Life insurance with pre-existing medical conditions

You can get life insurance with an existing medical condition, but it might cost you more. That’s because an insurance provider may view you as a higher risk. The number of providers willing to cover you could also be more limited.

That said, everyone who applies for life insurance is assessed on a case-by-case basis. So getting a policy really depends on your specific circumstances.

Some pre-existing conditions might not make that much difference to how much you’ll pay for life insurance. On the other hand, more serious conditions such as heart disease or cancer could make it a lot harder to get a competitive price.

A pre-existing medical condition is an illness, injury or disease that you’ve had in the past or are currently experiencing when you take out life insurance. Insurance providers will have a list of ailments that they consider to be pre-existing conditions.

When you apply for life insurance, you’ll need to let your provider know if you have a pre-existing medical condition. That’s so they can weigh up the risk of you claiming. This helps them decide how much to charge you for insurance, or whether to even offer you a policy at all.

Even if you have a medical condition, you can still get a life insurance policy that supports you and your family’s needs. When applying for life insurance with pre-existing conditions, be sure to answer all questions accurately to avoid invalidating your policy.

These questions cover information about you, your medical history and your lifestyle. Your answers will determine whether you need a medical exam to be able to take out a policy.

If you’re thinking of taking out life insurance with health issues, it’s vital to do your research. Not all insurance providers take the same view of pre-existing medical conditions, so it’s worth shopping around.

These are just some of the illnesses that some insurance providers may consider pre-existing – but it’s not an exhaustive list:

Age is one of the biggest factors insurance providers use when calculating your quote. But it’s not the only one.

Your lifestyle

Smoking can also make a noticeable difference to the cost of cover.

The typical premium for non-smokers is £44 per month, compared with £55 per month for smokers. That's £11 more per month, or £132 more per year².

If you stop smoking, some providers may reassess your risk after a qualifying period.

The type of policy you choose

The structure of your policy also affects the price you pay.

The typical premium is £37 per month for decreasing term cover, compared with £51 per month for level term. That's a difference of £14 per month².

• Level term insurance pays a fixed amount throughout the policy

• Decreasing term insurance reduces over time.

Because the potential payout falls over time, decreasing term policies are typically cheaper.

Other factors that affect your premium

Insurance providers will also consider:

• Your health and medical history, including any pre-existing conditions

• The amount of cover you choose

• The length of time you want the policy to last.

When you apply for life insurance, you’ll be asked a series of questions about your general health and lifestyle. If you tell the provider you have a pre-existing medical condition, you’ll usually be asked more detailed questions, like:

• How long have you had the condition?

• What treatment have you received?

• Are you taking any medication?

• Have you been admitted to hospital recently or had any specialist referrals?

• Are you awaiting any tests or test results?

• How regular and severe are the symptoms?

• How does the condition affect your daily life?

• Is there a family history of the condition?

The provider may also want to see your medical records, speak to your GP or ask you to undergo a medical assessment and/or a medical examination.

A provider could refuse or reduce a payout for a claim if you were found to have withheld information about previous illnesses or conditions when making your application. That means your loved ones wouldn’t receive the financial protection you wanted them to have.

So it’s vital to always answer questions honestly and accurately, to the best of your knowledge. The last thing you want is to leave your family unprotected if your policy is invalid.

It is possible to get life insurance with no medical. But for most types of life insurance policy, providers decide whether you need to have a medical exam based on the level of cover you want, as well as the answers to the questions you were asked as part of your application.

If a provider does ask you to go for a medical exam, a doctor or nurse may talk to you about your health and medical history. They may carry out a simple check-up, typically including:

• Measurements of weight and height to determine your body mass index (BMI)

• Measurement of your waist

• A blood pressure measurement and pulse checks

• A blood test to assess your cholesterol and possibly blood sugar levels

• A urine sample to look at protein and glucose levels.