Cancer and your finances

Although more and more people are now living with cancer, the financial services industry can be very cautious about doing business with people who have had cancer. Insurance companies, in particular, feel that people who have had cancer are more likely to make a claim, although this is generally not the case.

Insurance and mortgages

After having treatment for cancer, it can be more difficult to get life insurance, travel insurance and mortgages. To find life insurance, it is helpful to contact an independent financial advisor (IFA), who can find the best deal for your particular situation. You can find a local IFA by referral from family or friends, looking in your phone book, or by contacting The Personal Finance Society or IFA Promotions.

BIBA (the British Insurance Brokers’ Association) may also be able to find you a broker. BIBA can help with travel insurance and can provide a list of independent financial advisers to help you get a mortgage.

You may find it difficult to get life insurance for two to three years after your recovery from cancer. This will depend on the type and extent of the cancer you had, and the length of time that has passed since your treatment.

When life insurance is granted, the first premiums are likely to be high. If you are already covered, you may find it difficult to increase the value of your policy for some years.