Critical Illness Cover

Thanks for your question JohnyBoy , that’s great news about your results!

Unfortunately, a cancer diagnosis, or any other serious medical condition, is likely to make getting critical illness insurance 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 isn't to say you won't be able to get cover but it may cost more, come with exclusions for certain illnesses or other conditions which are more detailed below.

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 monthly 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 critical illness 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. An Independent Financial Adviser may charge a fee for this service.

Alternatively, visit this page 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.

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.

Please note that in providing this information, Macmillan cannot give advice about critical illness insurance, cannot guarantee that an individual will be able to obtain cover and does not endorse any specific insurance company or product.

James

Financial Guide

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Hi James

Thank you very much for coming back to me 

Best regards

John