Does Life Insurance pay for Cancer?

It’s an unfortunate reality that cancer is one of the biggest killers in New Zealand. With the high rates of the disease in New Zealand, you might find it reassuring to know that some life insurance companies, including Asteron Life, offer specific cover for cancer. 

Do I need a policy that specifically references cancer?  

The term ‘life insurance’ relates to a range of different types of cover that are designed to provide some sort of payment on death, accident or diagnosis of a terminal illness.  The types of insurance that relate to cancer are often called something like ‘Trauma’ or ‘Critical Illness’.

Checking if your current life insurance policy mentions cancer can be a useful start. If your policy doesn’t mention it, then you might want to think about talking to an adviser to help look at different options. For example, Asteron Life’s Trauma Recovery Cover will pay a lump sum for any one of 48 defined conditions which includes cancer*, while our Cancer Cover focuses specifically on cancer.

Cancer Cover can be useful if you’re not eligible for full trauma cover or don’t want to pay extra for the wider range of protection. No product covers absolutely everything, which is why it’s important to get expert input from a knowledgeable adviser.

How could Asteron Life Cancer Cover support you?

Some people use the Cancer Cover lump sum payment to take time off and rest or to pay for alternative treatments or the funds can be put towards your mortgage or debt. The money may also be useful to help family members seek professional financial planning advice and grief support. It can also be used to allow a partner or spouse to take time off from work to support you. This means you and your family will have more time to focus on treatment and recovery. You should consult a qualified financial adviser for advice specific to your personal situation and needs.

What if I’ve had a history of cancer, can I still get cover? 

Just because you’ve had cancer, it doesn’t necessarily mean you won’t be able to get life insurance. Several factors can come into play. This can include your age and the length of time that you have been in remission. However, if you’ve had cancer before, any related condition is most likely to be excluded (meaning you can’t claim if it reappears), and it is likely to affect the premium payable for life cover.

Regardless of your history with cancer, most life insurance companies should be able to offer you some form of cover which would help to support your family in times of need. 

A life insurance adviser will be able to meet with you to explain the level of cover you may be able to receive if you’ve had a history with cancer. We can help you find one.

*Please check the policy wording for details of cover. The provision of cover is subject to the underwriting criteria that apply at the time.

Asteron Life does not provide financial advice in relation to life insurance cover. This content is for information purposes only and is not financial, legal, or medical advice nor does it offer any opinion or recommendation about whether a particular policy is right for you. Excesses, terms, conditions, limits, and exclusions apply to all policies.