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Unfortunately, cancer is a common condition, with 23,000 New Zealanders being diagnosed with it each year. And if you (or someone you know) have had some form of cancer in the past, you may be pondering if getting life insurance is still possible.
Unlike what many people think, the answer is yes – with a few caveats. Here are some key things to know.
When assessing new applications, insurance providers want to know all about your medical history – including past and present conditions, big and small. Remember, omitting relevant information may result in a future claim being fully or partially declined.
Of course, cancer is a critical issue to disclose. Even if you’re in complete remission and healthy, make sure you tell the insurance provider all about it. This will help them assess your situation and decide on the level of cover you can get.
Be prepared to provide comprehensive medical information. Generally speaking, the more details you can provide during the application process, the smoother the process itself is likely to be.
The outcome may depend on things like the date of your diagnosis, the severity of your case (for example, whether the disease has metastasized), and the type of cancer you had. Also, the provider may want to know what treatment you underwent, when and for how long. If you’re still undergoing treatment, you may need to supply evidence that you’re following every step of your treatment plan, including follow-up appointments and prescribed medications.
Like to know more? Please get in touch. As insurance advisers, we can talk you through the questions and help you gather all necessary documents to put your best application forward.
While life cover after cancer is possible, time is one of the most important factors that the provider will take into account.
As a rule of thumb, the longer you have been in remission, the more insurance options you may have. Some providers apply a stand-down period to new life insurance applications from people who suffered from cancer. This means that, depending on the severity of the type of cancer you’ve had, you may need to wait between one and ten years before you can apply for life insurance.
Want to know what different insurance providers are offering in this space? Once again, we’re here to assist you. Feel free to contact us if you’d like to know what different insurance providers are offering in this space.
Have any questions for us? We look forward to hearing from you. Insuring your life after cancer may be a little more challenging than with other pre-existing conditions, but with good advice and the right support, you can get clarity on your insurance options.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
An Adviser Disclosure Statement is available free and upon request.
