For a long time, life insurance did not offer coverage to protect people who were ill with cancer or who had been diagnosed with this disease at the time. The truth is that there is a long list of serious diseases that companies are not required to cover, especially if at the time we wanted to get this policy(life insurance with cancer) we already suffered from that disease.
However, this scenario has been changing little by little and now there are many insurers that are betting on offering clients a specific type of cancer life insurance in which the necessary coverages to cover cancer patients can be included . It must be taken into account that there are many types of cancer, some with a high mortality rate and others with less, but it is still a condition that can be quite expensive due to the medical treatments that must be carried out.
In this sense, the main life insurance with cancer policies that we have found in relation to all this are aimed mainly at breast and prostate cancer. These are common diseases among the Spanish population, although it is also true that they are not the ones with the highest mortality, since much progress has been made in their treatments and today they can be easily curable. Taking all this into account, currently in the sector we have an innovative life insurance that, in addition to offering the main death coverage, also provides financial compensation due to this disease and even includes additional coverage such as medical consultation, a second opinion or also some related to the treatments to be carried out. This is another step that companies have taken to offer customers greater security and provide all the necessary support so that people with cancer feel covered in every way.
Why are companies including these new policies known as life insurance with cancer?
Although today there have been many medical advances, it is true that cancer is a disease that is still very present in the population and there are many people who can suffer from a condition of this type, who need financial help in many moments. But it is also true that treatments have evolved more and more and currently many types of cancer are curable as long as the appropriate health guidelines are followed and the corresponding medication is taken. Insurance companies have realized that cancer is a disease that can become “common” in society, especially if we refer to prostate and breast cancer, that is why they have made the decision to offer the clients certain coverage to be able to help them in this situation. They do it not only with the classic death coverage, but also with other additional ones that can give them peace of mind and will serve as a good financial support for all the expenses that may come to pass.
Although many companies have not yet considered this option, more and more are opting to include a policy of this type in their catalog, since this way they offer greater services to their clients who can count on more security in this regard.
Breast and prostate cancer
We know perfectly well that there are many types of cancer, but at the moment companies offer their life insurance covering the needs of people who suffer from prostate or breast cancer . Both conditions are common in Spain, the first one mainly in men and the second in women. In both cases, they are diseases that require special treatment that can be quite long-lasting, although it must be taken into account that neither of them has a high mortality rate, since in most cases they are usually treated on time, so that it is easy to overcome them.
Unfortunately, there are not always sufficient financial resources to be able to cope with the treatment they entail. For this reason, this type of cancer life insurance that has just been launched is very important, since it will be a good support for those who suffer from these conditions. At the moment, these new policies only cover the needs of breast or prostate cancer patients, but surely with the health advances that there are companies will continue to bet on offering customers new coverage that can cover other types of cancer. In any case, these are already working, although of course the premium that must be paid for this life insurance is somewhat higher, since those who suffer from these diseases are considered people at risk and the economic expense for them is much higher. .
Can I buy life insurance with a serious illness?
Having a serious illness at the time of taking out life insurance can be a reason for the insurer to refuse to make the insurance contract. In this sense, suffering from diabetes or cancer makes most insurers refuse to insure the affected person.
Life insurance with a serious illness: individual study of each case
In the case of someone applying for life insurance with a serious illness, the insurer must study each insurance application individually. In some cases of serious illness, insurers can offer clients a solution that is tailored to their circumstances and needs. This solution will involve paying a higher premium ( surcharge ) and, probably, having fewer guarantees or with reduced coverage. However, considering how difficult it is to get life insurance if you have a serious illness, at least something is something.
Important: do not lie to the insurer in case of serious illness
Not informing the insurer about the real state of health is not a good idea because, in the case of having to make any of the insurance coverage effective, if the company discovers that there was a pre-existing illness, said coverage may be disabled.
And if life insurance is mandatory, what happens in the event of serious illness?
There is no case in which it is mandatory to take out life insurance.However, in some cases, such as granting a loan or mortgage, the financial institution requires the borrower to provide life insurance for the amount owed. What happens in these cases?
To begin with, it must be clarified that no financial institution can make the granting of a loan or mortgage conditional on the contracting of life insurance.It is a real chore for the insurer to deny insurance, but they are within their rights, after all. However, in no case is life insurance required as a requirement to grant a credit operation.
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Moreover, if the entity makes you an insurance offer, adapted to your personal circumstances, and forces you to take out said insurance (with its extra premium included), you should know that you have the right to reject said insurance. According to article 83 of the Insurance Contract Law, you have a maximum period of 30 days from when the insurer gives you the definitive policy or the provisional coverage document to terminate the contract without indicating the reasons, without implying any penalty and without that the insurer can oppose the cancellation.
It is very important that you do not sign life insurance if you have a serious illness without reading the terms of the contract that you are given to sign very well. Remember : you always have to read life insurance with cancer insurance policies very well, but even more so if it is with a bank.