Can you get Cancer Insurance?

Being diagnosed with cancer is often sudden, usually unexpected and always life-changing. Unfortunately, cancer diagnosis are not uncommon and almost all of us will be affected by it at some point during our lives. In 2020 there were 288,753 people diagnosed with cancer in England alone, with 137,234 cancer deaths the same year.¹

Whilst health insurance (also known as Private Medical Insurance) could support any treatment after a cancer diagnosis, a life insurance policy can ensure a sum of money is left to your loved ones if a cancer diagnosis results in death. This money can be used in anyway you or your loved ones desire, including paying for a funeral, contribute to paying off the mortgage or simply supporting day-to-day living costs. If a doctor believes the cancer will cause death in less than 12 months, a life insurance policy may pay out whilst you’re still alive due to the terminal illness clause.

Living with Cancer

There is an estimated 3 million people currently living with cancer in the UK. As well as its physical, mental and emotional impact, cancer can also affect the more practical aspects of a person’s personal and working life, especially their finances, with Macmillan reporting that around 83% of people living with and beyond cancer experience a financial impact.²

You could consider Critical Illness Insurance, a protection policy which pays out after the diagnosis of a serious illness such as cancer. Like life insurance, this money can be used in anyway you deem fit – perhaps supporting your finances as you give up work or taking your family for once-in-a-lifetime holidays.

It’s important to be aware that Critical Illness Insurance won’t cover every condition and type of cancer, however, each insurer is different and it’s important to consider what would be most valuable to you when choosing a policy. For example, Scottish Widows pays the full assured sum for invasive cancer, and 25% of the assured sum or £30,000 (whichever is lower) for over 200 types of cancer in situ which requires surgery. Scottish Widows can also offer customers a £3,000 advance payment during the assessment of a cancer claim, plus access to RedArc and Macmillan nurses who can help provide advice and emotional support following a cancer diagnosis.⁴

Child Cancer Insurance

It is almost unbearable to think about, but children are susceptible to cancer diagnosis too. Whilst life insurance will only pay out for the death of the insured adult, many Critical Illness Insurance policies will also provide a payment if your child becomes seriously ill or passes away. Some insurers also offer additional Child Funeral Cover, such as Legal & General and LV=. For Scottish Widows Critical Illness policies, children are covered for the same cancer definitions as the adult. They are covered for 50% of the amount of the sum assured, up to a maximum of £30,000.⁴ Child cover on your Critical Illness Policy will vary depending on the insurer chosen. Speak to Protect Line to discuss your options.

Insurers update their terms and conditions from time to time and while Protect Line endeavours to keep all information up to date, there is a chance the information on these pages may become outdated. All information is correct at the time of publication.

¹ Commons Library: https://commonslibrary.parliament.uk/research-briefings/sn06887/

² Macmillan: https://www.macmillan.org.uk/documents/cancerinfo/livingwithandaftercancer/consequences/cured-but-at-what-cost-report.pdf

³ The embedded video was filmed in 2020 and information may not be up to date.

⁴ Product information provided by the insurance companies to Protect Line Ltd