Can I get life insurance for pre-existing medical conditions?
Yes, it is possible to get life insurance for pre-existing medical conditions in the UK. However, it’s important to note that the process can be more complicated, and the premiums can sometimes be higher than for those without pre-existing conditions. In this article, we will cover the following topics:
- What is life insurance for pre-existing medical conditions?
- How to apply for life insurance with pre-existing medical conditions?
- Factors that affect the cost of life insurance with pre-existing medical conditions.
- Tips for getting the best life insurance with pre-existing medical conditions.
What is life insurance for pre-existing medical conditions?
Life insurance for pre-existing medical conditions is a type of life insurance policy for people who have pre-existing medical conditions. A pre-existing medical condition is any illness or health condition that a person has before taking out a life insurance policy. Examples of pre-existing medical conditions include diabetes, high blood pressure, cancer, heart disease, and stroke.
How to apply for life insurance with pre-existing medical conditions?
When applying for life insurance with pre-existing medical conditions, the insurance company will ask you to provide details about your medical history. This includes information about any conditions you have been diagnosed with, any medication you are taking, and any treatments you have received. You will also be asked about your lifestyle habits, such as smoking and alcohol consumption.
It’s important to be honest and provide accurate information when filling out the application form. Failure to do so may result in your policy being invalidated or a claim being rejected in the future.
In some cases, the insurance company may ask for additional medical information or request a medical examination. This is to help the insurance company assess your level of risk and determine the cost of your policy.
Factors that affect the cost of life insurance with pre-existing medical conditions.
The cost of life insurance with pre-existing medical conditions depends on a number of factors, including:
- The type of condition you have
- The severity of your condition
- The treatment you are receiving
- Your age
- Your lifestyle habits (e.g., smoking and alcohol consumption)
- The amount of coverage you need
- The length of the policy term
Generally, the more severe your condition, the higher the premiums you can expect to pay. Similarly, if you are a smoker or have a history of heavy drinking, your premiums may be higher than for someone who is a non-smoker and drinks moderately.
Tips for getting the best life insurance with pre-existing medical conditions.
If you have a pre-existing medical condition and are looking for life insurance, there are several things you can do to improve your chances of getting the best coverage at a reasonable cost:
- Be honest and accurate when providing information about your medical history
- Work with an independent insurance broker who can help you find the best policy for your needs
- Improve your health by adopting healthy lifestyle habits (e.g., exercise, healthy eating, and stress management)
- Consider a policy with a shorter term
How to get life insurance with pre-existing medical conditions.
We mentioned above about working with an independent insurance broker, and as you’ve come this far, we mean us, Spectrum Financial Advice. We have access to all the leading insurance providers in the market and have knowledge and experience in working with providers that may accept pre-existing medical conditions using different forms and variations of life insurance.
Get in Touch
If you have a pre-existing medical condition and would like to secure a life insurance policy, please talk to us. We have helped multiple clients in similar situations to gain the cover they desired.