Financial planning and cancer

Financial planning

Cancer might affect your personal finances and your financial situation. You might feel the need to sort out your finances, both for yourself and your family. It’s important to get the right financial advice.

Having had cancer doesn’t exclude you from certain financial services. For example, 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 you might have to get an associated insurance policy as you’ll need to give medical details for that.

Types of financial adviser

You might want to contact a financial adviser. You can ask them for advice on various types of insurance, mortgages or pension.

The Financial Conduct Authority (FCA) authorises all financial advisers. The FCA is the independent watchdog that regulates all financial and insurance firms. 

There are two types of financial adviser:

• independent financial advisor (IFA) – give unbiased advice about financial products from all the companies in the market

• restricted advisors – give advice on a limited number of products or companies or they might specialise in one area, such as mortgages

Advisers must always tell you if they’re tied to a particular:

• finance

• insurance company

• agent

They do this by giving you an Initial Disclosure Document. This says whether they are tied or restricted. To check that the firm the adviser represents is authorised, contact the Financial Conduct Authority. 

Go to the Financial Conduct Authority website

What the adviser will do

An adviser must make a detailed assessment of your finances. This includes your present and future needs. They can only begin to advise you on the most suitable products when this assessment is complete.

They must explain fully and clearly why a particular product is best for you. They should also give you a written explanation that includes:

• the levels of risk involved

• the 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 cooling off period, so you need to be sure.

A financial adviser will often charge a fee, especially an independent financial adviser (IFA). Some IFAs make their money from commission. This comes from 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.

Finding a financial adviser

Ask your family and friends if they can recommend a trustworthy financial adviser. Or you can search for one on the following website:

Get a list of local independent financial advisers