Life Insurance with Pre-Existing Conditions | Money Saving Advisors
Get life insurance even with a health condition. Tips on finding cover and what to expect in terms of rates.
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Getting cover with a complicated health history
If you have a pre-existing medical condition like diabetes, asthma, high blood pressure, or cancer, you might be wondering whether you can still get life insurance cover. The good news is you can, but the process can be a bit different. Insurers may ask more questions, and depending on your condition, your premiums could be higher than for those with a clean bill of health.
Your life insurance application
When you already have an illness, life insurance providers will look at several factors to assess your risk. Here are two key areas that could sway your application:
- Type and severity of the condition
These are the most important factors. If you have mild asthma, for example, insurers may not see you as high-risk, and you might be able to get a good rate. But more severe conditions like heart disease or cancer could lead to higher premiums or even exclusions. - Control and management of the condition
How well you manage your condition can make a big difference. If your illness is well-controlled, with regular treatment and monitoring, this could improve your chances of getting life insurance. But if it's not managed properly, the insurer may increase your premiums or reject you entirely.
Available options with pre-existing conditions
If you have a pre-existing condition, there are a few options to explore. Here's how they might impact your cover and premiums:
- Guaranteed acceptance
Some insurers offer guaranteed acceptance policies, which means you won't be denied coverage because of your health. These policies may have a waiting period before full coverage kicks in and may come with higher premiums. They're generally suited to those with serious conditions. - Full underwriting
To be fully underwritten, you'll need to give detailed health information, including medical records and a family medical history, and even further medical exams. Based on these, the insurer will decide whether to offer you a policy and on what terms. If your condition is well-managed, you might still get a standard policy, though premiums may be higher. - Specialist insurers
There are insurance providers who specialise in policies for people with pre-existing conditions. They're more likely to understand your specific health needs and offer more tailored options. They may also offer flexible coverage, depending on the severity and stage, and your family's history of the disease.
Summing up
It's quite possible to get a life insurance policy with a pre-existing condition, but you might face higher premiums or exclusions, depending on your overall health. The key is to be open and honest about your condition, and to shop around for the policy that suits your needs. Remember that insurers will consider the type, severity, and management of your illness when they consider your application.
Ready to find life cover for pre-existing conditions?
Frequently Asked Questions
do-i-need-to-disclose-my-pre-existing-condition-when-applying
Yes, it's vital to disclose your pre-existing condition when applying for life insurance. If you don't, your policy could be voided, or worse, your claim could be denied if your condition is discovered later. Insurers need to know about your health to properly assess your risk and help you choose the right policy.
will-a-pre-existing-condition-affect-the-cost-of-my-life-insurance
It's very likely that your premiums will be higher if you have a pre-existing condition, especially if it's serious. Insurers see pre-existing conditions as an increased risk, so they adjust premiums to match. The impact on the cost will depend on the type and severity of your condition, as well as how well it's managed. Someone with controlled asthma may be offered cheaper life insurance than someone with a serious heart condition, for example.
whats-the-difference-between-level-and-decreasing-term-life-insurance
A decreasing term payout reduces over time, usually to match the balance on a repayment mortgage. Level term life insurance pays out a fixed lump sum throughout the policy term, which can be better for supporting your family or covering interest-only mortgages.
Can I get life insurance if I have cancer or another serious illness?
Yes, although your options may be limited depending on the stage and status of the disease. If your cancer is in remission, some insurers may offer coverage, though premiums could be higher or come with exclusions. If it's ongoing or life-threatening, finding coverage could be more of a challenge without a specialist insurer. Critical illness cover can help, though it's usually only available if you've been in remission for a set period and you're not currently in treatment.
What should I do if my condition changes after I get life insurance?
If your health condition changes after you've bought life insurance, it's important to tell your insurer as soon as possible. Some policies let you adjust your coverage based on changes in your health, but this can vary by insurer and type of policy. If you don't update your insurer, this could affect your future claims.
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