Can I get Life Insurance with a Pre-Existing Condition?
Customers can have peace of mind that family or homes are financially protected when they pass away, with life insurance cover. However, if with pre-existing medical conditions, you may have heard that getting insurance in place may be an impossible goal. Keep reading to find out if having a pre-existing illness will prevent you from getting cover in place.
What does pre-existing mean?
Pre-existing is any condition a policy holder has before taking out cover. Insurers usually have a list of what is classed as pre-existing such as: asthma, diabetes, certain types of cancer or epilepsy.
Policy holders are protected by life insurance cover but many insurance claims linked to pre-existing conditions or known illness will be excluded from cover.
Will my pre-existing medical condition prevent me from getting life insurance?
The short answer is no, but having an existing condition may make it trickier for you. Your range of insurers is likely to be more limited, and your premiums higher. Therefore, it’s important to compare the market. You can speak to a specialist who can search the whole of the market for you and discuss all your options.
Would I be limited to a certain type of cover?
Not necessarily, there are two types of Life Insurance policy; Term insurance which covers you for a fixed period, but if you outlive that term you won’t receive a pay-out. Or you can look at whole of life, which will cover you until you die and pay-out regardless of when you pass away.
Check for exclusions
Having a pre-existing condition is likely to mean customers pay higher premiums. A whole of the market broker will be able to show you see what your offers are. Always be honest and upfront about any existing illness as insurers may check your medical record before approving your application. If you’re speaking to a broker, ask what is excluded and what options are available.
What information will the insurer ask for?
When putting life insurance in place, the insurer or broker will go through an application which includes a health questionnaire. Be truthful about your medical history. A potential insurer may decide not to insure you at all or invalidate your application if they do a medical check and find something that you hadn’t declared upfront.
All insurers ask you general questions such as age, height and weight. They will also ask lifestyle and health questions such as if you’re a smoker, alcohol intake and fitness level. They will also ask a few questions about your family’s medical history and for any pre-existing conditions you may have.
Don’t put off looking
Life insurance gets more expensive the older you get. Don’t put off looking for cover because you’re fearful an existing condition will hinder an application. Tell the adviser about yourself and what you’re looking for, they will be able to help you and provide you with the information you need. Start comparing and speak to a specialist today.
The above post is intended to be informative but does not constitute advice – financial, legal or otherwise. Any opinions given are the author’s own and do not necessarily reflect the views of So Smart Protect or So Smart Financial Services.