Life Insurance for Cancer Patients and Survivors
Critical Insurance cover also known as Trauma cover is an additional option that may be added to life cover policy.
These policies cover being diagnosed with illnesses such as cancer. A lump sum may be paid to the insured even if the patient is able to work. These funds are to be used at the insurers’ discretion to assist with debts, cover medical expenses or make lifestyle changes.
To find out about Allianz Critical Illness Insurance Cover, click here.
Life Insurance if I have cancer/in remission?
Whether it is possible to take out life insurance if you have cancer will depend on the nature of your condition and the insurers’ terms for providing cover. By law, you must disclose any known information about your health that may be relevant to the insurers’ decision on whether or not to provide you with cover.
Generally with pre-existing conditions insurers can either:
- Refuse to provide you with cover
- Apply a premium loading
- Exclude cover for certain events (they may provide life insurance to cover accidental death but exclude any cover for claims related to cancer)
In reviewing your application, an insurer will consider:
- Whether or not you are undergoing any treatment for your condition
- Whether you are in remission
- Whether you have had any relapses and what was the date
- Details of medication you are taking
- Whether they can charge a higher premium to account for the additional risk
Put simply, if you have had cancer and are now in remission, cover is generally available, however it does depend on how long you have been in remission for – this is generally the biggest factor when insurers consider offering you cover.
What happens if I don’t tell my insurer about my condition?
In the event of claim, your insurer can use your condition to refuse paying your claim
Source: The Cancer Council