Help! Life insurance needed after cancer diagnosis

Whywontthiswork

18 months ago I was diagnosed with cancer. It was only stage 1, very easily stages, removed successfully and been in remission since then. 

We have just bought a house and I need insurance to cover the mortgage so if I die husband isn’t left with it on his own (it’s a big mortgage). The first few companies I’ve contacted have said no, I have one company now who is getting a report from my doctor before they give me a premium. I have no idea how much this is going to cost and I’m a bit worried as to how difficult it is. I knew it wouldn’t be that easy but now i’m stressed! I have some death in service money through work but I still ideally need another £200k cover ideally. 

Has anyone been successful for cover after cancer? And how much are your premiums?! 

dunstonh

Mainstream Life assurance companies will likely not be willing to offer terms yet.   If they do, it will likely be prohibitively more expensive.   There are specialist life assurers who will take on high-risk cases but the premiums will reflect the risk and the level is typically too high for most people.

When people have health issues, they are usually best to see a specialist adviser.   This way you avoid going around companies getting quotes which are only going to be rejected or increased out of reach.    And getting rejections has to be declared to all future quotes on insurance linked to health.  That in turn makes it less likely to get an insurer to offer terms.    The advisers can speak directly to underwriters without having to submit an application to ask an opinion.    Experienced specialist advisers will know which companies may offer terms and will have more experience of health conditions to know if its likely to be viable for you at this stage.      It may end up being something you can reapply for in future years but just not yet.

Weighty1

Whywontthiswork said:

18 months ago I was diagnosed with cancer. It was only stage 1, very easily stages, removed successfully and been in remission since then. 

We have just bought a house and I need insurance to cover the mortgage so if I die husband isn’t left with it on his own (it’s a big mortgage). The first few companies I’ve contacted have said no, I have one company now who is getting a report from my doctor before they give me a premium. I have no idea how much this is going to cost and I’m a bit worried as to how difficult it is. I knew it wouldn’t be that easy but now i’m stressed! I have some death in service money through work but I still ideally need another £200k cover ideally. 

Has anyone been successful for cover after cancer? And how much are your premiums?! 

The big question is whether is was stage 1a or 1b?  Potentially if it was 1a then you may be able to get life insurance with the standard premium.  At 1b then there could be a massive increase in the premium.  I've had client see premiums go from £10/month to £150/month due to the staging of the cancer.

It would also be dependent on the type of cancer it was.

The first few companies you spoke to, dud they both getting a report?  In nearly all instances I'd expect an insurance company to get a report for cancer no matter how recently it was diagnosed because some forms of cancer can have very low mortality rates.  In fact, I've even arranged cover for some clients who had cancer at the time of application.  Yes, the premiums increased but not by as much as you expect.

dunstonh

^^^^^^^^^
Hence why its best to seek an expert in this field

ellenvan

Also worth checking with Macmillan cancer charity - they can usually advise which companies to try.

Whywontthiswork

Weighty1 said:

Whywontthiswork said:

18 months ago I was diagnosed with cancer. It was only stage 1, very easily stages, removed successfully and been in remission since then. 

We have just bought a house and I need insurance to cover the mortgage so if I die husband isn’t left with it on his own (it’s a big mortgage). The first few companies I’ve contacted have said no, I have one company now who is getting a report from my doctor before they give me a premium. I have no idea how much this is going to cost and I’m a bit worried as to how difficult it is. I knew it wouldn’t be that easy but now i’m stressed! I have some death in service money through work but I still ideally need another £200k cover ideally. 

Has anyone been successful for cover after cancer? And how much are your premiums?! 

The big question is whether is was stage 1a or 1b?  Potentially if it was 1a then you may be able to get life insurance with the standard premium.  At 1b then there could be a massive increase in the premium.  I've had client see premiums go from £10/month to £150/month due to the staging of the cancer.

It would also be dependent on the type of cancer it was.

The first few companies you spoke to, dud they both getting a report?  In nearly all instances I'd expect an insurance company to get a report for cancer no matter how recently it was diagnosed because some forms of cancer can have very low mortality rates.  In fact, I've even arranged cover for some clients who had cancer at the time of application.  Yes, the premiums increased but not by as much as you expect.

Wow! Thank you, this gave me some hope. Stage 1a1 cervical cancer so caught very early and very treatable. The first companies were online via comparison sites but since then I’ve avoided any more as I remember the question about having insurance rejected and didn’t want to be doing anything I shouldn’t. I’ve reached out to a couple of brokers but no response. What should I search to find someone? Financial advisors? You’ve been SO helpful, thank you!