The Impact of Cancer Diagnosis on Critical Illness Insurance Applications
How A Cancer Diagnosis Affects Your Chances of Getting Critical Illness Insurance?
How A Cancer Diagnosis Affects Your Chances of Getting Critical Illness Insurance
If you have a history of medical problems in your family, such as strokes, heart attacks, or cancer, there’s a good chance you’ve considered critical illness insurance. Critical illness insurance provides coverage against the huge medical costs that can accompany the treatment needed for catastrophic illnesses such as these.
However, what if you already have cancer, or have been diagnosed in the past? Many people assume that a cancer diagnosis automatically precludes receiving critical illness insurance – but this is not necessarily the case.
To be clear, your chances of receiving critical illness insurance will be lower if you have had a cancer diagnosis, but there are still situations where it could be possible to get illness insurance anyway.
The Factors Affecting Whether A Cancer Patient Can Ever Receive Critical Illness Insurance
To answer the question very broadly: If it has been more than five years since you have had any cancer treatments, without recurrence or metastasis, then there is a chance you will still be able to receive critical illness insurance. In this situation, from the perspective of the insurer, you no longer have cancer and therefore a new cancer diagnosis in the future would be a new illness.
However, cancer is a difficult illness to describe in broad terms, because there are so many variations, and different ways it can affect the patient. Certain types of cancer, for example, are more likely to reoccur than others. So, where the cancer occurred will have a major impact on your chances. For example, ovarian cancer has a very high reoccurrence rate, while kidney cancer has a relatively low reoccurrence rate.
Likewise, the stage of the cancer when it was treated will have an impact. The further along the cancer was before treatment, the higher the chances of reoccurrence. Either way, if it has reoccurred or metastasized within five years, you will probably be declined.
Get Guidance on Which Insurance Products Are Right for You
No single article online can tell you for certain whether you can receive critical illness insurance, despite a cancer diagnosis. A consultation with trained insurance professionals from Desjardins Financial Security Independent Network – Toronto West, along with a deep look at your medical history, can give you some guidance.
Of course, the best approach is to purchase critical illness insurance before any major diagnosis is made. No matter your situation, contact DFSIN for the help you need.
If you are interested in meeting with an advisor to discuss Critical Illness Insurance, or learn more about this offering, please visit our Critical Illness Service page here.
This article is originally published here: How A Cancer Diagnosis Affects Your Chances of Getting Critical Illness Insurance.