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Life insurance after diagnosis

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User
Posted 11 Aug 2023 at 10:50

Hello all,

I've been diagnosed recently with metastatic prostate cancer (stage 4 - T4N0M1b). It spread to spine/ribs/pelvis.  Had chemotherapy (docetaxel) which ended May 2023. Still taking darolutamide, zoledronic acid and Zoladex. I'm slowly getting back to work but have back pains, swollen feet and have finger/toe nails. My question is: Is there still a chance for me to get life insurance?

Thanks in advance.

Mike

User
Posted 11 Aug 2023 at 18:25

In some ways you can see why any insurance company would decline, as they would see it as a slam dunk loss tilted in favour of the insured. Based on the assumption you will pay very little over time for the large payout they'll be expecting.

However its incredibly ruthless by the industry, and for these kind of matters, shame there is no law forcing them to take on policies and accept a proportion of them out of the profits they make.

User
Posted 11 Aug 2023 at 22:49

Get an over 50s policy.  They ask no questions and if you last a year you're covered.  The trick is timing buying the policy so you don't pay too many premiums!🤣 Sorry, I'm shedding no tears for the life assurance industry.

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User
Posted 11 Aug 2023 at 12:52

I doubt it. I had to get a mortgage recently and the broker said I'll get you a life assurance quote. "Declined" was the only word that appeared on his screen.

If you're doing this for inheritance estate planning I have no doubt some company can take a large sum of money as a premium and pay it out to your beneficiary after your death as a means of avoiding inheritance tax, but if you want insurance as us mere mortals understand, then no.

Dave

User
Posted 11 Aug 2023 at 13:10

Thank you for your reply Dave. I really appreciate your response. Good that you pointed out inheritance estate planning. I will need to look into that as well. It was really more for the life insurance (meaning when I go then my wife gets a pay out - the way I understand insurance anyway).

Mike

User
Posted 11 Aug 2023 at 18:25

In some ways you can see why any insurance company would decline, as they would see it as a slam dunk loss tilted in favour of the insured. Based on the assumption you will pay very little over time for the large payout they'll be expecting.

However its incredibly ruthless by the industry, and for these kind of matters, shame there is no law forcing them to take on policies and accept a proportion of them out of the profits they make.

User
Posted 11 Aug 2023 at 21:45

Originally Posted by: Online Community Member

In some ways you can see why any insurance company would decline, as they would see it as a slam dunk loss tilted in favour of the insured. Based on the assumption you will pay very little over time for the large payout they'll be expecting.

However its incredibly ruthless by the industry, and for these kind of matters, shame there is no law forcing them to take on policies and accept a proportion of them out of the profits they make.

However, am I right in thinking insurance policy taken before diagnosis will remain valid.

User
Posted 11 Aug 2023 at 22:12

I think it remains valid providing you declare any new health information. Terms can differ though. The next time you renew might be a different matter. I am covered through a corporate one and in the process of checking that also.

This might help:

https://moneytothemasses.com/quick-savings/insurance-2/life-insurance/do-i-need-to-tell-my-life-insurance-company-about-my-health-after-i-take-out-a-policy

 

Edited by member 11 Aug 2023 at 22:19  | Reason: Not specified

User
Posted 11 Aug 2023 at 22:44

An existing policy will remain valid at the original premium and agreed payout. You do not need to inform them. Though if it pays out on terminal illness it may pay out.

If the policy is fixed term then when it expires you may want a new policy and you must inform them for the new policy, it will then be declined or be very expensive.

Dave

User
Posted 11 Aug 2023 at 22:49

Get an over 50s policy.  They ask no questions and if you last a year you're covered.  The trick is timing buying the policy so you don't pay too many premiums!🤣 Sorry, I'm shedding no tears for the life assurance industry.

User
Posted 12 Aug 2023 at 11:50

I have seen the adverts, in fact if you watch any daytime TV you can't miss them. I assumed that they still expected full disclosure.

Edited by member 14 Aug 2023 at 00:00  | Reason: Not specified

Dave

User
Posted 13 Aug 2023 at 03:15

Thanks, my policy was taken out before my diagnosis, and it is fixed. Therefore, I do not need to inform them of my change in circumstances - according to the article.

User
Posted 13 Aug 2023 at 08:36

Hi

I had life insurance on my mortgage(a little different)once diagnosed they paid out I was able to pay off the mortgage and there was some left over to put in the building society to cover funeral costs for the the both of us.

Always check the cover on your mortgage because i was a over a Gleason score of 6 I was eligible to claim.

Regards phil

User
Posted 13 Aug 2023 at 23:56

Not that I can see after reading the policy! I was put on to this by a financial planner.

User
Posted 14 Aug 2023 at 12:31
I checked my policy (L&G) and it includes Terminal Illness cover but the clause states that it has to be something that cannot be cured and in the experts opinion will lead to death within 12 months. So I guess all policies are written slightly differently.
User
Posted 14 Aug 2023 at 20:43

Many thanks for all who replied on my question regarding life insurance. I might go for the over 50s policy as sometimes seen on TV but there are some negative reviews for some of them. Good luck to everyone.

Mike

User
Posted 18 Aug 2023 at 14:29
Pretty much the same experience for me in terms of life insurance. Had a fixed one in place from the mortgage years ago and continues for another 8(ish) years, so there is a good chance it'll be paying out to my wife as my prognosis was 5-8 years about 1 year ago.

Another thing I found interesting is one of my pensions (the only one using the final salary method) was contacted by my IFA and because of my diagnosis they let me know they would pay out in full once I reach the last 12 months.

 
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