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More than 300,000 people each year in UK are diagnosed with various forms of cancer. Of course, the chances to survive differ greatly as there are a lot of forms of cancer and various stages of this illness. Moreover, cancer is an expensive illness as various tests, medicines are needed for treatment. Many people who are diagnosed with cancer want to get a life insurance as it could help them to ease financial burden if their cancer progresses or in case of death.
However, having a record of cancer in a medical history makes it much harder to get life insurance. Various life insurance providers will decline such people because their life expectancy is lower and it is much riskier for them to insure such people. Some insurance companies may decline the request for life insurance even after 3 or 5 years after the person survived the cancer.
Getting life insurance for cancer patients
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Cancer survivors
However, even if the person is or was diagnosed with cancer it is still possible to get life insurance. Firstly, if the person was diagnosed with cancer and survived, he has much better chances to get a life insurance at average rates. But even in such cases big part of life insurance companies may decline an application as in the first two years there are the highest chances the cancer maybe reoccur.
Nevertheless, in many cases especially if the person is healthy for more than two years he can get affordable life insurance policy as insurance companies think that the worst part is in the past and individuals’ life expectancy in such cases are higher. If the person is healthy for less than two years it is still likely that he will get insurance policy but he will need to pay higher premiums.
Sick cancer patients
It is much harder to get a life insurance policy if the person is diagnosed with cancer at the present moment. However, each case is very different as there are many types of cancer and the stage at which cancer is diagnosed also differs.
For example, if the person has leukaemia at fourth stage, it is very unlikely that he will get insured. In such case life expectancy is much lower and the insurance company probably will not accept a person to a life insurance policy. The lower is the stage of the cancer, the higher are the chances of surviving even with most difficult types of cancer. As a result, the premiums are also lower.
Types and difficulties of the cancer
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The most difficult to cure types of cancer are leukaemia or else known as blood cancer and lung cancer. The life expectancy is lower, however, there are still chances to survive especially if the cancer is diagnosed in the first two stages. Usually first two stages are treatable for various types of cancer and it becomes harder to completely shut down the cancer in last two stages.
However, this does not apply in all cases of cancer. Breast or prostate cancer are usually much more curable than other types of cancer even in the later stages. Thus, if the person is sick but was diagnosed on time his life expectancy still is sufficient enough to apply for the life insurance.
Forms of cancer
Moreover, insurance companies pay attention what form of cancer attacked the person. If the person was diagnosed with seminoma or carcinoma, chances of surviving are pretty high. However, if the person has either sarcoma or melanoma, than this kind of cancer is much more likely to spread to other organs and the danger for the individual’s health is much higher.
Thus, in the case of seminoma or carcinoma the chances of getting life insurance policy are high. Especially if person has prostate or breast cancer and this illness is diagnosed in first two stages. Of course, because an individual is sick he will have to pay higher than average premiums, but it is still possible to get an insurance policy on considerably good terms in such situation. However, if the person has leukaemia that is sarcoma and is diagnosed in final two stages it is very unlikely that insurance companies will satisfy the request to get life insurance policy from such a patient.
The behaviour of life insurance companies
First of all, after receiving the request to issue insurance policy for cancer patient the insurance carrier is going to write the doctor of the potential customer. It may happen not necessarily in all cases, but most often the life insurance providers will try to get the data which is relevant for them to reach the decision whether to issue insurance policy or not. Usually, the information about the type, form and stage of cancer is diagnosed is requested. Additional important information about condition of the individual can also be taken into consideration. After collecting all necessary data, the decision is made. Moreover, it is very important that the person would be no smoker as insurance companies treats that as a very high risk factor and it can result in getting insurance proposal at more unfavourable terms or even being declined.
Taking life insurance policy
Most often the person may not be satisfied with proposal of the life insurance company as the rates are going to be high. However, if the person is able to afford the policy, probably the wisest decision is to take it. Of course, it is advisable to get as many proposals as possible because only by comparing the offers the best life insurance providers can be selected. Moreover, usually it is possible to get the insurance policy that allows pay flat rates for the first years after the cancer. What is more, if the person remains healthy and the cancer does not return the insurance company reduces the premiums after every successful year.