I'm 60 and have cancer. Is life insurance worth it?

If you’ve been diagnosed with cancer or you are in partial or complete remission, getting life insurance and critical illness cover is possible but can’t be guaranteed. It is likely the cost will increase or certain medical conditions will be excluded from cover. However, getting life insurance is still worth considering as it can financially protect your family in the event of your passing.

Frequently asked questions

Most over 50s insurers pay out on death and not on a terminal illness. If you have a terminal illness and apply for an over 50s insurance policy, you will not be asked any medical questions. However, you will have a one or two year waiting period before you can get the full cover you requested. If you were to pass away during the waiting period your loved ones would not receive the full pay out, but all your payments would be returned.

If  you have cancer and want to buy life insurance, you may still be able to get cover but your payments will be higher than average. It will depend on the type and severity of the cancer as to whether the insurer will cover you. It’s worth talking to a financial adviser or the insurer directly to discuss what options are available.

If you’re diabetic, you can still get life insurance but you’ll probably find that quotes are a bit more expensive. It’s worth shopping around to compare different providers or speaking to a financial advisor about the best options available for you.

It depends on your needs, your provider and the type of life insurance you’re applying for. With over 50 insurance, typically, as long as you’re a UK resident aged 50 and above, you’re guaranteed acceptance with no medical questions. For level term life insurance, you will need to answer some health and lifestyle questions. These will be about your current condition and any previous medical conditions you’ve had.

Before you cancel your insurance you should consider why you took the cover out in the first place and identify whether your need for the cover still applies. Also, it is important to understand that life insurance generally becomes more expensive the older you get, so it’s best to consider this before cancelling, just in case you think you may need life insurance in the future.

Most over 50s insurers pay out on death and not on a terminal illness. If you have a terminal illness and apply for an over 50s insurance policy, you will not be asked any medical questions. However, you will have a one or two year waiting period before you can get the full cover you requested. If you were to pass away during the waiting period your loved ones would not receive the full pay out, but all your payments would be returned.

If  you have cancer and want to buy life insurance, you may still be able to get cover but your payments will be higher than average. It will depend on the type and severity of the cancer as to whether the insurer will cover you. It’s worth talking to a financial adviser or the insurer directly to discuss what options are available.

If you’re diabetic, you can still get life insurance but you’ll probably find that quotes are a bit more expensive. It’s worth shopping around to compare different providers or speaking to a financial advisor about the best options available for you.

It depends on your needs, your provider and the type of life insurance you’re applying for. With over 50 insurance, typically, as long as you’re a UK resident aged 50 and above, you’re guaranteed acceptance with no medical questions. For level term life insurance, you will need to answer some health and lifestyle questions. These will be about your current condition and any previous medical conditions you’ve had.

Before you cancel your insurance you should consider why you took the cover out in the first place and identify whether your need for the cover still applies. Also, it is important to understand that life insurance generally becomes more expensive the older you get, so it’s best to consider this before cancelling, just in case you think you may need life insurance in the future.

More on having cancer when you’re 60 and the value of life insurance