words Al Woods
Life insurance provides financial support to your loved ones if something happens to you, offering peace of mind for the future. But what if you have a pre-existing medical condition?
The good news is that getting life insurance is often still possible — though it may take a bit more time and cost more. Here’s what you need to know if you have health concerns.
What is a pre-existing medical condition?
A pre-existing medical condition is any illness, injury, or health issue you’ve had symptoms of, been diagnosed with, or received treatment for before applying for life insurance. Common conditions include:
- Diabetes
- Heart conditions (e.g., heart attack, angina)
- Cancer
- Asthma
- Mental health conditions
- Strokes or brain haemorrhages
- High blood pressure or cholesterol
- Neurological conditions like multiple sclerosis
Can you still get life insurance if you have a health condition?
Yes, it’s often possible to get no medical life insurance. Insurers will assess applications on a case-by-case basis, considering factors such as the type, severity, and management of your condition.
You may need to provide more information about your condition. Insurers might ask for your medical records, arrange a call with a nurse, or request a medical exam. Some might even contact your GP for more details.
Premiums may also be higher if you’re considered a risk. This is typically the case with serious or chronic conditions.
If you can’t get standard life insurance cover, there are alternative options. You can look at Over 50s Life Insurance or policies that exclude your specific condition from cover.
Why transparency matters
When applying for life insurance, it’s essential to disclose all pre-existing conditions and answer health questions honestly. Providing incomplete or false information can lead to your policy being invalidated, leaving your loved ones without the financial protection they need.
Insurers regularly check applications and may verify details with your GP. Even after you’ve secured cover, discrepancies found later can affect claims. Full transparency ensures your policy will work as intended.
What to expect during the application process
When you apply for life insurance, insurers typically ask about:
- Your medical history (diagnoses, treatments, medications, and hospital visits)
- Your lifestyle (smoking, alcohol use, exercise habits)
- Your family’s medical history
- Your age, height, weight, and occupation
If a medical exam is required, it might include tests like:
- Blood pressure and pulse measurements
- BMI calculations (height, weight, and waist measurements)
- Blood or urine tests
The insurer will cover the cost of any medical checks they request.
What types of life insurance are available?
There are different types of cover that may suit those with pre-existing conditions, including:
- Term life insurance: Provides coverage for a set period (e.g., 10, 20, or 30 years). If you outlive the term, there’s no payout, but premiums tend to be lower.
- Whole life insurance: Offers lifelong cover and guarantees a payout, but the premiums are usually higher. Over 50s Life Insurance is a common option for lifelong cover without medical questions.
- Guaranteed life insurance: Some policies don’t require health questions or exams, though these often exclude specific conditions or charge higher premiums.
- Joint life insurance: Covers two people under a single policy, ideal for couples who share financial responsibilities. The policy usually pays out after the first death in the couple. It could work out cheaper than buying two separate policies,
Tips for reducing premiums
While your premiums for life insurance could be higher, there are ways to manage costs:
- Show good health management. Regular check-ups and following treatment plans can improve your risk profile.
- Adopt healthy habits. Quitting smoking, exercising, and eating well can make a difference.
- Work with an adviser. An independent financial adviser can help you find the best policy for your needs.
Final Thoughts
Having a health condition shouldn’t stop you from securing life insurance. While it might take more effort, the financial security it provides your loved ones is well worth it. Be honest during the application process, explore your options, and seek advice if needed. With the right policy, you can gain peace of mind and protection for the future.
