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Life insurance and cancer: Will you be covered?

A frequently asked question we receive is whether you can get cover if you have cancer. Furthermore, if you have recently been in remission. Taking out life cover depends on a few variables and will also depend on an insurer. Here are a few things to know.
Life insurance and cancer: Will you be covered?
How the underwriting process affects you

The underwriting process is when an insurer asks you a range of questions regarding your health, lifestyle choices, gender, age and occupation to give you a policy that will adequately cover your needs. Being able to take out a policy depends on a few things such as:
  • Where the cancer is.
  • The severity of cancer (What stage it is at).
  • Whether they have been any complications.
  • If you are in remission.
  • Your age.
These factors will play a part in whether an insurer will be able to cover you. It is important to note that while one insurer may offer you cover, another may consider another factor and result in the application being denied.

You can get life insurance, but there could be a loading

Times have changed, especially when it comes to medical advancements. This means that people with cancer can get access to a life insurance policy, but there could be a loading.

Loadings can affect the premium you end up paying due to the high risk of having cancer compared to someone who is cancer-free. However, these are not fixed and can be removed or reduced according to the insurer you end up choosing.

Having cover when you are young and healthy or in remission is something that is crucial for everyone. Not only does it provide a safety net for your loved ones, but it can also protect you financially should you be diagnosed with a terminal illness such as cancer. Life cover gives you the ability to use 50%-100% of your cover amount should you be diagnosed with a terminal illness so you can focus on spending time with your loved ones instead of stressing about the financial aspect.

Always remember to read the terms and conditions that come with your policy. Should there be anything that you still don’t understand, you can talk to your insurer to find out more.

5 Oct 2021 13:53