Thyroid cancer life insurance
Many people don’t think that they can get life insurance after they’ve had cancer which isn’t the case. Most cancer patients will have the option to get life cover to protect their families after a couple of years.
If you’ve been diagnosed with thyroid cancer and you need life cover to protect your children, then here’s how things work.
There are roughly 3,700 new cases of thyroid cancer in the UK every, which is one every 10 days. This type of cancer is the twentieth most common type and accounts for 1% of all new cancer cases in 2017, according to Cancer Research UK.
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Getting life insurance after thyroid cancer
We often speak to cancer patients looking for life insurance to protect their loved ones after diagnosis.
Can you get life insurance after thyroid cancer?
YES – in most cases you should be able to get life cover after you’ve been diagnosed with thyroid cancer.
The most important thing about applying for life insurance after a cancer diagnosis is timing. There are some key dates to consider when you apply for life cover to get the best chance of being accepted.
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Key dates for life insurance after thyroid cancer are:
- 2 years from treatment (e.g. radiotherapy, chemotherapy, etc.) is the standard minimum period to get life cover
- 5 years in remission often means that life insurance rates tend to reduce
Essentially the more time that has passed since you had thyroid cancer, the more chance you will have of getting cover.
Does life insurance payout for thyroid cancer?
YES – your life insurance policy should pay out for cancer if your family needs to claim in the future. If you’ve taken out life insurance since you were diagnosed then you won’t need to declare it.
If you took out life cover after thyroid cancer then you’ll be covered as long as you disclosed it on your application. You will have been asked about cancer on your application when you take out and new policy.
Note: You must answer all questions as honestly and truthfully as possible or you may risk any future claim being declined.
Life insurance questions about thyroid cancer
Some standard questions will come up on any life insurance application about all types of cancer.
Common questions include:
- Have you ever had cancer, cancer-in-situ, leukaemia, Hodgkin’s disease, or any other tumour?
- Was your tumour a papillary, follicular, mixed or Hürthle cell carcinoma, Medullary carcinoma, anaplastic, or undifferentiated carcinoma?
- Has your cancer ever spread outside your thyroid?
- Are you in complete remission without any signs of recurrence?
- When did your treatment end?
- Have you completed all hospital or clinic-based surgery, radiotherapy, and chemotherapy?
- Do you know the clinical grade and stage of your cancer?
Will I need medical to get life insurance after thyroid cancer?
You will usually need to provide permission for your insurer to ask your GP or specialist to view your medical records. This means that your insurance company can apply directly to your surgery to see the details that your doctor has on file for you.
In this instance, all you need to do is accept that you are happy for this to happen and your insurer or adviser will do the rest.
Often these types of reports are provided within 2 or 3 weeks and will be paid for by the insurer.
You shouldn’t need a nurse to do a physical check in this type of application.
Best life insurance for thyroid cancer
There are several main types of life insurance that you can apply for and you will need to decide which is best for you. Each product will provide cover for different scenarios so you just need to consider what’s important.
Term thyroid cancer life insurance or family life insurance is the most common type of life cover. This is designed to pay a cash lump sum to your family if you die and is often the most simple cover to get (as well as mortgage life insurance).
You should be able to get term life insurance if you have been diagnosed with thyroid cancer in the past. In most cases, you’ll be able to get this type of cover after 2 years from treatment and based on the grade/stage of cancer.
Mortgage life insurance after thyroid cancer is the cheapest type of life cover to protect your home and your family. The amount of cover reduces at the same rate as your mortgage and should pay your mortgage off if you die. This is also generally available for people who have had thyroid cancer.
Critical illness cover thyroid cancer is sometimes available depending on the grade and stage of the tumour. In most cases where the grade is lower and cancer did not spread then it might be easier to get critical illness cover.
You should note that cancer exclusions may usually apply so it’s important to check your policy wording.
Income protection thyroid cancer cover is also sometimes available for lower grade cancers with no issues since treatment. You’ll probably have to be careful about who you apply to for this type of cover and check your documents.
Is thyroid cancer a pre-existing medical condition?
YES – you’ll be asked to give information about cancer if you’ve ever been diagnosed with any type of cancer. Your application will ask you for information about all types of cancer and any related issues.
Can I claim on life insurance for thyroid cancer?
If you need to make a claim on an existing life insurance policy for thyroid cancer then you should be covered. As long as you disclosed your medical history when you applied for cover then you’ll be covered.
Your family might need to claim in the future so you just need to make sure that you keep paying your premiums so your cover does not lapse.
Common questions about thyroid cancer
Here are some of the most common questions that people ask about thyroid cancer.
What are the main warning signs of thyroid cancer?
Most of the signs and symptoms will occur in the neck which includes lumps, swelling, and pain in the front of the neck. There are some other signs which include hoarse or changing voice, problems swallowing or breathing, and a persistent cough
Is thyroid cancer deadly?
For people who are diagnosed with early-stage thyroid cancer, 97% will live for at least 5 years after diagnosis. Where someone is diagnosed with medullary thyroid carcinoma after cancer has spread to other areas of the body, 25% of people live at least 5 years from diagnosis
Can you cure thyroid cancer?
The majority of thyroid cancers can be cured, this is especially true if cancer has not spread and is caught early. If cancer could not be cured, then treatment can help to destroy most of the cancer to prevent spreading, growing, or coming back for as long as possible