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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.
Fact Checked

Updated: 19 May 2024

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.

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Does life insurance cover cancer?

Term life insurance policies in Australia generally pays out a lump sum benefit if you die due to natural causes, such as cancer, or because of an accident. If you already have a life insurance policy in place and get diagnosed with cancer, as per the insurer’s definition, and pass away because of the disease, your benefit will typically be paid to your nominated beneficiaries.

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.