Recurrent Cancer – can I get life insurance?
Cancer which returns is called recurrent cancer. Sometimes, cancer can return to the same area of the body which is called a local recurrence, or it can return elsewhere in the body which is referred to as secondary cancer or metastasis. Macmillan cancer support 2020.
In many cases, secondary cancer develops simply because the body ages and it remains the biggest risk factor for cancer. The longer you live, the greater your chance of developing any type of disease.
This was the case with Mr Y who contacted us after having his application for life cover declined, due to him being diagnosed and treated for a second bout of cancer.
Mr Y was diagnosed with Prostate Cancer (T2) in 2015 and underwent full treatment. Thankfully he was told that he was in remission until July 2018, when he was then diagnosed with Papillary Thyroid Cancer (T2). T2 means the cancer is completely inside the gland. (Cancer research UK Feb 2019)
After, another surgery Mr Y began his journey into remission once again and has made excellent progress in terms of his overall health. However, despite feeling healthy, he found that he was being declined cover by all the insurance providers he approached for the life insurance he needed to protect his interest-only mortgage.
Our process and advice
We knew straight away that we would need to contact a specialist insurance company who would be adept at offering cover to people with these types of medical disclosures. The reason Mr Y couldn’t find them is that they do not work directly with the general public.
In order for them to Mr Y’s application fairly, they needed extensive information from his Cancer Consultant plus a full report from his General Practitioner. This information was required to determine the level of risk of Mr Y developing cancer again in the future.
For this particular case, we would expect insurance companies to typically use a ‘per mille loading’ for life insurance. This means for every £1,000 of cover he applied for, they would add a loading to their standard premium. In the case of cancer, this loading is usually removed after a few years, prior to the policy reaching the end of its term. This is because the risk of cancer recurring at this stage in the term is reduced.
Mr Y is now very happy to have a Level Life or earlier Terminal Illness policy in place which offers a sum assured of £155,000, over a term of 7 years for a monthly premium of £453.11 for 3 years, reducing to £323.79 per month for the rest of the term. It will cover him in the event of death so that his financially dependent wife will be able to live mortgage-free without financial worries.
Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.
Client Id: 131323470
Whilst you are welcome to get a quote on-line but we would recommend you talk to one of our advisers.
Any quote that your adviser provides you with will take into account to your circumstances, your medical history, as well as your budget!
An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.
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Interested in related stories?
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