Can I still get life insurance if I suffer from an illness?
Setting up life insurance helps to provide financial security to your family in the event of your death. When they are going through the grief of losing their loved one, having the protection of a life insurance policy will ensure they do not have the added worries of facing financial difficulty.
A big misconception is that people with a pre-existing medical condition are unable to take out life insurance to protect their family. Whilst the criteria for providing life insurance policies varies from one insurer to another, there are many insurers and brokers like SoSmart Money that will be able to provide cover to people who are suffering from an illness.
Which pre-existing illnesses are acceptable on life insurance policies?
When you are taking out life insurance and have a pre-existing illness, you will be required to provide the full details and talk through your medical history with an advisor. Typically, you will still be able to take out life insurance with the following pre-existing illnesses and some additional ones:
- Heart conditions
- Breathing problems including asthma
- Neurological conditions
Working with a life insurance specialist should help you to find the right type of cover for your specific health circumstances.
How does a pre-existing illness affect my life insurance policy?
As there is a greater risk involved with people who have pre-existing medical conditions, the insurance premium will usually be higher than the same cover for someone without pre-existing conditions.
What sort of life insurance is available?
As well as standard life insurance, there are some life insurance add-on options available, such as critical illness life insurance, which provides you with a lump sum of money if you develop a certain illness. This will give you the financial security you need if you are unable to work and lose your income through illness.
You also have the option to select the ‘sum assured’ on a life insurance policy, which is the amount the insurer will pay out in the event of your death. The policy premiums will be adjusted depending on this amount, as well as other factors such as your age, medical history and lifestyle.
What to do next?
Not all insurers provide cover to people with a pre-existing medical condition, so you could spend a long time searching for one that does, making many calls and being stuck in call queues. Your best option is to speak to an expert who specialises in life insurance for people with pre=existing illnesses so that they can find you the best type of insurance policy to suit your specific requirements
To save time, make sure you have your medical details with you when you speak to your life insurance specialist. They will then be able to search the whole market on your behalf to find you a life insurance package that is most suitable for you and your family. Get your free comprehensive quote today.
*After being in remission after 3 years