Trying to get life insurance can be difficult if you have had any type of cancer in the past. However, even though getting life insurance can take longer to arrange, it is not impossible.
Your chances of getting life insurance cover depend greatly on the type, stage and grade of your cancer. The treatments you may have received, when you finished them and how likely it is that you will recover from your cancer (your prognosis) will also affect the insurance company’s decision.
How is the Life Insurance Company likely to treat my Applications?
The first thing to understand, is that each application is looked at on an individual basis, but insurers will not offer a policy to someone who is still having treatment for cancer.
Also the longer the gap after completion of treatment the better the likely outcome of your life insurance application.
Will I have to pay more for my life insurance cover?
Cancer diagnosis means you will generally have to pay higher premium (the amount you pay to maintain your insurance policy). If you are offered a life insurance policy the premiums at the beginning may be higher because the risk is higher for the insurance company during this period (for most cancers, the more time goes by, the lower the risk of the cancer coming back). This is called a premium loading.
Each insurance company will assess risk before deciding whether to offer you insurance and at what price. Your OneQuote.ie adviser will be able to guide you about how this may affect you personally. Importantly where a loading applies we will still offer you discount on this premium.
Where is the best place to start?
Choose a financial broker like OneQuote.ie who works with all the leading life companies, to give you the best chance of getting cover and getting the best price.
Be honest with your broker about your overall health and prepare the following information in advance of contacting them:
1. The type, grade, and stage (how early or advanced the cancer is) of cancer you had
2. The length of time since your last treatment
3. Your prognosis (what the doctor believes will happen to your health in the future)
Life Insurance Application Tips After Cancer
Gather all necessary medical records before you apply or contact your GP to ensure that they have copies of everything on their records. This includes all your medical reports and treatment records. This will give underwriters the most complete picture of you, your health, and your cancer history.
Having all those records before you apply will reduce delays in the application process because your life insurer is going to request them and will wait for them. The less underwriters know about you, the more likely they are to assume you are a high-risk case and offer you high premiums accordingly.
Make sure you follow your doctor’s treatment plan to the letter. Your life insurer is not going to offer you a policy without seeing the results of your follow-up appointments. Similarly, if you’ve had breast cancer and you’re due for a mammogram soon after applying for Life Insurance, your life insurer will likely wait for the results of your next mammogram.
The following are guidelines for different types of cancer, estimating the waiting periods before which you can apply for life insurance after cancer and having completed your treatment:
Cervix (In Situ) – 0 Years
Cervix Cancer – 1 Year
Larynx Cancer – 1 Year
Prostate – 1 Year
Skin Melanoma – 1 Year
Testicular Cancer – 1 Year
Bladder Cancer – 2 Years
Breast Cancer – 2 Years
Colon Cancer – 2 Years
Lymphoma – 2 Years
Rectum Cancer – 2 Years
Salivary Cancer – 2 Years
Parotid – 2 Years
Pancreatic Cancer – 2 Years
Oesophagus Cancer – 3 Years
Kidney Cancer – 3 Years
Lung Cancer – 3 Years
Ovarian Cancer – 3 Years
Bone Cancer – 5 Years
Metastatic Cancer – 5 Years
Metastatic Cancer – 5 Years
Leukaemia – 10 Years
One Quote Financial Brokers provides a free phone consultation to discuss your requirements and provide advice on when to apply for life insurance, so why not call me directly on: 01 845 0049 or make an enquiry.
Cancer & Financial Stress
If you have never had Cancer, but are concerned about the financial pressures should cancer ever strike, then you should consider taking out Cancer Insurance which would pay out a tax-free lump sum on diagnosis.
Ken O’Gorman – QFA
OneQuote.ie – Smart Financial Protection