Life Insurance for Cancer
Compare policies and determine whether you can be covered as a cancer patient through Savvy.
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Dealing with cancer can be a challenging and overwhelming experience, both emotionally and financially. That's why it's crucial to have adequate life insurance coverage to protect yourself and your loved ones. Life insurance for cancer patients in Australia is designed to provide greater financial security and peace of mind, both for you and your family.
Whether you're looking for life, trauma, total and permanent disability (TPD) or income protection cover, there are many options available to suit your needs. You can compare a range of life insurance options in one place through Savvy. Consider costs, coverage, additional benefits and more before making your decision. Get started today through us today with a free quote.
Does life insurance cover cancer?
Life insurance can provide financial support to policyholders and their families in the event of a cancer diagnosis or death. However, whether you can be covered and the benefits you can receive from your policy may vary based on the nature and severity of your illness (if you're suffering from cancer when you buy your policy), as well as the insurance company you choose. There are four main types of life insurance in Australia, each of which can offer cover for a cancer diagnosis:
- Life cover: this type of policy can pay a lump sum to the beneficiaries upon the policyholder's death or terminal illness (such as a terminal cancer diagnosis). If a cancer patient dies, their beneficiaries will receive the payout, which can help cover expenses such as medical bills, funeral costs, and living expenses. However, it’s important to determine whether your cancer can be covered by your policy if you were diagnosed prior to purchasing it. Some insurers may offer to cover it, some may do so for an additional premium and others may exclude it altogether, so it’s crucial to do your research before you buy.
- Trauma cover: this type of policy can pay a lump sum to the policyholder upon the diagnosis of a specific illness or injury, including some types of cancer. This can help with costs related to your recovery, such as ongoing medical and rehabilitation bills. Trauma cover may also have exclusions for pre-existing conditions or specific types of cancer, so it’s important to know exactly what is and isn’t covered before you buy.
- TPD cover: this type of policy can pay a lump sum to the policyholder if they become totally and permanently disabled and are unable to work. Some policies may provide coverage for cancer-related disabilities, such as loss of limbs or vision impairment. However, the policy may have exclusions or limitations for pre-existing conditions or specific types of cancer.
- Income protection cover: this type of policy can pay an ongoing benefit of up to 70% of the policyholder's income if they’re unable to work due to illness or injury, including some types of cancer. The policy may have waiting periods of between two weeks and two years before the payout begins and may have exclusions or limitations for pre-existing conditions or specific types of cancer.
It's important to note that the coverage and benefits of life insurance policies may vary based on the individual's medical history and current condition. As such, it's important to shop around and compare policies from different insurance companies to help you find the best coverage at a reasonable price, which you can start with Savvy today.
What factors can affect the cost of life insurance for cancer patients?
The cost of life insurance for cancer patients can vary based on a range of factors, including the following:
- Type and stage of cancer: the type of cancer and its stage can affect the cost of your life insurance. Some types of cancer may be considered more high-risk than others and may result in higher premiums or exclusions from coverage if you've already been diagnosed before you buy your policy. Additionally, the stage of cancer can impact the cost, with later stages generally resulting in much higher premiums or refusal of coverage.
- Treatment and prognosis: the type of treatment received and the prognosis for your cancer can also impact the cost of life insurance. If it’s been successfully treated and there is a good prognosis for the individual's health, the cost of your policy may be lower. However, if the cancer is still active or there is a higher risk of recurrence, your policy’s cost may be greater or your cancer may be excluded from coverage.
- Age: age can also impact the cost of life insurance. Generally, older individuals, such as those over 65, will pay higher premiums due to higher mortality risks compared to younger policyholders in their 30s.
- Family history: a family history of cancer can also impact the cost of life insurance. If an individual has a family history of cancer, especially at a young age, they may be considered higher risk and may pay higher premiums even if they haven’t been diagnosed with cancer themselves.
- Lifestyle factors: lifestyle factors such as smoking, alcohol consumption and obesity can also impact the cost of life insurance for cancer patients. These factors may increase the risk of cancer or other health complications.
It’s important to shop around and compare policies from different insurance companies to help you find the most suitable coverage for your needs, which you can do right here through Savvy. You’ll be able to consider policies from a panel of some of Australia’s leading insurers in one place with Savvy. Get started by filling out a simple online form today.
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Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
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