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Lung cancer life insurance

Life insurance is there to protect you and your loved ones if you get diagnosed with medical conditions such as lung cancer.

It’s important to consider getting life insurance, critical illness cover, or income protection if you have a family. Life insurance can provide vital financial protection for you and your children before and after diagnosis of lung cancer.

According to recent statistics from Cancer Research UK, there are nearly 50,000 new lung cancer cases every year. This means that roughly 130 people are diagnosed with lung cancer every day in the UK, making it the 3rd most common type of cancer.

Nearly 80% of lung cancer cases are also preventable and just over 70% of cases are caused by smoking.

More about Smoking and life insurance

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Life insurance and lung cancer

The most common reason for claims on life insurance, critical illness cover, and income protection is cancer.

Some of the most common questions that are asked about life insurance and lung cancer include:

Will life insurance payout for lung cancer?

YES – life insurance will pay out if you die from lung cancer or if you are diagnosed with terminal lung cancer (with less than 12 months to live).

This is an extremely common question and one that is important to answer because it’s the main reason that you buy life cover. If you take out life insurance then you’ll need to know what you’re covered for and how it works.

The reality is that approximately 98% of all life insurance claims are paid in the UK which is extremely good for you and your family.

Life insurance will pay out a cash lump sum to your loved ones that can be used for a number of reasons, including:

  • Mortgages
  • Debts
  • Rent
  • Cost of living
  • School fees

Life insurance should give you peace of mind that your family is financially protected if you die from lung cancer. This means that you can make sure that your dependents have the money that they need in the future if you were no longer there.

More about Life insurance

Does critical illness cover lung cancer?

A critical illness cover policy can provide you with a lump sum if you are diagnosed with a serious illness. One of the most common claims on this type of cover is cancer, which includes lung cancer.

This can give you and your family with some financial stability and security if you are diagnosed with lung cancer.

The main reason that you might want to consider critical illness cover is to make sure that you don’t suffer financially if you can’t work due to illness. If you are diagnosed with lung cancer then it’s highly likely that you won’t be able to return to work for a period of time.

Critical illness cover can be used for:

  • Mortgage balance or payments
  • Rent
  • Cost of living
  • School fees
  • Adjustments to the home

Survival rates for lung cancer are constantly improving so there is a strong possibility that you might need this type of cover.

If you were to be diagnosed with lung cancer then you might not be able to work for a period of time, or worse, which is what critical illness cover is for. Protecting your family’s financial future is what’s important and nobody knows what the future holds.

More about Critical illness cover

Will income protection payout for lung cancer?

If you need time off work because you are ill from lung cancer then you’ll be able to claim on an income protection policy.

Income protection policies are specifically designed to pay out for a period of time if you can’t work due to illness, such as lung cancer. Most of these products will give you an income for 12 or 24 months, if they are short-term policies.

In most cases if someone is diagnosed with lung cancer then you’ll be unable to work for a long period of time. This will allow you to receive treatment or rehabilitation without financial worries.

Income protection can be used to pay for mortgage or rent payments, school fees, household bills, and other costs of living.

You may also be entitled to other benefits, such as access to medical professionals and rehabilitation services, depending on your insurer. You should check your policy documentation to see what you are covered for.

More about income protection

Life insurance for lung cancer patients

If you’ve already been diagnosed with lung cancer and you need life cover then you have a number of options.

Can I get life insurance after lung cancer?

Yes – in many cases you should be able to get a life insurance policy if you’ve previously been diagnosed with lung cancer.

Most cancers will mean that you won’t be able to get life cover for 1 or 2 years following treatment (e.g. chemotherapy, radiotherapy). Once you’ve been in remission for more than 2 years then you’ll be able to get life insurance through some insurers.

Life insurance underwriters also look at things like the grade and stage of your tumour which will identify how aggressive the cancer is.

Questions for life insurance with lung cancer

When you apply for life insurance and you disclose that you have had lung cancer, you’ll be asked questions like:

  • Has the cancer ever spread outside of the original site?
  • Have you had any surgical treatment for your cancer?
  • Have you completed all of your hospital or clinic based surgery, radiotherapy, and chemotherapy?
  • When did your treatment end?

You should make sure that you answer all medical questions as honestly as you can. However, don’t worry if you haven’t got all of the information to hand as it can be gathered from your GP report.

Will I need a medical for lung cancer life insurance?

Yes – in most cases you would need to provide some medical evidence to get life cover after lung cancer.

The main point here is that this is completely normal so you shouldn’t need to worry or be concerned. It’s actually a positive point because it means that your life insurance will be guaranteed to payout at claim.

Your insurance provider will generally request a GP report from your surgery which doesn’t cost you anything. This will all be dealt with by your insurance agent or by the insurer themselves.

Can I get life insurance after lung cancer without a medical?

There are also other policies that are available called ‘guaranteed life insurance’ which do not ask for any medical information. This type of policy is far quicker and easier to apply for as there is no medical underwriting.

The main thing to be aware of in this situation is that your policy will exclude any pre-existing medical conditions. In the case of cancer, you would be covered for everything apart from cancer related death.

Best life insurance after lung cancer

There are several different types of life insurance policies so you just need to consider which is best for you. This can be based on your affordability and what you need life insurance for, such as:

Term life insurance for lung cancer (family protection) is the most common type of life cover as it is specifically designed to protect your children and loved ones. This is also known as level term life insurance because the amount of cover doesn’t change.

Mortgage life insurance with lung cancer (decreasing term) is specifically designed to protect a capital and interest (repayment) mortgage.

Family income benefit with lung cancer is a less well known type of life cover that can be more affordable if full cover is too expensive.

Medical conditions linked to lung cancer

Here are some of the main medical conditions that are closely linked to lung cancer:

Common questions about lung cancer

Here are some of the most common questions that people ask about lung cancer, or how to spot lung cancer.

What is the most common first sign of lung cancer?

A persistent or worsening cough over a long period of time is the most common sign. Often you would also cough up a brown or red phlem (spit) that is lumpy or thick. You might also experience chest pain.

What is the life expectancy for someone with lung cancer?

Cancer survival rates are usually discussed in 5 year rates, meaning the percentage of people who survive for 5 years or more. The 5 year survival rate for lung cancer is 21%, which is 17% for men and 24% for women.

Is lung cancer always fatal?

Although lung cancer is considered to be one of the most deadly forms of cancer, there are lots of treatments available. It is also constantly being researched so there is likely to be more treatments coming.

Useful resources for lung cancer

Here are just a few of the most useful resources that we have found for people with lung cancer and what to do with lung cancer.

NHS Choices – Lung cancer

Link: Lung cancer – NHS (www.nhs.uk)

British Lung Foundation – charity

Link: British Lung Foundation | The UK’s lung charity (blf.org.uk)

Roy Castle Lung Cancer Foundation – charity

Link: Home – Roy Castle Lung Cancer Foundation

Lung Cancer Research – charity

Link: Lung Cancer Research Foundation – Living. Breathing. Science

Lungs for Living – Charity

Link: Home – Leading Lung Cancer Research (lungsforliving.co.uk)