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High cancer risks and record NHS delays are a driving factor for UK families to prioritise getting life cover
By Heather Blackmore | Last updated 10/05/2024
Advertorial
Long delays for cancer diagnostic scans. LIC sees a rise in life insurance quotes. Find out more
A staggering 50% of people in the UK, born after 1960, will be diagnosed with some form of cancer in their lifetime. Yet cancer referrals and cancer treatment have taken a huge hit since the start of Covid-19.
The target, set by the government, relating to the first part of a patient's journey states that, following an urgent GP referral for suspected cancer, at least 93% of patients should be seen by a specialist within two weeks.
Waiting times for a first consultant appointment following a GP urgent referral
Radiotherapy UK director Sarah Quinlan stated: "No region in the UK is currently meeting the government's own targets for waiting times for cancer treatment. This is catastrophic."
William Usher from Leeds is one of thousands using free, no-obligation search and quote service to find the best value deal. “COVID-19 has caused huge disruption and it prompted me to find a suitable life insurance policy so if anything happens to me, my family will be OK and can cover mortgage, bills and household essentials”.
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Expenses that life insurance could help your family with:
- £138,000 - Average mortgage debt in the UK in 2021
- £98,000 - Average cost of child expenses from birth to 18 years of age for single parent family (excluding housing and child care) in 2020
- £13,500 and £7,000 - Average annual childcare costs for full-time and part-time care, respectively
- £8,000 - Average personal debt in the UK excluding mortgages
- £4,000 - Average cost of a basic funeral (not including professional services and send-off costs)
Why you should compare life insurance quotes
Life Insurance premiums can vary greatly depending on the provider and your individual circumstances. Each life insurance provider has their own standards and guidelines so you may get different quotes for the same policy.
By using a comparison website like Life Insurance Choices, you will be able to compare quotes from all top UK insurers, assuring to help you get the best policy that matches your needs.
It's important to look at several options before deciding on which policy to purchase.
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Will your family have to pay tax on your life insurance?
No, your family would not have to pay the standard inheritance tax rate of 40%. When you write a life insurance policy in trust, because the payout does not go to your legal estate, its value will not count towards the inheritance tax threshold and so the entire sum will go to the beneficiaries.
Tax treatment depends on one’s individual circumstances and may be subject to future change. The content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of tax advice.
The impact Covid has had on Cancer patients
Following Adrian Rogers' surgery in Manchester being cancelled, a further 20 tumours grew and he was informed surgery was no longer an option. He passed away in February 2021, aged 46. Mrs Roger's plea to the new health secretary was "Don't let cancer patients be the forgotten people of COVID". With cancer continuing to kill around 450 every day it's highly concerning that almost half of cancers are diagnosed at a late stage in England, according to CRUK**
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How much life insurance do you need?
The aim is to have enough cash to cover the lack of income if you’re gone. A good rule of thumb is getting life insurance coverage that's 10 times your income, but it depends on your individual financial circumstances.
The cost of life insurance is typically not substantial - it’s usually a small monthly fee - but because most policies last so many years, those small amounts can build up over time. Premiums vary from insurer to insurer so it's important to shop around to save money
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Life Insurance Choices is a trading name of Magnetise Choices Ltd. Magnetise Choices Ltd is an Appointed Representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority (FCA) (Firm Reference Number: 769876).
Insurance details published on this site are for information purposes only and do not constitute financial advice.
By submitting the enquiry form you agree that: 1) The information you provide is true and accurate; 2) Life Insurance Choices may at its sole discretion send the details of this enquiry to an appropriate authorised insurance broker for the purpose of providing life insurance quotes, and 3) the insurance broker may contact you for further information as required. We make every effort to ensure you receive quotes from the whole of the market, though sometimes we may introduce you to an appropriately authorised insurance broker who works with a limited number of providers. Certain products might also be exclusive to selected providers and intermediaries. We are happy to introduce you to an alternative agent upon request. We aim for accuracy and up-to-date information on our website, but errors and omissions may happen. Therefore, please refrain from considering this information as an absolute statement or representation of fact. Life Insurance Choices is not an insurance company. We offer a free service, connecting you with an appropriately authorised firm who undertakes the Regulated Activity of Insurance Broking (as specified by the FCA) for comparing providers and obtaining a FREE no-obligation quote. We’re passionate about helping you get the best deal. Find out more about our compensation notice and money back in your pocket promise.
Premiums may vary depending on each individual’s circumstances.
* £5 per month based on a 34-year-old non-smoker taking out £100,000 level term cover over 20 years, living in central London (L&G) – Prices correct as of January 2024.
£10 per month based on a 36-year-old non-smoker taking out £200,000 level term cover over 20 years, living in central London (L&G) – Prices correct as of January 2024.
The following monthly rates are for £100,000 and £200,000 covers (£100,000/£200,000) based on a non-smoker, level term cover over 20 years, living in central London – Prices correct as of January 2024, prices will vary depending on individual circumstances: £4.20/£6.29 for a 30 year old born in 1994 (L&G) | £5.25/£8.82 for a 35 year old born in 1989 (L&G) | £7.54/£12.96 for a 40 year old born in 1984 (L&G) | £10.97/£19.86 for a 45 year old born in 1979 (L&G) | £16.67/£28.95 for a 50 year old born in 1974 (AIG) | £25.65/£46.25 for a 55 year old born in 1969 (AIG) | £45.17/£84.34 for a 60 year old born in 1964 (AIG) | £85.39/£164.91 for a 65 year old born in 1959 (AIG).
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