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Life insurance with pre-existing medical conditions
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Yes, you can still get life insurance with existing medical conditions. It may cost more, depending on the health issues you have. Insurers are likely to view people with pre-existing conditions as higher risk when providing cover.
Life insurance companies review all policies on a case-by-case basis, taking into account your medical history. So, it can depend on your individual circumstances. Some conditions may have a bigger impact than others on how much you’ll have to pay.
If you have a serious medical condition, your options and the costs may be more limiting.
Whatever you select, make sure you read through all policy documentation before you purchase cover. This helps make sure it provides the protection you really need.
Note that life insurance products have no cash in value at any time. If no valid claim is made by the end of the policy term, it will end, and you’ll get nothing back. If you don’t pay your premiums on time your cover will stop, your policy will end, and you’ll get nothing back.
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If you have a medical issue that you’ve had symptoms of, or diagnosis and treatment for, this may qualify as a pre-existing condition. These may include:
- Cancer.
- Heart disease, including heart attacks and angina.
- Strokes.
- Brain haemorrhage.
- Asthma.
- High blood pressure.
- High cholesterol.
- Diabetes.
- Obesity.
- Mental health issues.
- Epilepsy.
- Cerebral palsy and other neurological conditions.
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Yes, you should be completely honest with your insurer when taking out life cover.
Disclosing a pre-existing medical condition can make you feel nervous, especially if you have concerns about acceptance or high costs. Not providing enough information might result in your policy being void or your loved ones being unable to make a valid claim.
When you apply for life insurance, your prospective insurer may ask for permission to see your medical history. There’s a chance that, if you decline, your application will be turned down.
If you’ve already got cover, when an insurer processes a claim when you die, they’ll ask your GP for your medical records. If you hadn’t disclosed a diagnosis when you took out your policy, revealing it now could invalidate your cover.
If you give a full account of your health, a pre-existing condition shouldn’t prevent you from securing life cover. Should you die unexpectedly, your loved ones can claim a financial benefit to relieve at least some pressures in your absence.
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When taking out life insurance, insurers will ask you various questions about your health. This is where you’ll let the insurer know about any pre-existing health issues.
If you have a pre-existing medical condition, an insurer may ask for:
- The name of the condition.
- How long you’ve had it.
- How severe it is.
- Your medical history, including any hospital admissions related to your condition.
- Information about any medication you’re taking.
- Any family history of the condition.
They may also ask general health questions such as:
- Your height.
- Your weight.
- If you smoke or use nicotine products.
- If you drink alcohol.
- How active you are, and how often you exercise.
Let’s look at the details
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Critical illness insurance may give you a payout if you fall seriously ill. As with life insurance, you should still be able to secure critical illness cover with a pre-existing condition. This can depend on the condition and your medical history.
At Lloyds Bank, you can purchase life and critical illness together, or independently. Make sure you read through all policy documentation before you go ahead, making sure it provides the cover you really need.
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No, you don’t have to tell your insurer of any new medical conditions because your premium is calculated at the time you apply for cover. If you have a flexible policy, and want to make changes to your cover then you will need to give an update on your current health.
Similarly, if you have cover with a fixed end date – like term life insurance – and decide to take out another policy when the old one ends, you will need to tell your insurer about any new medical conditions.
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Several things can affect your life insurance premium, including your:
- Age.
- Weight.
- Family medical history.
- Smoker status.
- Alcohol use.
- Occupation.
- Hobbies.
Your premium may also change depending on the amount of cover you select and the term.
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If you have a serious medical condition, although you may be able to get life insurance, your options may be more limited. You may also find that the premiums are higher than for someone who doesn’t have a serious medical condition.
The best way to understand your options and the potential premium costs for your individual needs is to get a life insurance quote.