Men diagnosed with cancer often feel the need to organize their finances, both for themselves, and for their family. If that’s how you feel, you are not at all along. The following should give you a better idea on what limits a cancer diagnosis presents, and what it doesn’t at all change.
You are not kept from taking advantage of certain financial services simply because you have had cancer. You don’t have to give your medical history to get credit cards or some personal loans. But you do for insurance policies and some pensions. In theory, you don’t have to give your medical history to get a mortgage. But in order to get a mortgage, you may well have to get an associated insurance policy and will have to give medical details for that. So it is important that you get the right financial advice.
You may want to contact a financial adviser. Financial advisers can be affiliated or independent. You can ask a financial adviser for advice on various types of insurance, mortgages or pension.
Advisers must always tell you if they are affiliated to a particular finance or insurance company or agent. If they are, they can only advise you on financial products offered by that one company. An independent adviser can advise on products from a whole range of different companies.
An adviser must make a detailed assessment of your finances and your present and future needs. Only when this review is complete can the adviser begin to advise on what products are most suitable for you. They must explain fully and clearly why a particular product is best for you. This should be accompanied by a written explanation including information on:
The levels of risk involved
Aims and benefits of the product
Any commission or charges you may have to pay
An adviser should also tell you how long you have to change your mind after buying a product. It may be that there is no money back guarantee’ so you must be sure. There will often be a fee for the services for a financial adviser, especially an independent financial adviser. Some independent financial advisers make their money from commission paid to them by the companies whose products they recommend and sell. If this is the case, you may not have to pay. But the adviser should make it clear to you how they are benefiting from your business.