Being diagnosed with cancer is a life changing event and one that can leave you with many questions.
This guide aims to answer any questions you might have in regard to cancer and life insurance.
Whether that’s if a policy covers cancer, if you can get a policy with cancer and what options are available, we hope to shed some light on the topic.
Life insurance for people with cancer (key points)
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If you’re currently living with cancer, it won’t be possible to buy life insurance unless you’re over the age of 50 and buy an over 50s plan (guaranteed acceptance).
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If you have a history of cancer, it could be possible to get cover but you’ll need to have been in remission for a specified amount of time before you're offered a policy.
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The period of remission could be as little as 1 – 2 years but this can vary between insurers and depend on the type of cancer you had.
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Insurers will take your personal circumstances into consideration during the application process, such as the type of cancer you had, the treatments you’ve received, how long you’ve been in remission and whether you have any other pre-existing medical conditions. This information will impact how much you pay for a policy.
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If you struggle to buy life insurance through a mainstream provider you could consider a specialist insurer or an over 50s plan (if you’re aged 50 – 85).
Can you get life insurance if you’ve had cancer?
Having cancer could cause complications when applying for life insurance.
If you’re currently living with cancer, you won’t be accepted for a policy (unless you’re applying for an over 50s plan where no medical information is required).
Life insurance after cancer is possible, but your past diagnosis could impact your eligibility and the price you pay.
It’s a sad statistic that 1 in 2 people will be diagnosed with cancer during their lifetime. But the good news is that survival rates are much higher than they once were.
The Cancer in the UK report from Cancer Research shows that the amount of people dying from cancer over the last 50 years has fallen by more than a fifth.
Still, a cancer diagnosis can bring about a lot of uncertainty and you may be looking for ways to protect your loved ones, whether that’s emotionally or financially.
Life insurance can help to financially protect your loved ones should the worst happen to you by paying out a lump sum.
How long after cancer can you get life insurance?
Insurers will need you to have been in remission from cancer for a specified amount of time before they’ll consider offering you a policy.
The period of remission can vary between insurers and depending on the type and stage of your cancer. For example, it could be as little as 1 – 2 years up to 5 – 10 years.
Will you need to tell insurers about your cancer diagnosis?
Yes, if you’re applying for term-based or whole of life insurance, you’ll need to give details about your cancer diagnosis during the application process.
This could include details such as:
- Date of diagnosis
- Type of cancer
- What stage your cancer was
- What medications you've taken
- what treatment you've received
- How long you’ve been in remission
- If you have any other pre-existing medical conditions (whether they're related to cancer or not)
It can be hard to open up about a tough time in your life, but insurers need to know this information. They'll use the information to accurately assess whether they can offer you a policy or not.
Giving false information or withholding certain details could lead to your policy becoming invalid when it comes to making a claim.
If applying for an over 50s plan, you won’t need to give any medical information as acceptance is guaranteed.
What policy options are available for cancer survivors?
As someone who’s had cancer, you might not have as many options available to you as a standard applicant.
Below are some of your options:
- Term life insurance – With term life insurance you’re covered for an agreed period of time. Your loved ones get a pay out if you die during this time. You can choose between a level pay out (which remains the same) or a decreasing pay out (which will reduce throughout the policy term).
- Whole of life insurance – Depending on your personal circumstances, whole of life insurance could be an option. Whole of life insurance lasts for life and guarantees a pay out when you die. You’ll need to pay premiums for the rest of your life to keep cover valid. So it could become a very expensive option if you’re paying increased premiums.
- Over 50s life insurance or over 50s plan – an over 50s plan guarantees acceptance to UK residents aged 50 – 85 without requiring any medical information. If you’ve struggled to get other types of life insurance due to cancer and you fit into the age bracket, it could be a good way for you to secure some form of cover. The maximum cover amount tends to be smaller, due to the unknown risk, and there is a 12 or 24 month waiting period added to the policy. If you die due to natural causes during this time, a pay out won’t be made.
- Specialist life insurance – if you’re under the age of 50 but have struggled to buy life insurance due to having cancer in the past, you could apply for life insurance through a specialist insurer. Specialist insurers specialise in finding cover for non-standard applicants, for example, those with pre-existing medical conditions.
It's important to explore all your life insurance options. You can make make sure you’re getting the right cover to meet your needs at an affordable price for your budget.
How much is life insurance after cancer?
The price you pay for life insurance after cancer can vary depending on a variety of factors.
A standard life insurance application will ask about the following to work out your monthly premium price:
- Age
- Medical history and family medical history
- Smoking habits
- Lifestyle (drinking habits and hobbies)
- Occupation
- Policy type
- Cover amount
- Length of cover
As someone who’s had cancer, the details of your diagnosis will also impact the price you’ll pay, such as:
- How long you’ve been in remission
- The type of cancer you had
- What stage your cancer was at
Whether you have any other health complications
Does a family history of cancer affect life insurance?
Yes, certain cancers can run in the family (such as breast cancer) meaning there’s a higher chance you could develop cancer in the future.
While it might not stop you from buying life insurance, you might end up paying more for a policy than someone who doesn’t have a family history of cancer.
Does life insurance cover cancer?
Yes, life insurance should cover cancer and should pay out if you die as a result of cancer.
Even if you had cancer before applying, your policy should still pay out as per the terms and conditions.
Does critical illness cover cancer?
Yes, cancer is most of the most common reasons that people claim on a critical illness cover policy.
However, if cancer is pre-existing it’s likely that it will be added as an ‘exclusion’ to your policy. This means you won’t be able to make a claim for this reason.
It’s also possible that any related conditions could also be excluded from your policy.
Critical illness cover is an additional form of cover that you can add to your life insurance policy for an extra cost.
It will allow you to make an early claim on your policy if you're diagnosed with a serious illness that's listed in the policy terms and conditions.
Can you get life insurance with terminal cancer?
No, if you’ve been diagnosed with terminal cancer you won’t be able to buy life insurance.
The exception to this is with an over 50s plan, as no medical information is required. However, you’d need to live past the waiting period of 12 – 24 months in order for your loved ones to get a pay out.
How to buy life insurance after being diagnosed with cancer
Getting life insurance after cancer can seem like a daunting task, but it doesn’t have to be.
Here are some tips and what to expect when applying:
Have as much information available as possible
You’ll be asked questions about your cancer diagnosis during the application.
These questions are likely to need you to give details on the types of treatments you received and the medication you have taken.
Having this information to hand could help to make the application run smoothly.
Don’t be afraid if the insurer asks for a medical exam
It’s possible that insurers could ask for you to take a medical exam or to see a medical report from your GP before they’ll offer you cover.
This is just so they can get a better picture of your current health to understand whether they can offer you a policy and how much your policy will be if they can.
They won’t be able to gain access to your medical records without your consent. If they do request a medical exam, you insurer will arrange and pay for it at a time and place that suits you.
Compare as many quotes as possible and explore all your options
Each insurer is likely to have a different recovery period and will assess your application using a different criteria. So if one insurer can’t offer you a policy or the policy they are offering is too expensive, you might have better luck elsewhere.
There are still options if you get declined
Being declined can may knock your confidence, but there could still be some options available to you.
If you’re struggling to buy a policy from a mainstream provider, you have the option of a specialist insurer. These are insurers that make it easier for high-risk applicants to buy cover. Alternatively, if you’re aged 50 – 85, you could consider an over 50s plan where no medical information is required.
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