The chances are that you, or someone you know will be affected by cancer at some stage in life. It’s an unfortunate fact that 1 in 2 people in the UK will be diagnosed with some form of cancer during their lifetime. It’s worth noting that cancer survival is improving and half of those people diagnosed will go on to survive, but for anyone who has been affected by the disease, it undoubtedly leaves you thinking about what would happen if you were no longer around.
Life insurance can be helpful for paying off debts left behind and providing money for your loved ones after you die. There is a common misconception that a person who has been diagnosed with cancer will not be approved for life insurance. It’s true that it may be a little more difficult, or potentially more expensive depending on your prognosis, but there is no reason why you can’t have the peace of mind that an appropriate life insurance policy can give. 💛
Buying Life Insurance After Diagnosis
Whether you will be able to get life insurance is dependent on what type of cancer you have and what stage it is at. Insurers will most likely want to see a copy of your medical records to help them determine what sort of cover they are able to offer. Here are some tips to bear in mind when buying life insurance: Shop around by either using a price comparison website or an insurance broker with relevant experience. Or play around with your cover on our site and see what your cost and cover could be! 👌 Speak with your mortgage provider, if you have one, to find out if life insurance is included in your monthly mortgage payments. You could already have cover but not be aware of it.
Check your contract of employment. There could be a death in service benefit or a life insurance scheme that you may be eligible for.
What protections are there?
Depending on the company you’re using and the amount of cover you are looking for, you may or may not get covered. Unfortunately, there is still so much needed change in the life insurance industry. While we are doing our best to change the 300 year old industry that hasn’t been changed in over 94 years, there is still a long way to go!
Terminal Illness Payout
Life insurance policies pay a sum of money to your beneficiaries if you pass away, but if you have an existing life insurance policy and are diagnosed with a terminal illness, you may be able to get your total cover amount paid out before you pass away. This means that you will be able to spend the money on exactly what you want, whether that is a final luxury holiday or taking care of your funeral arrangements so that your loved ones are not left to deal with the financial implications of that – it’s totally up to you. 💷 In this instance, there would be no further payout after you die.
If you have had cancer and subsequently recovered from the illness, it may be a little bit more difficult to take out a new life insurance policy. This is because most insurers require you to take a medical exam which could mean that your premiums are significantly higher. Similarly, a family history of cancer may also mean that your premiums are higher, so it’s worth shopping around a little to make sure you get the best value when taking out a life insurance policy.
What can we do?
We understand that life insurance means a lot to you and your family, so we want our product to be as simple and straightforward as possible. We don’t ask you to take a medical exam when you buy life insurance with us, our policies are for 5-40-year terms and you could be insured for up to £500,000. It’s simple and straightforward and can be covered in less than 15 minutes, so you can put your time and effort into the things that matter more. 🥰
So, whether you’re dealing with a terminal illness like cancer, or just want some more information about our will or life insurance products, we would love to hear from you. You may want to read our Life Insurance FAQs to learn more. We would love to cover you. ☂️