Life insurance with pre-existing conditions

Obtaining life insurance when you suffer from a pre-existing medical condition can be more difficult and is likely to be more expensive.

This is due to the increased health risks associated with many of these conditions.

Insurers calculate the price of your monthly life insurance premiums based on the likelihood of a claim.

Therefore, the higher the risk you pose, the more you'll pay each month.

On rare occasions, if the risk you pose is considered too high, an insurer may decline you cover.

At Reassured, we offer a possible solution to both these scenarios.

Firstly, we compare a varied panel of insurers to find you your best quote.

Secondly, we have a dedicated impaired life insurance team who have obtained cover for 45% of people declined elsewhere.

Get in touch to take advantage of our range of services, dedicated to helping you secure affordable cover.

Whilst all other aspects of the application will remain the same, further information regarding your condition is normally required.

As a result, it's likely your policy will undergo manual underwriting and could take a few days before being accepted.

Upon application, your insurer may request to see your medical records, speak with your GP or require you to undergo a medical before issuing a quote.

This will allow them to determine the severity of your condition, any medication/treatment required and the impact the condition has on other aspects of your life.

All of this will be taken into account during the underwriting process to ensure your policy is tailored to you.

Before an insurer can gain access to your medical records or contact your GP, they must obtain your consent.

However, if you refuse this, it's likely your application will be declined.

Yes. Whilst it's unlikely you'll be refused life insurance due to your pre-existing illness, it's a possibility.

Each case will be reviewed individually, taking into account the severity/type of your condition and the most recent attack.

In most circumstances, life insurance with a pre-existing condition will be required to undergo manual underwriting.

Previous major life events, such as cancer, heart attack and stroke will affect your life insurance.

Whilst pre-existing conditions can include manageable conditions like asthma, it also encompasses life-threatening major events such as a heart attack, stroke or cancer.

As with ongoing medical conditions, it's still possible to obtain life insurance if you've undergone a severe attack or life-threatening condition.

The application process will be the same, requiring medical information, and manual underwriting will provide a quote based on your personal circumstances.

Curable or manageable conditions

Ultimately, insurers will increase the cost of your premiums if your condition increases your likelihood to make a claim.

But curable and manageable illnesses (dependant on individual circumstance) may not threaten your mortality and therefore, may not affect the cost of cover.

During the application process, information regarding your condition will be gathered from questionnaires, medical records etc.

This information will then be processed by the underwriters and your premiums will be adjusted accordingly.

It's always best to discuss this with your insurer to determine how your individual circumstances may affect your policy.

As discussed, you're likely to pay higher monthly premiums due to a pre-existing condition which can make it tempting to lie about your illness.

However, whilst this may save you money in the short term, it can be extremely detrimental in the long run.

If upon your passing it's found that you've lied during the application, your loved ones may be denied a claim, leaving them with financial strain at an already stressful time.

Further to this, if found to have lied prior to your death, you may face charges for insurance fraud.

This can result in a fine and in some instances, imprisonment.

Therefore, to protect your loved ones, it's essential you're honest and forthcoming during the application process.

Unfortunately, in some instances, you may still be declined life insurance if your pre-existing condition is severe enough.

However, there's still one final option, an over 50s plan.

Available to those aged 50-85, over 50 plans offer life insurance with no medical exam and don't even require any medical information.

This eliminates the need to declare your pre-existing condition, opening you up to life cover even if you've been previously declined.

Over 50 life insurance, however, does enforce a waiting period of 12-24 months from the start of your policy.

This means, if you were to pass away during this initial period, no pay out would be issued. (Although the premiums already paid in would be returned).

What's more, you'll only be able to secure a sum assured of up to £25,000.

Contact our team to determine if an over 50s plan is right for you.

In the UK at least 15 million people are living with at least one long-term health condition and this figure is expected to rise to over 18 million within a decade^[1].

Life insurance can secure the financial future of your loved ones if the worst were to happen to you.

As a sufferer of a pre-existing condition, the need for life insurance only becomes more prevalent as you live day-to-day aware of the risks associated with your condition.

[1] https://www.fca.org.uk/news/press-releases/fca-challenges-industry-improve-access-insurance-people-pre-existing-medical-conditions