Can I get life insurance with a pre-existing medical condition?

Having a medical problem is a testing time in itself but then when you have the added worry of wondering if you can still get life insurance with a pre-existing condition, it can make it feel a whole lot worse.

The good news is that in most cases you can still get life insurance even with the added obstacle of a medical condition. 

There are some insurance companies that will not accept policyholders with pre-existing medical conditions but there are many that do.

What is a pre-existing medical condition? 

A pre-existing medical condition is any illness, injury or disease that you suffer from at the time of taking out your life insurance policy.

It is important that you let your potential insurance company know about any conditions at the time of taking out your policy. Failure to do so will more than likely make your insurance void when the time comes for your family to make a claim.

What kind of medical conditions can affect your policy? 

Each insurance company will have their own list of medical conditions that can affect your policy. However common ones are – 

  • Diabetes
  • Cancer
  • Heart disease
  • High blood pressure
  • Epilepsy
  • Asthma
  • Obesity
  • Mental health conditions

Many conditions won’t affect your policy however serious conditions such as a history of heart attacks or cancer will more than likely have an affect. This is due to you being seen as high risk. 

Will all insurance companies cover me? 

There are some insurance companies that will not accept policyholders with pre-existing medical conditions but there are many that do.

You may have to pay a higher premium or your policy may come with an exclusion that your families claim will not be accepted if you pass away from the pre existing illness. 

Critical Illness

Some life insurance policies come with critical illness cover. This is a lump sum that you can claim if you are diagnosed with a critical illness.

Most policies will only pay out once so if you make a claim for critical illness your family will then not be able to make a claim in the event of your death.

When you have a pre-existing medical condition many insurers will not offer critical illness cover due to the fact that already having a medical condition makes you higher risk for suffering from a critical illness. 

How can I keep my premiums down?

Suffering from a medical condition will more than likely make your premiums more expensive than a healthy individual wanting to take out the same policy. However there are some things that you can do to try and keep the premiums to a minimum. 

  • Stop smoking – Policyholders that smoke are more expensive to insure. 
  • Loose weight – Unfortunately being obese can increase your premiums as you at a higher risk for illnesses such as heart disease. 
  • Healthy lifestyle – Limit the amount of alcohol that you consume and take part in non dangerous sports.

It is important that you shop around for the best quotes, even more so when you have a pre-existing medical condition. Prices will vary between different insurance companies. You can do this online and compare several quotes at the same time or you can contact a qualified life insurance broker who will be able to help you find the best level of cover for the best price. 

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