Myeloma & Life Insurance
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Myeloma & Life Insurance
Being diagnosed with cancer is often a life changing experience. Many people find that they want to make sure all their affairs are in order, and finance and insurance can be quite high on the to do list.
When you have myeloma insurers may be able to consider your application for life insurance. There are quite a few aspects to your diagnosis and treatment that can determine the right options for you.
To get things started we will ask you:
- When were you diagnosed with myeloma?
- What type of myeloma do you have?
- What treatment have you had for the myeloma?
- Are there any upcoming treatments that you are due to have?
- Do you have any complications such as anaemia?
You can often hear that insurers will not offer life insurance to people that have cancer. This can be true of some cancers, but blood cancers can sometimes be treated differently and life insurance be available.
Your options for life insurance will depend specifically upon the type of myeloma that you have, your treatment and when the treatment ended. As an example you can find that if you have had a stem cell transplant that the insurers want to see quite some time since the treatment, before they will consider your application. Some insurers can suggest that the wait be 10 years if you have had a stem call transplant.
You can also find that if you have smouldering myeloma where there is no treatment being done and the plan is to watch and monitor the condition, that standard insurers are not able to consider your life insurance application.
There are a number of specialist life insurance providers that can be approached if you do find that standard insurers are not able to consider your application.
It can be quite tricky to estimate the price for life insurance if you are able to apply for life insurance with a standard provider. This is because the options for life insurance for you are going to be dependent upon the details held in your medical records, that the insurer will ask your permission to see. A lot of the time insurers are able to give people an indication as to what the price is likely to be after they have reviewed the application, but with myeloma they usually say that they cannot give an indication. It kind of becomes an apply and let’s see what happens situation.
However, through our experience of arranging life insurance for people living with cancer, we will be able to give you a rough indication of the potential pricing.
Our expert advisers are to make sure that your life insurance policy is placed with the best insurer for you.
Myeloma & Critical Illness Cover
Critical illness cover pays out a cash lump sum of money, if you are diagnosed with a medical condition that is listed in the insurer’s claims set e.g. cancer, heart attack, stroke.
Unfortunately at the moment it is not possible to arrange critical illness cover with standard insurers in the UK, if you have myeloma. There are critical illness policies that you can potentially arrange, but they will come with extensive exclusions and it’s important to get advice on how these would be applied to you.
Our award winning advisers are here to make sure that you get the right insurer to match you and your health.
Myeloma & Income Protection
Income protection pays you a replacement of your monthly income, if you are unable to work due to ill health.
You might be able to arrange income protection if you have not had chemotherapy or stem cell transplants in the last few years. Income protection is ideally set up so that if you are ill and cannot work, that an income can potentially be paid to you right up to your retirement age. With you having myeloma it’s likely that where income protection is available, that the claim period is a maximum 2 or 5 years per claimable event.
You might hear of a policy called Accident and Sickness cover that does something quite similar to income protection. It is similar in some ways but the background technical parts of it are very different. You can arrange Accident and Sickness cover when you are living with myeloma often quite easily as there is no medical underwriting to set up the policy. But, the policy will automatically exclude any claims relating to your myeloma.
Our advisers are here to make sure that you get the best insurance policy to protect your income.
Myeloma & Travel Insurance
Are you going on holiday? It’s always a good idea to make sure that you have good travel insurance in place. You can find out more about getting a quote on our travel insurance page.
What is Myeloma?
Myeloma is a blood cancer that causes your body to find it harder to fight off infections. The myeloma cells in your blood grow and collect within the bone marrow, making it hard for the body to produce the normal blood cells that help your body to function. Myeloma tends to be diagnosed in people who are aged 50 or older, men and people of African-Caribbean ethnicity.
At the present time myeloma is treatable but there are no known cures.
Also: Multiple myeloma, smouldering myeloma, active myeloma, light chain myeloma, non-secretory myeloma, IgG myeloma, IgA myeloma. IgM, IgD and IgE, plasma cell myeloma
Linked with: Cancer, blood clots, Monoclonal gammopathy of undetermined significance (MGUS), plasmacytoma, amyloidosis
Possible Effects on Lifestyle
Some of the symptoms people may experience living with Myeloma :
- Anaemia
- Blurred vision
- Bone fractures
- Continency issues
- Fatigue
- Headaches
- Hypercalcaemia
- Itchy skin
- Nosebleeds
- Persistent bone pain
- Spinal cord compression
- Weight loss
Medications and Treatments
- Anti-myeloma medicines
- Bortezomib
- Chemotherapy
- Corticosteroids
- Daratumumab
- Stem cell transplant
- Thalidomide
Further Reading and Research
By clicking on the link(s) above you will be departing from the regulatory site of Cura Financial Services. Cura Financial Services is not responsible for the accuracy of the information contained within the linked site(s).
Common Questions
Hi, it’s lovely to hear from you. We can look at options for life insurance for you. It might be that the best options for life insurance for you, are available after you’ve had your check up and possibly gotten up to date blood test results. Most insurers will want to see a report from a GP to support your life insurance application, which can take a few weeks to arrange, this will probably tie in quite nicely with the results of any tests that you have.
There are potentially some life insurance options that you can arrange straightaway, but they will come with exclusions related to the myeloma. These exclusions are not small and I would recommend that you do speak with an adviser before arranging any life insurance that has an immediate start date.
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Dr Kathryn Knowles Phd
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This page was written by Dr Kathryn Knowles Phd, an award-winning insurance adviser. To read more about Kathryn please see her bio here
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