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Life insurance after thyroid cancer

After surviving thyroid cancer, it can raise many questions about your future and finances, including your eligibility for a life insurance policy.

It may still be possible to get life insurance after surviving thyroid cancer. Whilst having a history of cancer can affect your eligibility, it may not necessarily mean that it’s impossible.

There isn’t a policy specifically designed for who have survived thyroid cancer, ‘thyroid cancer life insurance’ is simply a term for a policy that’s taken out by a person who has survived thyroid cancer.

In this article, award-winning life insurance broker Reassured, explore the impacts of thyroid cancer on life insurance and answer any questions you may have.

Reassured could find cover for cancer survivors by comparing quotes from a panel of mainstream providers and smaller specialists (through our advised team).

Why not reach out to one of our friendly professionals today to secure a suitable policy for your needs?

Compare Life Cover After Thyroid Cancer »
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Thyroid cancer & life insurance key points:

  • Life insurance after thyroid cancer could be possible
  • Thyroid cancer is the 20th most common cancer in the UK[1]
  • There are around 4,000 new thyroid cancer cases in the UK every year, that's 11 every day[1]
  • Here at Reassured, our agents are able to walk you through the entire application process, making sure you understand everything
  • If you’re currently living with thyroid cancer and a UK resident aged 50 - 85, your only option could be over 50s life insurance as no medical questions are asked in the application
  • If you’ve had thyroid cancer in the past there may be other options available, but this depends on your circumstances
  • Reassured has a dedicated impaired risk team that could help those who’ve survived thyroid cancer and have previously been declined

Can you get life insurance after being diagnosed with thyroid cancer?

It could be possible to obtain life insurance after being diagnosed with thyroid cancer, but your eligibility and the cost of cover will depend on several factors.

Life insurance cover is not a one-size-fits-all solution; rather, it is tailored to meet the unique needs and circumstances of each individual. Several factors play a crucial role in determining the appropriate level of coverage for your needs.

When you apply for life insurance, you’ll be asked a series of questions, including standard application questions (e.g. your age, if you smoke and your BMI) as well as questions regarding your diagnosis.

Typically, when securing a policy after cancer, you’ll need to wait a specified period of remission. This is usually 2 - 3 years but could also be up to 5 - 10 years.

What will life insurance cost after thyroid cancer?

The price of your life insurance after thyroid cancer will depend on a variety of factors, not only just about your diagnosis but also standard information.

For example, you’ll be asked about:

Whilst it’s suggested to apply for life insurance the younger you are as premiums can increase with age, the sooner you apply for life insurance after the specified recovery period, the higher your monthly life insurance premium is likely to be.

Insurers will ask further questions regarding your diagnosis and in some cases require a medical exam (at no cost to you) to gain a greater understanding.

Why not discover how much life insurance you may require by filling out our life insurance calculator below.

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Calculate how much life insurance you may need by filling in the costs you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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What type of life insurance is available after thyroid cancer?

Your personal circumstances will determine what life insurance policies are available to you.

However, we have listed what are typically the most suitable options for someone trying to secure life insurance after thyroid cancer.

Over 50s life insurance

A form of cover available to UK residents aged between 50 - 85. This type of policy offers guaranteed pay out after the initial 12 - 24 month waiting period.

No medical questions are asked in the application and acceptance is guaranteed.

Therefore, an excellent option for those after cancer if you fit the required age range as your history of cancer will not be factored into the premium.

Level term life insurance

Cover that lasts for a set period (typically up to 40 years) and provides a fixed lump sum pay out if you pass away during the term.

Medical questions are required in the application meaning your cancer diagnosis may impact your application.

A suitable option for those with an interest-based mortgage.

Decreasing term life insurance

Cover that lasts for a set period (typically up to 40 years) and provides a lump sum pay out, which decreases over time, if you pass away during the term.

Medical questions are required in the application meaning your cancer diagnosis may impact your application.

It can be a cheaper option and suitable for those with a repayment mortgage.

Whole of life insurance

A more expensive option as it provides cover for the rest of your life and pays out a lump sum when you pass away.

Medical questions are required in the application, meaning your cancer diagnosis may impact your application.

An option if you’re looking for a larger pay out than with over an over 50s plan.

Reassured can compare life insurance quotes for the listed cover options and whole of life insurance is available through Reassured’s advised team, along with various other policy types.

How to get life insurance after thyroid cancer

Whilst we can’t guarantee you’ll be accepted for life insurance, here is some information that may help you improve your chances:
  • You’ll need to of been in remission for at least 2 - 3 years, as many insurers require a certain recovery period before offering a policy
  • The recovery period may vary depending on the stage of thyroid cancer you had
  • Providing medical records such as test results or follow up reports to insurers can help them gain a greater understanding of your diagnosis
  • Consider specialised insurers, specialists are better prepared to offer cover to non-standard applicants
  • Improve your overall general health by leading a healthy lifestyle, it can have a positive impact on your application

How does thyroid cancer affect life insurance?

Thyroid cancer can impact your eligibility for life insurance and your premium costs if you’re offered a policy.

During the application, insurers will assess your circumstances and diagnosis by asking you a series of related questions.

Medical conditions and diagnoses can affect everyone differently, no two people’s circumstances are the same. That’s why its important to explore the market and compare insurers.

Unfortunately, if you currently have thyroid cancer, you won’t be able to secure life insurance unless you are eligible for an over 50s plan because it can be too much of a risk to the insurer.

Most insurers won't approve an application until a specified recovery period has passed.

What will I be asked in the application?

As previously mentioned, you’ll be assessed based on a variety of factors that will determine your eligibility and premium costs.

When disclosing your diagnosis, the insurer will typically ask you further questions to gain a greater understanding of the condition and severity.

For example, you may be asked:

  • What type of thyroid cancer were you diagnosed with?
  • When were you diagnosed
  • What stage and grade were the cancer?
  • What treatments have you had and were there any complications / side effects?
  • Are you currently in remission?
  • Have you had any related thyroid health issues?

You may also be asked about your lifestyle and current status, to understand your recovery and how you managed your diagnosis.

When applying for life insurance it’s essential to be open and honest about all your information as otherwise your loved ones could be faced with no pay out, due to non-disclosure.

Will my life insurance pay out for thyroid cancer?

Yes, if you pass away as a result of thyroid cancer, your policy will pay out.

This is as long as all the information you gave during the application process was accurate.

Why do I need life insurance with thyroid cancer?

Life insurance can offer a safety net for your loved ones if the worst were to happen to you. It can be very beneficial to cover finances left behind and relive stress.

A life insurance policy can help cover:

  • Mortgage / rent payments
  • Replacing an income
  • Funeral payments
  • Any outstanding debts
  • An inheritance
  • Childcare costs
  • Household costs

Having a life insurance policy in place can offer you peace of mind to you and your loved ones, why not explore your options today?

Thyroid cancer help & support

If you’ve been affected by thyroid cancer, we’ve provided some support pages with information and help:

Life insurance quotes for thyroid cancer survivors

As a thyroid cancer survivor, it can seem daunting trying to secure a suitable life insurance policy. However, it could still be possible.

By comparing life insurance quotes and exploring the different options, you could find the best deal for you.

Here at Reassured, our award-winning broker service can help compare fee free personalised quotes with no-obligation.

We also offer services from our specialist impaired risk team who can help those who have previously been declined.

Why not become a step closer to safeguarding your loved one’s futures today?

Life Insurance Quotes » Explore The Market

Sources:

[1] https://www.cancerresearchuk.org/health-professional/cancer-statistics/statistics-by-cancer-type/thyroid-cancer

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