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No one needs any reminder that cancer is a serious illness, nor that it’s extremely common.
Around one in two of us will get cancer at some point in our lives and it’s one of the most common causes of death across the world.
Given this, you might assume that obtaining life insurance once you have experienced cancer would be impossible. Even if someone was judged to be free from cancer, would the insurers not be worried that the cancer might return?
It should be noted, however, that, in the UK, you are now more likely to survive cancer than die from it. This means that there are opportunities to obtain life cover should you have experienced cancer.
Moneysworth specialises in finding life insurance for people who might be considered higher risk or who may have been declined life cover when they made applications via brokers or when applying directly to an insurer. This includes arranging cover for people who have previously had cancer.
Sometimes, a life insurance policy is arranged with an exclusion for a particular illness, so the insurer might decide to offer you insurance where you are covered for death for illnesses other than cancer. We have often been successful, however, in arranging comprehensive life cover where the policy includes cover for death from the type of cancer that our client experienced previously.
Even if your policy excludes death from cancer, you would still have the peace of mind that death from other causes will be covered.
Even more worthy of note is that a number of our clients who have experienced cancer manage to obtain cover at standard rates, i.e. at the same monthly cost as any other applicant.
It is possible though that your premium might be subject to a rating, i.e. you would need to pay more each month than a client who had not experienced cancer.
It’s also not that unusual for us to be able to help clients with a history of cancer. We have successfully arranged life insurance in many such cases since our foundation in 2003.
(more…)We wanted to share some good news.
We were recently approached by a lady who was looking for life insurance. Aged in her late 50’s our client had suffered from breast cancer a number of years ago from which she had been in complete remission for a number of years. She also had one or two other conditions which while less significant would often with most insurance companies result in having to pay additional premiums.
The good news is that we were able to obtain life cover for this client at ordinary rates with no increase in premium to cover her previous serious health condition. The life cover includes full cover for death by whatever cause, including cancer(and including breast cancer) and the premiums are guaranteed not to increase in the future.
This is a great result!
The outcomes for life insurance applications from people who have suffered breast cancer in the past,l depend upon a number of factors.
Firstly the person must be in remission.
Secondly it is more common for there to be additional premiums charged to cover the extra perceived risk.
The amount of extra premium will typically depend on a number of different factors including the amount of time since the end of treatment (surgery, radiotherapy or chemotherapy) and the original sizing and staging. Not every life insurance company will rate the same way and this is where it pays to use the services of a specialist broker such as Moneysworth. In the above case we were able to obtain £45,000 for less than £30pm.
It is also worth mentioning critical illness cover.
It is often assumed that critical illness cover is not available for anyone who has been previously diagnosed with breast cancer. However while this remains true for some cases it is no longer necessarily correct in all cases. For cases where the initial staging was low and where some time has passed since treatment finished, not only might it be possible to obtain critical illness cover, it may also be possible to do so at very competitive premium levels too. Any future episodes of breast cancer will be excluded from the list of critical illnesses covered, as will any other critical illness which is caused by the initial breast cancer, but apart from that the full range of other critical illnesses normally available will be included in the policy.
So, if you have had breast cancer in the past, your prospects for both life cover and critical illness cover could be brighter than you think.
