Find Out How to Buy Life Insurance After Cancer Remission
If you or a loved one have had a cancer scare, you know that one of the first things that you're confronted with is the possibility of death. According to Cancer Australia, it is estimated that over 138,000 new cancer cases will be diagnosed in 2018, with an estimated 48,586 deaths will result from the disease.
Because getting life insurance with cancer cover when diagnosed or in remission can be very complicated, you might want to make sure you have the right type of policy and enough cover, especially if you have a family history of cancer.
With medical advances and improved treatments, cancer mortality rates are declining by an average of 1.7% each year since 1998 (Australian Institute of Health and Welfare). People are beating cancer and with that comes the question of whether you can take out a life policy when in remission.
Life insurance for terminally ill cancer patients
When diagnosed with terminal cancer, also known as end-stage cancer, and your medical specialist believes the disease will result in your death within 12 to 24 months, depending on your insurer, your full life cover benefit will generally pay out in advance. However, you’ll need to meet all the terms and conditions of your policy and often a second opinion from an independent medical specialist will be required.
Does life insurance pay if you die of cancer?
Generally, yes if you have a life policy that covers death due to natural causes and you fully disclosed all relevant and important information when you initially applied for coverage, your death benefit will usually be paid to your nominated beneficiaries. However, if you did not fully disclose all information, for example, in the past you’ve sought medical advice for cancer-related symptoms, your claim could be affected and even denied.
How to buy life insurance after being diagnosed with cancer
If you’re applying for life insurance when in cancer remission you may want to request a broker to conduct a pre-assessment for you. By doing a pre-assessment you’re able to find out how an insurance company might assess your particular medical information and personal requirements without having to provide your details, it's completely anonymous.
When you're ready to apply for coverage and want to have the process go as smoothly as possible, make sure you have the following available:
- Answers to the questions mentioned above, including the type of cancer you had and when you were diagnosed.
- All necessary medical records, from your first pathology report to the most recent one, this includes your treatment records.
- Results of your follow-up appointments showing how diligently you follow your doctor’s treatment plan. Provide records of everything, even physical therapy sessions.
Every person's cancer diagnosis is different. The more information you provide, the more likely you are to find a policy that offers the best possible cover for your requirements at a premium you can afford.
Request a Pre-Assessment
Which life insurance companies cover pre-existing cancer?
Each life insurance company has their own underwriting guidelines. So, before you purchase a policy, shop around and compare quotes to make sure the coverage offered and the premium you’ll pay makes sense for your family, and financial situation.
A life insurance company's main concern is generally the risk associated with a policy they issue. So, depending on your application and all the medical information your provided, a company might decide to:
- Offer cover at standard rates under ideal circumstances,
- Provide cover, but exclude cancer and other pre-existing conditions related to it,
- Increase the premium you'll pay by adding a loading onto your policy, or
- Decline cover because they are not willing to take the risk of insuring you.
Cancer-affected households often encounter lost income and out-of-pocket expenses relating to transport, medications, specialist clothing and mobility devices, as well as childcare and housekeeping costs. The amount of trauma insurance payable depends on the cover amount you’ve chosen.
Select insurers may offer optional benefits for an extra fee, for example, the accommodation benefit and family support benefits for individuals who need to travel long distances to receive treatment. These additional benefits are great for family members who need to take time off work to care for their loved ones.
Examples of the types of cancers covered by trauma insurance
Skin cancer
Melanoma is the most dangerous type of skin cancer and is a common occurrence in Australia.
Lung cancer
Cancer affecting your lungs is the most common cause of cancer death in Australia and effects bother smokers and non-smokers.
Breast cancer
Breast cancer is the most common cancer among Australian women, excluding non-melanoma skin cancer. However, men can also develop cancer of the breasts.
Cervical cancer
Cervical cancer is the second most common cancer among women worldwide and is almost always caused by the Human Papilloma Virus (HPV).
Prostate cancer
If detected early and treated quickly there is a high chance of survival. The Cancer Foundation of Australia recommends that all men over the age of 50 go for annual assessments. If you have a family history, you should go for a check-up from the age of 40.
Bowel cancer
Both men and women are at risk of developing bowel cancer. In Australia, it’s more common in people over the age of 50.
Whether critical illness insurance will pay a benefit when diagnosed with one of the above cancer examples depends on the insurer’s definition of that specific cancer. Please remember to consult the company’s PDS to make sure.
Compare Life Insurance Policies
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