancer can be covered by critical illness cover. Cancer is one of the most common conditions covered by critical illness cover.

Critical illness cover can be added to a term life insurance policy for an additional cost, allowing you to make an early claim if you’re diagnosed with a specific serious illness.

However, if bowel cancer is pre-existing, it’s likely you’ll be declined for critical illness cover or you may have exclusions added for bowel cancer and any related conditions added to your policy.

This means you won’t be able to claim for these reasons.

Is bowel cancer classed as a terminal illness?

If you’re diagnosed with bowel cancer and it leaves you with less than 12 months to live then you could claim on terminal illness cover.

Terminal illness cover comes free of charge with most term life insurance policies.

It can provide you with an early pay out if you’re diagnosed with a life-threatening illness which leaves you with less than 12 months to live.

Will I need to undergo a medical exam?

It’s possible that insurers may need additional medical information from you during the application process.

This could be in the form of a medical exam or a medical report (requested from your GP).

Obtaining this information will allow insurers to get a better understanding of your personal circumstances.

Medical records can’t be accessed without your permission and if a medical exam is required it will be arranged and paid for by the insurer on a day and location that’s convenient for you.

If requests for a medical exam or report are denied, your application won’t be able to continue as insurers won’t have the information they need to accurately assess/underwrite your policy.

Bowel cancer in the UK

In the UK, almost 43,000 people are diagnosed with bowel cancer every year. If caught early, it can be very treatable.

Due to earlier diagnosis and better treatment options, the number of people who pass away as a result of bowel cancer has been falling since the 1970s[1].

If you have been diagnosed with bowel cancer, there are a variety of support networks available:

  • You can call the Macmillan Support Line on 0808 808 00 00 or visit their dedicated bowel cancer forum
  • Bowel Cancer UK can be contacted on 020 7940 1740. They have also produced a list with useful help and support resources and groups

Life insurance after bowel cancer

There can still be life insurance options available to you after bowel cancer, however your eligibility and the price you pay could be impacted.

For this reason, it’s essential to compare multiple quotes from different insurers to find the most suitable policy.

At Reassured we work with a panel of mainstream and specialist insurers, allowing us to present you with our best options for your circumstances.

A dedicated team member will also be there to guide you through each step of the application process and answer any questions you have along the way.

All quotes are fee-free and without obligation, so why not get in touch?

Compare Life Insurance after Bowl Cancer »

Sources:

[1] https://www.bowelcanceruk.org.uk/about-bowel-cancer/bowel-cancer

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