I’ve got pre-existing medical conditions - can I still get life insurance?
If you have a pre-existing health condition, taking out life insurance might make even more sense. But many people with health issues worry about getting accepted for cover.
If you have a pre-existing medical condition, you can still get life cover. However, it can affect the payments you make. That’s because the number of insurance providers who are willing to cover you could be limited. But that’s not to say you won’t be able to find protection.
What is a pre-existing medical condition?
A pre-existing medical condition can be any illness, injury or disease that existed before or at the time of taking out an insurance policy.
Some of the most common conditions to take into account are:
- Cancer
- Diabetes
- Kidney disease
- Heart disease including heart attacks or strokes
- Mental health problems
What questions will I be asked?
Insurers ask everyone about their medical history before providing cover. But if you have a pre-existing condition, they will need some more details from you.
These include specifics about your conditions including, when you were first diagnosed, any medication you’re currently on, when you last were affected by symptoms, and if it's caused you to have time off work.
In some cases you will be asked to undertake a medical assessment with a health professional. All of this is so the insurer can work out the likelihood of you becoming ill again.
It’s important to answer completely honestly. It may seem a good idea to leave things out so you are more likely to get cover or lower payments, but this is not advisable.
If an insurer later decides that you knowingly held back relevant information about your condition, they may refuse to pay out, leaving your family without their financial safety net.
Can insurers turn me down for life insurance?
Depending on your condition and its severity, you may find that fewer insurers are willing to offer you life insurance cover. But if one says no, just bear in mind that some insurers are more open to insuring people with pre-existing conditions than others. It just may take a bit more shopping around to find the right provider for you.
Will my insurance payments be higher?
People with pre-existing conditions can find their payments are higher for several reasons.
Insurers charge more to cover the risk of medical complications relating to a condition, as the mortality rate is higher. Those who drink alcohol or smoke heavily are also more likely to pay higher payments.
Should I get a financial adviser?
If you have a pre-existing medical condition, you might find it helpful to go to a financial adviser.
They can guide you through the process, answer questions or concerns, and have access to a database of insurers who cover people with complex medical histories. This can help you find the best cover and the lowest payments.
Biography
Laura Miller is a freelance financial and business journalist with over a decade's experience, including lately covering the impact of coronavirus on business and jobs for ITV News.
