Whether or not you can take out life insurance if you have had cancer depends on the nature of your condition, how under control it is and the policy terms of an insurer.
How long you have been in remission for is an important factor taken into account by a provider.
When applying for cover, you must disclose any known information about your health that may be relevant.
Do I have to mention my diagnosis if I haven’t taken out insurance yet?
If you have cancer and you apply for insurance cover, you must inform the insurer of your condition. Under Australian insurance law you must tell your provider anything that may be relevant to their decision to offer you cover, so you’ll need to disclose your diagnosis when you fill out an application form.
Currently, you must also inform your insurer of genetic test results when you apply for life insurance. However, as of 1 July 2019, some people will no longer be required to do so depending on the type of policy and the amount you're covered for. If your benefit limits are below the following amounts, you will not be required to disclose the results of your genetic tests:
Death and total & permanent disability: $500,000 lump sum
Trauma: $200,000 lump sum
Income protection: $4,000 per month
Positive results (which mean you’re more likely to get cancer) will typically lead to increased income protection and life insurance premiums, while negative results will usually help an insurer decide that you are no more likely to get cancer than anyone else.
What can the benefit payment be used for?
With this in mind, it becomes clear just how important the financial protection offered by trauma insurance can be. Not only will you and your family suffer from an emotional perspective if you receive a cancer diagnosis, but your finances will also take a hit. You may need to undergo expensive treatments, laborious rehabilitation processes and more, while at the same time you may need to take time off work and not be able to draw your regular income.
The lump sum benefit your policy offers can be used to pay your medical bills, manage ongoing expenses, help with your recovery and other expenses that may arise.
Trauma insurance is therefore about providing protection against the uncertainties that may arise in the future, safeguarding your family against the potential financial impact of a cancer diagnosis.
Below is a list of tips and strategies that will help to increase your odds of having your life insurance application accepted and receive the life insurance cover you need.
Collect the right paperwork.
When you are applying for life insurance cover, gather your medical records together including your complete medical records consisting of your first pathology reports, any of your doctor’s notes, and records of your treatment plan. Keep in mind that the more the insurance company knows about you, your cancer diagnoses and your treatment plan, the more likely it will be for you to be approved. You want to provide them with enough information to allow them to properly access your current medical status.
Get a note from your doctor.
Ask your doctor to write you a note stating when you had treatments for cancer, when you went into remission and what your prognosis is. This may help the insurance company get a better understanding of your specific situation.
Abide by the treatment plan.
It is important for the insurance company to see that you're in compliance with all aspects of your treatment plan. This means that you don't want to miss follow-up appointments or check-ups. The more proactive you are about your health, the more likely you are to remain healthy.
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
Frequently asked questions
Cancer is considered a pre-existing medical condition and these are usually handled in a few ways. Cover may be refused altogether, it may be approved with a premium loading applied or it may be approved with cover excluded for claims related to your diagnosis.
It really depends on the provider but generally, the longer you've been in remission, the higher your chances are for approval. Life insurance providers may want to wait two to five years (or longer) after your treatment ends to provide you with cover.
A cancer survivor is typically a person who has successfully undergone some type of cancer treatment and has been in remission for at least five years. The definition of a cancer survivor can vary greatly amongst insurance providers, however, and each provider will review each case on an individual basis.
If you've been diagnosed with cancer before applying, you will need to tell your insurer. If you receive a diagnosis once your life insurance policy is already up and running, you generally won't need to advise your insurer unless you're changing your level of cover or renewing your policy.
Richard Laycock is Finder’s insights editor after spending the last five years writing and editing articles about insurance. His musings can be found across the web including on MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University and The Missouri School of Journalism and has a Tier 1 Certification in General Advice for Life Insurance. See full bio
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
James's expertise
James has written 258 Finder guides across topics including:
Find out what life insurance policies are on offer from MLC and receive a free quote for cover. Apply securely with the help of an insurance consultant.
Feedback
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.