Life insurance and cancer

Life insurance pays out a sum of money if you die while you hold the policy. Your loved ones could use the money to help pay bills or maintain their living standards when you're no longer here.

For most policies, it covers death by many causes, including cancer. Usually, the only exceptions are suicide or self-inflicted injury during the first 12 months of holding the policy. 

Generally, before deciding whether you’re eligible for life insurance a provider will ask you a series of questions about your overall health and lifestyle. But that doesn’t mean you won’t be able to get life insurance if you have a health condition. 

When you apply for life insurance, it’s important you tell your provider about any medical conditions you have. Some providers may ask you to have a medical examination - this is often paid for by them.

When it comes to cancer, providers may have specific criteria you need to meet in order to get cover. This can depend on the type of cancer you’ve had and whether you’re still undergoing treatment. Many providers won’t offer cover until at least a year has passed since your last treatment, so it’s possible you may not be eligible right away.

If you’re looking for life insurance and you already have a pre-existing medical condition - it’s worth researching the options available to you to see what kind of cover you could get.

A family history of cancer doesn’t prevent you from getting the cover you need. It’s important to disclose it, and while it might lead to higher premiums, that’s not always the case.

If you apply for our Life Insurance Plan, we'll ask you some questions about your health and lifestyle. This will include information about any medical conditions your family members have had.

Generally, you don’t need to inform your life insurance provider about your cancer diagnosis. However, some policies include benefits like critical or terminal illness cover, or offer access to additional support such as counselling services or virtual GP appointments - which could be beneficial during this time.

A terminal illness is where you're given a terminal diagnosis and there is no known cure, or your condition has reached a point where it could no longer be cured, and life expectancy is less than 12 months. 

Terminal illness cover usually comes wrapped up within your life insurance policy, but some providers may offer it separately. With us, if you’re diagnosed with a terminal illness that meets our policy definition, and you’re not expected to live longer than 12 months we’ll pay out the value of your policy.

However, we won't be able to pay out if your doctor thinks you might live longer or there is treatment that could extend your life. It's worth noting, this is not a savings or investment plan, it only pays out on a successful claim. If premiums stop the cover will end.

You can find out more in our article terminal illness vs critical illness.

While they can both help ease financial pressure after a significant future life event by paying out on a valid claim, they’re for two very different situations.

A life insurance policy pays out a lump sum which could help look after your loved ones financially if you pass away within the policy term. So in this case it's about making provision for your loved ones when you're no longer around.

Critical illness cover is about helping you live life after a serious illness. It pays out a lump sum if you are diagnosed with or undergo surgery for a critical illness covered by the policy definition during the term of the policy, and survive for a set number of days. That could help you worry less about your finances while you recuperate and get the treatment you need.

With our Critical Illness Plan, we’ll pay out a lump sum if you’re diagnosed with or undergo surgery, for a critical illness that meets our policy definition during the term of the policy and survive for at least 10 days. We only cover the critical illnesses we define in our policy and no others. It doesn’t pay out on death. 

With our Life Insurance Plan, we’ll pay out a lump sum when you die, or you're diagnosed with a terminal illness within the term of the policy. 

Some life insurance policies let you add on critical illness cover to your life insurance policy so you can protect both yourself and the people you love from the unexpected. Alternatively, you could get critical illness cover as a separate policy that can be purchased at the same time as our life insurance.

It's worth noting, neither type of policy is a savings or investment plan, they'll only pay out on a successful claim. If premiums stop the cover will end. They also only pay out the full cover amount once.

Learn more about the difference between critical illness cover and life insurance.