Cancer diagnosis - When to inform Life Cover insurer?

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Vince

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I have life cover on a 15yr €150K mortgage that costs me approx €35 p/m.
Approximately 6 weeks ago I was diagnosed with kidney cancer. I am in my early 40s. Good news is that it was caught early and I am now waiting for an appointment for surgery. No other follow up treatment is expected apart from monitoring. Prognosis would be considered very good.

I know that I need to inform my insurer as my life cover protecting my mortgage will need to be adjusted based on this change in situation.
I don't know what to expect here.

  • When should I inform my provider? After surgery? (I'm still absorbing the news myself.)
  • Should I expect my monthly premium to increase significantly?
  • Will it affect my ability to secure a future mortgage and/or life cover if we want to upgrade?
Would be interested to hear other peoples experiences if they have gone through similar.

Thanks!
 
You dont have to tell your life assurance company at all. There's no obligation to declare anything about your health throughout the life of the policy.

it will obviously affect you when looking to arrange cover in the future, in terms of being highly unlikely to get it.

I only have chrohns and when i went to get a new quote to include my wife they were loading 150% for me. And my symptoms wouldnt even be that active.
 
As above poster says absolutely no need to inform your insurer, your existing policy remains as it is. Future policies though will be a different story, make sure if you are applying for another mortgage that you pick a lender who is willing to allow you sign a waiver on the life assurance side, they don't all have the same policy on this situation.

As well as that don't cancel the one you have even if changing mortgage, is it level cover or decreasing?
 
What happens if my cancer returns in a few years and is terminal, unlikely but possible I suppose, and I do not survive?
Will they pay out so that the mortgage is paid off for my wife?
Or will they refuse based on the fact that I did not inform them of this change in my health situation?
 
Vince, I appreciate you just got over a serious illness. But you arent actually reading anything anyone is writing here.
why would they refuse the claim? there is no obligation to tell them of the illness.
 
peteb said:
Vince, I appreciate you just got over a serious illness. But you arent actually reading anything anyone is writing here.
why would they refuse the claim? there is no obligation to tell them of the illness.
Click to expand...

I appreciate the responses and I am actually reading every single one of them.
Unlike you as if you had read my email you'll have seen that I have been diagnosed with cancer and am waiting for surgery. How is that having gotten over my illness?

I have a simple question. I received 2 answers and I want to be sure.
Neither your answer or Monbretia's answer provides any reference as to why you believe I don't have to inform my insurer. Is this based on fact or your own personal belief?
Excuse me for trying to be 100% certain that I am doing the right thing.
 
Once the Policy is in force any subsequent change in your medical situation has NO impact on the policy. You DO NOT have to inform your insurer.
Obviously were you to apply for any new Life Cover, then you would need to inform that Co. as part of the application.

But no worries about the exiting policy. If you were to die within the term of the policy, the cover (whatever it is at that stage) is paid out.
 
My answer is based on my many years of selling insurance.

It's sold based on the situation at the time of purchase, not future health issues.

Not the same as car or house insurance that you renew every year so must notify insurers of any change. If you were moving life insurers every year and starting new policies then you would have to tell them too but you made a deal day one to pay x amount per month for x number of years based on that point in time.

Hopefully all will be good but if you die within the term of the policy due to an illness that happened after the policy was taken out then there is no reason they will not pay out.
 
Off topic but bad example using motor or household Monbretia. You have a continuing obligation of disclosure on motor. So through-out the year. Not just at renewal.
 
I am only going to echo what the others have said by way of reinsurance (no pun intended) for you Vince but you do not have to inform your insurance company. The cover you took out is a fixed premium for the term of the policy. If you applied for cover now, you wouldn't get it so even if your mortgage is paid off early, keep the cover.

If you do get a terminal illness (12 months to live), they will pay out early.

Best of luck with the surgery. I hope it is a success and you recover without issue.


Steven
www.bluewaterfp.ie
 
Yes I know Peteb but I was just trying to keep it as simple as possible explaining the difference in the type of contract as the issue is with life cover. :)
 
Thanks all for the answers and reassurance.
I now have one less thing to worry about.
 
check in case your life cover policy includes any serious illness cover that may pay out a lump sum for your current diagnosis ?
 
Vince, others are correct. I was diagnosed with early stage cancer in 2014 and like yourself only required surgery and follow ups which I am still receiving. I actually rang my life assurance company and they told me there was no need. Check to see if you have critical illness cover as part of your policy as if you do you may be able to make a claim on it depending on specific stage and type of cancer
 
niceoneted said:
Vince, others are correct. I was diagnosed with early stage cancer in 2014 and like yourself only required surgery and follow ups which I am still receiving. I actually rang my life assurance company and they told me there was no need. Check to see if you have critical illness cover as part of your policy as if you do you may be able to make a claim on it depending on specific stage and type of cancer
Click to expand...

Glad to hear that you are doing well by the sounds of it.
I never opted for critical illness cover. However, I had a look and from what I can tell I would not have been able to make a claim as my type of cancer and stage would not have been covered.
Food for thought though!
 
As per Vince,

If someone has a Critical Illness Cover from a few years back , I suggest fully read what you are actually covered for.
You will probably find you are covered for Heart/Cancer illnesses that are not covered should you take out a similar policy today.
Should you have to claim under (old) terms be prepared for a row !with insurer, and don,t give in easily..

This is due to the good news that what where once Critical illnesses , are thankfully , now curable.
 
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