The Definitive guide to Breast Cancer Life Insurance
This is our definitive guide to Breast Cancer Life insurance, including:
- What to expect
- Some of the outcomes you may get
- Types of breast cancer life insurance
- Other types of cover available
Can You Claim On Life Insurance For Breast Cancer?
If you already have a Life insurance policy it is usually best to speak to your insurer to find out whether you can claim for Breast Cancer.
However, most policies will not have exclusions on Life cover, and therefore if you are diagnosed with a terminal illness or die during the term, they will allow you to claim.
Likewise, most Critical illness policies will also cover Cancer, and if you have this type of policy you should definitely speak to your insurer to see if you can claim for Breast Cancer.
How Do I Get Life Insurance For Breast Cancer?
You can speak to some providers of Breast Cancer Life insurance to see if you will be covered. Alternatively speak to a specialist, regulated, qualified Insurance brokerage like ourselves that can advise you on this, completely free.
If you have had Breast Cancer it may be more difficult to get Life Insurance, it is therefore important to speak to a specialist that can advise you on which provider will be best for you.
How Breast Cancer Life Insurance Works
Life Insurance will rarely have exclusions like other insurances. Therefore, Breast Cancer Life Insurance works in a very similar way. There may be more underwriting required for this, taking a more detailed look at your medical information or medical history.
There also may be increases to the monthly premiums due to the increased risk of being a cancer survivor. We detail more on the way premium increases are applied below.
Can Breast Cancer Survivors Get Life Insurance?
Depending on the type of cancer, or form of cancer you may still be able to get Life insurance as Cancer Survivors.
After a Cancer diagnosis your old policy may have paid out, or you may not have had a policy and now feel a need for one. When setting up a Life insurance policy they take into account pre existing medical conditions.
Several factors contribute to whether Breast Cancer survivors can get Life insurance:
- The period of time since diagnosis
- The treatment received
- Your staging/grading
- Length of time since treatment concluded
Critical Illness Cover After Breast Cancer
Unlike Life cover, Critical illness cover will almost certainly exclude Cancer if you have had it in the past. It is also much more likely that you won’t be eligible in the future.
Critical illness cover is much higher cost than Life insurance, and being a Cancer survivor will make you a higher risk unfortunately.
Breast Cancer Income Protection
Likewise to Critical illness cover, Breast Cancer Income Protection will likely have the same exclusions, if it is available at all.
Unfortunately being a cancer survivor also increases other risks, and therefore, Income Protection may be very expensive or not available at all.
However, depending on your medical history you may be able to get Income Protection still. Speak to a specialist advisor if you want to discuss your options.
How Much Does Breast Cancer Life Insurance Cost?
This will depend on lost of factors, such as:
- How bad your cancer was
- When you had Cancer
- How long since your treatment ended
If you are considering taking out Breast Cancer Life insurance, speak to a specialist advisor who can tell you the costs, usually for free.
How Much Cover Do I Need?
This will depend on what you are trying to cover. Is you Life insurance for a mortgage? Or is it to protect your family or an inheritance tax liability?
If you are unsure how much cover you need it is worth speaking to a specialist Insurance broker that may then be able to direct you to the appropriate person, or advise you themselves.
Percentage (%) Loading For Breast Cancer Life Insurance
This will depend on the insurer that you end up taking a policy with. Each insurer may have a different loading depending on your personal situation, medical history, etc.
The best course of action is to speak to a specialist that can advise you further on this.
Most insurers will apply a percentage loading, for example 50%, which will increase your premiums by that amount.
So if your premiums were £10.00 before, this would increase them to £15.00 per month, for example.
Per Mille Loadings For Breast Cancer Life Insurance
Per Mille loadings work slightly differently, and they are a financial increase to your Total Annual premiums depending on the level of cover you need.
For example, they may increase your premiums by £1.00 per mille. If you take out £100,000 of Life insurance, this would equate to a £100 annual increase.
With loadings, it is always worth speaking to a professional, qualified advisor that can go through this with you.
Exclusions For Breast Cancer
An exclusion is when an insurer says they will cover you, but won’t cover specific illnesses or events.
Some insurers will add exclusions if you have had Breast Cancer in the past. Generally Life insurance won’t have exclusions, however, other types of insurance are more likely to exclude Cancer, if you have had it in the past.
These are generally:
- Critical illness Cover
- Travel Insurance
- Health Insurance
- Income Protection
Types of life insurance
Level Term Insurance
This type of Life cover does not change over time. Therefore whether you die on day 1 of the policy, or the last day of the policy, it will generally pay out the same amount.
Decreasing Term Insurance
Decreasing cover is usually used for Mortgage protection. The cover decreases over time as you pay off your mortgage. There may be other uses for this type of cover, but the most common one would be mortgage protection.
Whole of Life Insurance
Whole of Life insurance is usually similar to Level Term Insurance, but it doesn’t have an end date. This means it will almost definitely pay out upon your death.
Endowment’s are no longer widely available. However, they had an investment element, which allowed you to get a payout at the end of the policy, even if you didn’t die during the term.
Death in Service Benefit
Death in service is a type of Life insurance offered by an employer that will pay out if you die during service to that employer.
These policies are a lot less common than they once were, as employers have been scaling back their work benefits programs.
Increasing Term Insurance
Increasing Term Insurance or Index-linked Term Insurance are the opposite of Decreasing Term Insurance.
The level of cover increases over time, either at a set percentage, or with the Retail Price Index. This can be useful for a number of situation when you want cover to increase in value.
Insurance For Breast Cancer Survivors
Whilst it is more difficult it is still very possible to get Insurance for breast cancer survivors. At Albion Life we specialise in Life insurance for Cancer survivors.
If you have had Breast Cancer and need insurance it can be tough to just call your normal insurer and get standard cover, however, some insurers specialise in this type of protection and may offer you specialist terms.
Breast Cancer Life Insurance Underwriting
What to expect when underwriting a life Insurance policy for a Breast Cancer Survivor.
- GPR or GP Report – The insurer may want to get a report from your doctor to get the details of your medical history.
- Nurse Medical Visit – Whilst less likely for a cancer survivor, sometimes insurers want to have a Nurse visit you to check your height, weight and do a blood test. This is normal, and nothing to worry about.
- Enhanced questions – They may have more questions for you, as they want to understand your situation as best as possible. This is actually good, as it means they can look at your case on an individual basis.
Getting Life Insurance After Breast Cancer
Getting Life Insurance after breast cancer certainly may not be easy. However, you do have options and it is worth speaking to a specialist insurance broker that can help you get the cover you need.
Most good, qualified insurance brokers will not charge for this service. At Albion Life we are firm believers that we do not charge for Insurance advice. We also specialise in getting life insurance after Breast Cancer.
Breast Cancer Gene Life Insurance
If you have the Breast Cancer Gene, you may also find it difficult to get Life insurance. This is because you have an increased risk of Breast Cancer.
However, you certainly still have options. Speak to a specialist Insurance broker to discuss what you can do to get Breast Cancer Gene Life insurance.