Please, I need help finding an insurer that will cover me for income protection. I had a brain tumour removed in 2020. But need cover in case it was to come back.
Thank you
Hello @Sistersister,
Thanks for getting in touch.
We can’t recommend specific insurance companies to approach but I have included some information below which you may find helpful.
Unfortunately, a cancer diagnosis, or any other serious medical condition, is likely to make getting income protection cover much harder. The application will normally require a more rigorous underwriting process, requiring medical reports and sometimes an examination. But this depends on the type of cancer, the stage it reached and the length of time since diagnosis.
It’s important to remember that insurance companies look at ‘risk’ when assessing an application and will consider the likelihood of a claim during the term of the policy. If the insurance company believes that this risk is higher than average, they might accept the application but increase the premiums.
If the insurance company sees the risk as being too high, they might decline immediate cover but agree to review the application at a later date or may even refuse to offer any cover at all.
Sometimes, an insurer might agree to offer income protection cover, but with an exclusion for a pre-existing medical condition (like cancer). Before agreeing to an exclusion, think about the implications of not having cover for that particular illness.
If cover is refused, it may be worth speaking to an Independent Financial Adviser who will be able to search the whole of the insurance market. Maybe check with family and friends to see if they can recommend an adviser.
Alternatively, visit http://www.thepfs.org/yourmoney/find-an-adviser/ to find details of advisers in the area.
When choosing a financial adviser, always check that they, and the company they work for, are authorised by the Financial Conduct Authority (FCA) to provide financial advice.
This information can be found on the FCA register:
https://register.fca.org.uk/s/
Please be aware that, if an unregulated firm (or individual) is used, there may be no protection from the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong.
It’s also worth thinking about life cover that may already be in place, or is accessible through an employer. Some employers offer Group income protection insurance as part of an employee benefits package.
I hope this helps you but if you need any more help please do let me know or call the Macmillan Support Line (freephone) on 0808 808 0000.
You can respond by replying via this email or alternatively you can also talk to us via our webchat service.
Kind regards.
Will Quinn
Financial Guide
0808 808 0000
