Who has the best income protection insurance to meet your…
Yes, it can be possible to take out income protection if you have a pre-existing medical condition.
Income protection could pay out up to 70% of your usual earnings if you’re unable to work due to illness or injury.
Providers will need to assess the risk level of your condition (how likely it is for a claim to be made).
Please note, whether you qualify for income protection insurance and how much you pay for cover will depend on the nature and severity of your pre-existing medical condition.
Applicants with pre-existing conditions may experience premium loadings (increased premiums), policy exclusions or even have their application declined. While those with mild conditions, that don’t have a great impact on daily life, may find it easier to secure cover.
Those with mild conditions, that don’t have a great impact on daily life, may find it easier to secure cover than those who experience more regular and severe symptoms/flare ups.
By using a broker, like Reassured Advice, you can compare quotes from the whole of the market.
This way you can compare quotes from leading providers, as well as smaller specialists, to find the most favourable policy for your personal circumstances.
Simply get in touch for your free quotes.
A pre-existing medical condition is a condition that exists at, or existed prior to, the point of application.
The term ‘pre-existing condition’ can cover a wide spectrum of conditions, from regular muscle or joint pain to Crohn’s disease, asthma, diabetes, high blood pressure and much more.
It can also cover mental health conditions such as stress, depression and anxiety.
If you have a pre-existing medical condition, and are worried about how it may affect your income protection application, why not contact Reassured Advice?
Our friendly team can help you through every step of the application to ensure you get the cover you need.
Yes, you’ll need to declare any pre-existing medical conditions during the application process.
During the application you’ll need to answer a health questionnaire, where you’ll be asked about the state of your health (both present and past).
When taking out income protection, honesty is always the best policy.
Providers are used to offering cover to those from all walks of life and they aren’t here to judge.
Ensuring you provide the most relevant and accurate information is essential, otherwise your policy may not be valid when the time comes.
Failing to tell the truth, or providing false information, on an income protection application is known as non-disclosure.
This is a form of insurance fraud and, if found, it can invalidate your policy and prevent you from receiving your monthly payments.
A pre-existing condition can highlight the need for having the right protection in place for you and your loved ones.
Due to your pre-existing condition, you may have had to take time off work in the past, which could have impacted your earnings.
Income protection can pay out to you while you’re unable to work, as a result of illness and injury.
Often, up to 70% of your income could be paid out, in monthly (tax-free) instalments, to help you cover key financial commitments.
Please note, on occasions an insurer may add an exclusion, meaning that you would not be able to successfully claim on your policy due to your pre-existing medical condition.
Contact Reassured Advice today to compare income protection quotes, free of charge.
All quotes are personalised to your needs and are completely without obligation.
It could be possible for your condition to be covered under your income protection policy.
However, this will depend on the terms and conditions offered by your chosen provider and the severity of your condition.
If your condition is deemed as high-risk by providers (for example, in the past you’ve had to take a lot of time off work), they may choose to add exclusions to your policy to compensate for the increased risk.
An exclusion being added to your policy means you won’t be able to make a claim for this reason.
However, if your condition is mild and doesn’t impact your daily life, it may be possible for your policy to cover your condition.
Ultimately, it will depend on the provider and the terms they offer as to whether they’ll cover your condition or not.
Why not compare quotes from the whole of the market through Reassured Advice to find the most suitable policy to meet your needs?
The type and severity of your condition, as well as the underwriting process used by the provider are factors which will determine how much your condition affects your application.
It’s likely that one of the following scenarios will happen when applying for income protection with a pre-existing medical condition:
If you’re worried about how your condition will affect your income protection application, get in touch with Reassured Advice.
A dedicated member of the team can talk you through your options and help you find the provider who can offer the most suitable cover.
Rest assured, only in rare circumstances will an application be declined.
As well as providing standard information about your age, smoking status and occupation, you’ll also have to answer a health questionnaire.
If you have a pre-existing medical condition, it’s likely providers will ask further questions.
This is so they can get a better idea of your personal circumstances, the severity of your condition and how it affects your daily life.
While this list offers an idea of what information you’ll need to provide, the application process will vary between providers, as will the questions you’ll be asked.
It’s wise to have any helpful documents to hand, such as doctors’ notes and medical reports, to allow you to answer these questions as accurately as possible.
This could also reduce the need for providers to gain your permission to gather this information themselves.
The best income protection policy for someone with a pre-existing medical condition will be the policy that offers the right terms and conditions to meet your needs, while being at an affordable price.
When taking out income protection, there are some key policy terms and conditions you should be aware of to ensure you’re taking out the right policy for you:
Being aware of these policy details is particularly important when applying for cover with a pre-existing medical condition, as they may be affected by your condition.
For example, depending on the severity of your condition, it may be that some providers are unable to offer you the maximum amount of cover due to the increased risk.
You may also wish to look for policies which have guaranteed premiums so the price you pay doesn’t change over time.
A policy with reviewable premiums could be costly in the long run as, if your condition declines, this could be reflected in your new premium when it’s reviewed.
If you’re paying inflated premiums due to your condition you could set a longer deferred period to help bring down some of the cost.
Reassured Advice can help those with pre-existing medical conditions find the right policy to meet their needs. Simply get in touch.
Consider securing income protection through a specialist provider
It’s possible to secure income protection through specialist providers.
These are providers who specialise in providing cover to non-standard applicants, who could be considered high-risk by mainstream providers.
The Exeter are one of the UK’s leading specialist providers, offering the ‘Income First’ policy.
Why not use the services of Reassured Advice to compare The Exeter income protection with all other policies on the market?
This way a friendly member of the team can help to find you the most suitable income protection policy. Simply get in touch today.
The price you pay for income protection with a pre-existing medical condition will vary.
This is because your premium will be calculated based on your personal circumstances, including the severity of your condition.
The answers you give will allow providers to determine the level of risk involved with offering you cover and your premiums will be calculated accordingly.
You’ll need to provide details about yourself, including:
As well as details about your chosen policy, such as:
You’ll also likely be required to answer additional questions about your medical condition so that providers can gain a greater understanding of how it affects your day-to-day life, as well as the severity and frequency of your symptoms/flare ups.
In cases where the medical condition is mild, a small loading (or sometimes no loading at all) will be added to the policy.
Whereas in more severe cases, a greater loading could be added to premiums to allow providers to mitigate their risk.
It could still be possible to secure affordable income protection if you have a pre-existing medical condition.
Simply get in touch with Reassured Advice to compare quotes from the whole of the market, free of charge.
It could be possible for an income protection application to be declined due to a pre-existing medical condition.
However, it’s generally more likely for providers to charge higher premiums and/or include exclusions within the terms and conditions of your policy to mitigate the risk.
It’s unlikely that you’ll be asked to undergo a medical exam when applying for income protection.
If providers need to gather more information about your condition, they’re more likely to ask for a medical report from your GP (they can only obtain this with your permission, and you’ll be able to see the report before it’s sent off).
However, it’s important to note that if providers deem it necessary, they have the right to ask you to undergo a medical exam.
The exam will be paid for by the provider and it will be arranged for a time and date that suits you.
When it comes to applying for income protection with a pre-existing medical condition, it’s essential to compare quotes.
This is because the affect your condition will have on your application and how much you’ll pay for your premiums will vary between providers.
Reassured Advice can help you compare quotes from the whole of the market, helping you to you to find the most suitable policy for your personal circumstances.
This includes policies from specialist insurers, such as The Exeter, who specialise in providing cover to those with pre-existing conditions.
Simply get in touch for your personalised, fee-free and no-obligation quotes.
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