Transcript for the CuraVision Cancer Insurance video is at the bottom of this page.
In today's video I talk about what you can expect when you want Life Insurance after cancer. I talk about the different aspects of your health that the insurers are going to want to know, especially regarding the cancer, if you want Life Insurance, Critical Illness Cover or Income Protection.
The staging and grading of your cancer is vital to us, so that we can get you a clear idea of the types of terms you may be offered from the insurers.
Please take a look at our dedicated cancer pages:
Hi, so today I'm going to be talking to you about arranging life insurance if you've had cancer. So that can be a common cancer such as breast cancer, testicular cancer, prostate cancer, skin cancer, basal cell carcinomas. Or the more uncommon ones such as leukaemia, bowel cancer, thyroid cancer, Hodgkin's, non Hodgkin's. All things that need to be discussed in a life insurance application, or critical illness cover, or income protection.
A good thing to distinguish as well though is, if you have the BRCA1 or BRCA2 mutation, that is something that the insurer will not take into account when you apply for these insurances because, obviously there is the increased potential of cancer being developed, but you haven't actually had it. So the insurer isn't allowed to include that in their considerations the way the present rules are.
So when you're going for the life insurance, the insurer is going to want to know what cancer you had and when you had it. They're going to want to know things like the staging and grading and that is really essential, especially for an insurance broker such as ourselves to be able to tell you, which insurer to go for because without the staging and grading, we really can't do anything. The insurer is going to just keep coming back to us and saying what's the staging and grading? And we need that to be able to give you the idea of the potential premium that you will pay for the life insurance. So the staging and grading will be something like 1A Grade 2, just as an example. That is something that, as I say we will need. Not all cancers have that stage, such as your blood cancers, they're more likely just to have the staging. You will have that within your medical notes. And it's something that you can always ask your GP for as well.
They're going to want to know if there's any lymph node involvement. They are going to want to know what treatment you had and when that finished. So that could be radiotherapy, chemotherapy, surgery.
And they'll also want to know family history. So, if any members of your family have had the cancers, usually before certain ages, is what they're interested in as well.
So, when you're going for life insurance, the terms that you're gonna be able to get, it really depends on the cancer that you've had and how long it's been since you've had the cancer. So, if you've had say, a mild basal cell carcinoma, it's possible that you could be looking at normal terms for life insurance within say even the first 12 months of having had that diagnosed and removed. If you have had bowel cancer it could be more like 10 years before they will actually consider you for normal terms, when it comes to the life insurance.
You are going to find as well with critical illness and income protection that they are going to be looking at non standard terms for those. Critical illness, you're probably more likely to see an exclusion rather than a price increase. Income protection, you are likely to see a price increase than an exclusion on the policy claims set. With the life insurance, you're probably going to find that at least for the initial early stages from when you've been last treated and given the all clear from the cancer, that there's gonna be some quite steep premium increases when it comes to life insurance.
There are options available, so there is the potential of taking out that cover at the higher premium and then, what happens in some instances, is the insurer will say all right we'll have it at this premium for two years and then in two years time we will reduce it to this, once we think that that risk has reduced.
There is the potential also to look at some life insurance, and these are specialist policies that will look more at excluding life insurance claims related to cancer rather than putting on a steep premium increase. There may still potentially be some form of increase there though.
So I think that is probably the majority of the things that you would need to know if you are wanting life insurance and you've had cancer. So to just summarize very quickly, what cancer you had, if there's lymph node involvement, staging and the grading and when you finished your treatment. And that is the main things that we would need to be able to give you a good initial idea as to what you could be looking for when you've had cancer and you need life insurance.
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