I am currently in remission from cancer: can I apply for income protection?
The simple answer is ‘yes’, but there may be limitations on the type and level of cover you can receive.
When making an application for Income Protection (IP) you will most likely be asked to provide detailed reports of the dates of your diagnosis with cancer, as well as details surrounding the type and severity of cancer you suffered. During the application process, your insurance underwriter will also ask for a number of specific details regarding your previous and/or ongoing treatments.
It will depend on your personal circumstances and the type of cancer, but access to comprehensive IP cover may be difficult if you have a significant medical history. While this may be the case, it is more likely you will be eligible to access some level of income protection, such as Accident Only Income Protection.
Accident Only Income Protection provides you with monthly payments of up to 75 per cent of your income for a predetermined benefit period in the event you are unable to earn an income due to accidental injury.
For clarity, the majority of insurance providers that we deal with here at Lifebroker view an accident as a "bodily injury occurring while your policy is in force and which is caused solely and directly by a violent, accidental, external and visible means, independent of any other causes."
Accident Only Income Protection provides important cover for one of the most common type of income protection claims (injury as a result of trauma). In fact, one of our providers — TAL — says that claim statistics for 2012 show that 30% of all comprehensive IP claims were as a result of accidental injuries.
We are Australia’s largest specialist online broker of life insurance. If you want to find out more about cancer and life insurance, give us a call on 13 LIFE (13 54 33) to discuss your options. We’d love to help.