What Are The Odds Of Getting Life Insurance With A Cancer Diagnosis?

As people live longer trends have indicated that they are bound to develop more ‘lifestyle-related’ diseases including cancer. According to statistics, one in four South Africans is affected by cancer.  

The latest statistics from the World Health Organisation (WHO) reveal that 8.2 million people died of cancer in 2012. A chilling fact is that 47 000 of these deaths were in South Africa. These figures are on the rise each year. The most common cancer forms in South Africa are lung, oesophagus, breast, prostate and cervical cancer. The latter is likely to develop in one out of 38 women. 

This raises the question of whether individuals who have been diagnosed with cancer can get access to life insurance. A life insurance policy will give you the cover to offer solid financial protection to your family when you die. Having a cancer diagnosis complicates the process of getting life insurance, because you are considered to be a high risk individual for an insurer.   

What you need to know about getting life insurance with a cancer diagnosis: 

Statistics indicate that cancer is the leading cause of critical illness and disability insurance claims. If you want to get life insurance with a cancer diagnosis, you might get cover with a waiting period. Insurers may also tell you that you won’t be able to claim for certain conditions. You may also be charged a higher premium (also known as a “loading fee”.) Life insurance generally covers accidental death and death from natural causes – cancer would be considered a natural cause. 

It may be helpful to deal with an insurer that specialises in extraordinary cases such as being diagnosed with cancer. Ideally, each person should be assessed on their own unique circumstances. When you want to get life insurance with a cancer diagnosis, it’s also important to disclose your full medical history.  

The type of cover you get may be dependent on how long you’ve been cancer-free, the type of cancer you have been diagnosed with, as well as the date of the last treatment. 

It may be a good idea to explore a combination of both life insurance and serious illness cover.