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Life Insurance After Cancer
If you are a survivor of cancer, you will know that the emotional and physical toll of disease can be draining. Sadly, this can be co-joined to financial difficulty. You may have had to take much time off, to have cut back on working hours, and you may face significant medical expenses. Unfortunately, life insurance may represent an additional cost. It can be difficult to get life insurance after you have had cancer, and even if you find an insurer who will accept your application, premiums may be high, although the outlook is not always bad.
The first thing to acknowledge is that there is no standard answer to the individual who queries how their cancer will affect their life insurance options. Indeed, different firms have differing outlooks on how survivors of cancer are approached. Some may have stringent procedures, others may be more flexible. So too, the nature of the cancer will affect the propensity for individuals to obtain a policy. Skin cancer or breast cancer survivors may only have to wait a few years before their application may be accepted, but survivors of a cancer that intends to be aggressive and spread, such as lung or bowel cancer, may face a rather longer wait.
Pinpointing timing is therefore difficult. If you are currently undergoing treatment for cancer, the likelihood of your being insured is very low. Nonetheless, after you have been given the all-clear, it may be just a case of facing higher premiums during the period in which recurrence is most likely. After that, it may be that premiums return to the standard level. It is almost certain that additional premiums will, in time, diminish. Whether high premiums are set for a few years, or premiums that are somewhat higher in value are set over a longer period they will, given enough time, disappear.
So what steps should you take at this stage? For a start, shop around – the variation in prices available means that you may be obtain good premiums if you spend time investigating the different policies and firms available. However it may be sensible to aim for the larger life insurers first to make sure you are likely to get a policy. Larger life insurers are inclined to have well set out, detailed procedures for handling people who have had a variety of cancers, and may be a good indicator of other policies available. One avenue to take may be to opt for a ‘graded’ policy which will only pay out a proportion of its face value in the years immediately following its inception, but will pay out fully after the waiting period is complete. Finally, if it transpires that it is very difficult to obtain life insurance, it may be advisable to seek group insurance with a professional or political organisation.
If you find an insurer willing to consider your application, provide them with plenty of information: the names of doctors you saw and the nature of treatment and procedures you underwent. This ensures you are evaluated on an individual basis, not clumped with other cases that may raise your premium. And, as you are surely aware, it is important to attend follow-up appointments and to take any prescribed medication to keep track of your progress, and prevent recurrence.
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