Life insurance is an important consideration for anyone, but it can be especially crucial for those who have been diagnosed with cancer. We get many questions regarding the possibility of being covered after a cancer diagnosis.
Not only is this a difficult time for anyone who has been diagnosed with cancer, but it can also raise many questions and concerns.
One thing that can affect whether a person can or cannot get cover is the underwriting process which differs from organisation to organisation. However, it is important to understand that obtaining life insurance after a cancer diagnosis is possible and can provide valuable financial protection for you and your loved ones. Here is what you need to know.
There are various factors that can affect whether you are covered or not
Whether you can get life insurance if you are a cancer patient or survivor depends on a few variables – where the cancer is, what stage cancer, whether you’ve had any complications (if you are in remission), your age, and other health and lifestyle factors. Again, these individual factors will be weighted differently at each insurer and Company A may take into consideration something that Company B doesn’t.
Many life insurers may still offer you a policy. However, you are likely to have a ‘loading’ applied to your cover. This means that your premiums are higher than an equivalent cancer-free individual as the risk to the insurer is higher. If you have been cancer-free for a significant time period though (10 years or more, for example) some insurers may drop the loading and provide you with better rates.
Timing is another factor to consider
No one expects to be diagnosed with cancer. However, taking measures to protect you and your loved ones while you are still healthy can come in handy. It's important to understand that the timing of when you apply for life insurance after a cancer diagnosis can also affect your chances of being approved for coverage.
If you apply for life insurance shortly after your cancer diagnosis, you may be more likely to be denied coverage or offered higher rates than if you wait until you have been in remission for a certain period of time.
Protecting what matters
Life insurance is to provide financial protection for your loved ones in the event of your death. If you have been diagnosed with cancer, it is important to consider the financial impact that your death would have on your loved ones and to make sure that they are protected.
Obtaining life insurance after a cancer diagnosis can be challenging, but it is possible. The availability and cost of life insurance will depend on various factors such as the timing of when you apply, the type of cancer you have, and the stage of your cancer.
It is important to work with a reputable insurance agent or broker and to find a policy that is tailored to your specific needs and circumstances. Ultimately, the decision to take out life insurance after a cancer diagnosis is a personal one that should be made with the help of a professional and with the financial protection of your loved ones in mind.
