“Can I get life cover if I’ve had an illness???”
As specialists in this area we receive enquiries every day from people looking for life insurance, critical illness cover, and income protection for pre-existing medical conditions. These people have often had trouble doing so in the past. This can be for a number of reasons, but more often than not it is due to having had or being somebody that currently suffers from a specific medical condition. Many people with health issues are concerned they may be declined, and often don’t even bother making an application as a result. The truth is that life insurance for high risk individuals and those with pre-existing conditions does exist, it’s just a case of finding the right insurer.
Although it’s true that insurers can decline applications for more severe health conditions, it is possible to obtain life insurance with pre-existing conditions (in the UK) for the following as well as many others:
Life insurance with existing health problems…
Can I actually get life insurance if I’ve had health issues?
Yes, depending on the type and severity of the condition. For instance if you have been diagnosed with diabetes and it is well managed it is very likely you’ll get cover, whereas if you’ve been diagnosed with a terminal illness then it’s very unlikely! Even then, it may well be possible for those over the age of 50 to obtain guaranteed cover with no medical, which will pay out in the event of death to cover funeral expenses and leave money to loved ones (believe it or not the average funeral costs over £7,500!).
How much does life insurance cost after an illness?
As we explain in the articles, life insurance for people with health problems can differ massively depending on what the actual condition is, as different conditions have a unique impact on the level and cost of your insurance. Some will have no impact and you will be able to get insurance on standard terms with the right insurer, some have a larger impact and can mean your initial quote can be increased anywhere from 50%-400% increase. The only way of finding out is by making an application, as the premium you’ll be quoted is entirely dependent on your specific situation.
Critical illness cover with pre-existing medical conditions
Again, whether you can obtain life insurance with medical problems (including critical illness benefit), is entirely dependent on the illness you have suffered, the age you contracted it, and the recovery since the illness / management if ongoing. Typically any serious critical illnesses will exempt you from being able to obtain critical illness cover, but you may well be able to obtain life insurance in some form, whether that is mainstream life cover or insurance with no medical for over 50’s.
Can I get life cover if my family have had an illness?
This is a common question – many applicants are concerned because they have a history of certain illnesses in the family, that may or may not be hereditary, and are worried that it may impact their ability to obtain insurance. If close family members (parents or siblings) have suffered from MS, bowel cancer, or ovarian cancer for example, it may well impact the application. This isn’t to say that obtaining cover will be a no go – just that the underwriting will be more detailed.
It is also dependent on age of diagnosis – most insurers will ignore family illnesses if diagnosed after the age of 65, and will perhaps want a much more thorough underwriting process if any family members were diagnosed before a certain age, usually 50. Often this involves further questions on the initial application which can then lead to underwriters requesting either a medical report from your GP or even a health screening with your local nurse. The results of these reports / tests will enable the underwriter to issue terms on which they are happy to insure – this may be standard terms as though there were no issues; a full offer of cover but with an increased premium; an offer of cover with certain exclusions; or perhaps a decline if they are not prepared to offer insurance at all.
Each and every insurer has different specialities, underwriting approaches, and guidelines – all of which can mean the same person applying with different insurers will get very different terms offered. Some may be standard terms, others rated with far higher premiums.
Get a life cover quote with a medical condition
To get a quote for life insurance with health problems, and to find out who the best insurer for you may be, make an enquiry below and we will pass you to one of the specialists…