Life insurance after cancer

Yes, you’ll need to disclose a previous cancer diagnosis during the application process.

Insurers require this information so they can accurately assess the level of risk you pose and offer you the most appropriate policy options.

Failure to provide this information can invalidate your policy, which could prevent a pay out in the future if your family need to make a claim.

The exception to this is with an over 50s plan as you won’t be obligated to disclose any medical information.

If you already have life insurance in place and are diagnosed with cancer during the term, you aren’t obligated to inform your insurer.

Providing that all the information on your application was completed correctly, your new diagnosis won’t impact your current policy.

A life insurance pay out will be made if you pass away due to cancer or if your cancer diagnosis is terminal (if your policy includes terminal illness cover and you’re expected to live less than 12 months).

If your life insurance includes critical illness cover and your specific cancer diagnosis is covered by your policy, then you can make a valid critical illness claim and receive a pay out.

If you receive a new cancer diagnosis during your policy term, this won’t affect any existing policy.

You’re not obliged to tell your current insurer, and your policy will remain valid as long as you provided accurate and honest information to the insurer when you applied.

You may still be able to secure life insurance if someone in your family has been diagnosed with cancer.

However, your family medical history can affect the cost of your monthly premiums and policy options.

Certain forms of cancer can be hereditary. Therefore, if a close relative (mother, father, sister or brother) has previously been diagnosed before the age of 65, it's highly likely to increase the cost of your premium.

It's important that this doesn’t deter you from disclosing all information about your family’s medical history during the application.

Non-disclosure of any required information can result in the denial of a pay out when the time comes.

When a doctor mentions cancer, it's normal for people to think about the future of their loved ones and how it'll be affected.

Therefore, when suspecting a diagnosis of cancer, many people will question whether they can take out life insurance as a precaution for the worst.

Unfortunately, once you’ve had this discussion with your GP, it must be disclosed during the application process to ensure your policy is valid.

In this instance, it's likely that your application will be postponed until the results have been obtained and a diagnosis has been made.

Yes, it could be possible to secure life insurance as a breast cancer survivor.

Some insurers can offer cover to those who’ve had breast cancer, usually if a specified recovery period has passed (typically two or more years).

As with other forms of cancer, insurers will need to know certain details about your condition so they can provide an accurate quote. It’s likely that you’ll pay a higher premium due to your diagnosis.

Other factors such as your age, smoking status and overall health will also been taken into consideration to determine your eligibility and how much you’ll pay.

If you’ve recently been diagnosed or you’re still receiving treatment for breast cancer, then your application may be declined or postponed.

Yes, obtaining life insurance as a prostate cancer survivor could be possible.

Factors such as the severity of your cancer, the type of treatment you received and how long you’ve been in remission for will be considered by insurers.

They’ll also consider your overall health and lifestyle before deciding the outcome of your application.

You may experience higher premiums if there’s a higher chance of you making a claim, or you may be declined if the risk is too great.

Your application may be declined or postponed if you’ve not yet passed the insurer’s specified recovery period.

Yes, it could be possible to secure life insurance if you’re a survivor of skin cancer.

As with many other cancers, the risk of being diagnosed with skin cancer increases as you get older^[2].

Just like breast and prostate cancer, if you’ve been diagnosed with skin cancer prior to securing life insurance, insurers will need to know certain information about your condition.

This includes when you were diagnosed, what stage the cancer was at, what treatment you received and when you last had treatment.

Premiums may be increased due to the higher risk you pose to the insurer, or your application may be postponed until a specified recovery period has been reached.

Yes, it might be possible to secure critical illness cover after you’ve had cancer.

However, like life insurance, whether you’re offered cover will depend on:

• The severity of your condition
• Type of cancer
• What treatment you had
• When you last experienced symptoms

Insurers may also only offer cover once a certain recovery period has been reached.

As cancer is commonly covered within critical illness cover, insurers will need to mitigate the increased risk of a claim being made for those who’ve previously had cancer.

This might involve exclusions for cancer or cancer related illnesses being added to the policy and/or inflations to the premium you’ll pay. An exclusion means you won’t be able to make a claim for cancer and, sometimes, other associated conditions.

Alternatively, some insurers may decline you for critical illness cover.