Having life insurance offers protection for your loved ones by providing essential financial support should you pass away. But what if you’ve got a pre-existing condition — can you still take out a policy? Will your loved ones still receive the financial help you’ve planned for them if you pass away from that condition?
Many people assume that having a pre-existing medical condition or a higher BMI means they won’t be able to get life insurance. The reality is different: while mainstream providers may decline, there are specialist insurers and tailored policies designed to meet your needs. Getting life insurance with a pre-existing medical condition may cost more and you’ll need to provide more information to the insurance provider but it is still possible.
What counts as a pre-existing condition?
A pre-existing condition is any illness, injury or medical diagnosis you’ve previously had or currently have at the time of applying for insurance. Common examples include:
- Asthma
- Diabetes
- Heart disease, including angina and heart attacks
- Cancer
- High blood pressure or cholesterol
- Strokes
- Brain haemorrhage
- Kidney disease
- Obesity
- Neurological conditions, such as cerebral palsy and epilepsy
- Mental health conditions, such as anxiety and depression
Can you get life insurance with a pre-existing medical condition?
Having a pre-existing medical condition won’t prevent you from being able to get life insurance cover. You may have limited insurance providers to choose from as not all insurers offer cover where there’s a pre-existing condition. Those who do can differ on the pre-existing conditions they’ll consider.
Your policy may also cost more than a standard policy as you’re considered to be a higher risk. However, this will be determined based on your personal circumstances. Insurers assess each case individually, asking for detailed information about your medical history and often requesting GP reports or medical evidence. Conditions may be applied to your policy depending on your circumstances and the insurer’s terms.
How insurers assess risk for a life insurance policy
When you apply for life insurance with a pre-existing medical condition, insurers look at:
- The type and severity of the condition
- How long ago it was diagnosed or treated
- Whether it’s under control with medication
- Lifestyle factors, such as your BMI, whether you’re a smoker and your alcohol intake
Some insurers may add exclusions, load the premium or set time-based terms. Therefore, you need to provide as much information as you can and ensure that it’s accurate to get the right cover.
What information will the insurance provider need to know?
When applying for life insurance, the insurer will ask various questions about your health and lifestyle. The information you need to provide can include:
- Your age, weight and height
- Your occupation
- Your level of physical activity
- How much alcohol you consume
- Whether you smoke or use nicotine products
- Whether you have any risky hobbies or participate in risky sports
When you have a pre-existing medical condition, they’ll also ask additional questions to get a clearer understanding of your health. This can include details about:
- How long you’ve had the condition
- The severity of the condition
- Your treatment history, including specialist consultations and hospital admissions
- Any medication you’re taking
- Whether there’s any family history of the condition
- How your daily or work life is affected by the condition
As mentioned earlier, the insurer may request to see your medical records, with your consent, or to speak with your GP. This is to confirm the information you have provided them with, enabling them to give you an accurate quote. You may also need to undergo a medical examination or assessment.
The information you provide the insurer with must be accurate to the best of your knowledge; otherwise, you risk invalidating your policy. In this case, any future claim by your loved ones would be refused, leaving them without any financial protection.
Do you need to tell the insurer about your pre-existing condition?
It’s essential to let the insurer know if you have a pre-existing condition. The state of your health is a factor that determines how much your life insurance costs and the terms of your cover. Depending on the insurer, it also determines whether they will actually provide cover for you at all.
Whilst you may be worried about disclosing it, withholding information that the insurer later discovers can lead to different consequences. One is that if your loved ones make a claim, the insurer may only agree to a reduced payout. The other is that your policy may be invalidated. This means that a claim will be rejected, leaving your loved ones without a financial safety net in the event of your death.
Benefit from specialist providers and higher-risk cover
It’s true that some insurers won’t offer cover for certain pre-existing medical conditions. The good news, though, is that there are insurers who specialise in covering people with health conditions. This is where the right advice makes the difference — knowing which insurer to approach and how to present your application can increase your chances of approval.
That’s where we come in. Our mortgage and protection brokers know which providers specialise in arranging life insurance with a pre-existing medical condition. With cover that’s tailored to your needs, you can have peace of mind that the right policy is in place to support your loved ones when you’re no longer around to do so.
A relevant life insurance case study
Recently, we helped a client in Orpington with a higher BMI and a family history of diabetes. After being declined by two mainstream insurers, we secured both life insurance and critical illness cover through a specialist provider, all within his budget. This gave both him and his family some much-needed peace of mind.
Need life insurance with a pre-existing medical condition? We can help
If you’ve previously been declined for a life insurance policy or are worried about your health affecting the cover you can arrange, don’t assume it’s impossible. Our mortgage and protection experts work with providers who understand the need for specialist protection for those with pre-existing conditions. Speak with one of our dedicated protection experts for tailored cover at an affordable price — contact Gemma Weekes today for specialist advice.