Life Insurance With Pre-Existing Medical Conditions

If you’re searching for the right life insurance policy for anyone with pre-existing medical conditions, we’re here to help.

Life insurance is a wise investment for everyone. But it can be especially important for anyone with pre-existing medical conditions. If you have pre-existing medical conditions and are comparing life insurance policies, you’re in the right place.

Here at Life Expert we’re dedicated to helping everyone find the right policy to suit their needs as an individual. In this guide, we’ll explain what your life insurance options are if you have pre-existing medical conditions. We’ll also outline what constitutes a pre-existing condition and the steps you can take to lower the price of your premium. Read on to learn more.

Can you get life insurance with pre-existing medical conditions?

In short, yes. However, depending on which type of life insurance you choose, you’re likely to find that your premiums are more expensive due to your pre-existing medical conditions. The reason for this is due to insurance providers usually seeing you as at higher risk for making a claim. You may also find that the number of life insurance providers willing to cover you is more restrictive.

That said, when you apply for a life insurance policy each and every application is assessed on a case-by-case basis, and the same applies for people with pre-existing medical conditions. Some pre-existing conditions don’t make much difference to the price of your life insurance premium. But, other serious conditions (for example heart disease) could mean it’s much harder to get a competitive price.

As always, it’s important to do some research. Not every life insurance provider has the stance on pre-existing medical conditions.

What is a pre-existing condition?

Basically, a pre-existing medical condition is an illness, injury or disease. It can be one that you’ve suffered in the past or one that you’re currently experiencing at the time of applying for a life insurance policy. What is considered a pre-existing condition can vary from one life insurance provider to the next. Some examples widely recognised as pre-existing conditions include:

• Asthma and breathing problems

• Anxiety

• Cancer

• Cerebral palsy

• Depression

• Diabetes

• Epilepsy

• Heart disease

• High cholesterol

• High blood pressure

• Kidney disease

• Obesity

• Pulmonary disease

• Strokes

When applying for life insurance, your provider will need to be informed of any pre-existing medical condition you may have. They will then weigh up how high a risk you are based on the likelihood of you needing to make a claim. This then dictates how much you will need to pay for your premium.

What medical conditions affect life insurance?

As mentioned before, not all pre-existing medical conditions will have a massive impact on the price of your life insurance policy. Some of the more severe conditions are likely to raise the price and could even prevent you from being eligible for a policy at all. These include:

• Heart disease

• Diabetes (both type I and type 2)

• Cancer (although this varies depending on the type and stage)

• Obesity

• Pulmonary disease (lung disease which affects breathing)

Life insurance policies for pre-existing conditions

There usually are several options to choose from when looking for life insurance with pre-existing medical conditions. Here are the different types of policies to think about.

Decreasing Term Life Insurance

If you’re responsible for mortgage repayments, decreasing term life insurance is an option that makes sense and is usually available to people with pre-existing medical conditions. It generally has one of the lowest premiums. But, you may find that it’s more expensive depending on the type of pre-existing medical conditions you have. Decreasing-term life insurance covers any outstanding debts you have if you were to die while the policy is still active.

Decreasing-term means that the amount the policy pays out reduces as the outstanding balance of your financial commitments decreases. The main reason a person would take out this type of policy is to ensure any financial obligations are not left to your survivors.

Level Term Life Insurance

Level term life insurance pays out a fixed lump sum agreed between the policyholder and the insurance provider. This amount stays the same throughout the duration of the policy. This option offers a security net for all different types of people.

Level-term life insurance guarantees your beneficiaries will receive a specific sum should you die during the policy’s agreed term. But, this too is likely to be more expensive for anyone with pre-existing conditions.

Over 50s Life Insurance

Anyone in their 50s can get access to specialist over 50s policies. This type of life insurance is ideal for those with pre-existing medical conditions as there are usually no health-related questions asked during the application process.

How can you lower the price of life insurance with a pre-existing medical condition?

There are a wide range of factors that will impact the price of life insurance with a pre-existing medical condition. But, there are also a number of steps you can take to lower the cost of your premium. Some examples of ways you can positively impact the price of your life insurance with pre-existing medical conditions are:

• Maintain a healthy weight. Life insurance providers always ask for your height and weight during the application process. This is to ensure that you have a healthy BMI. Being active and eating a healthy, balanced diet are the best ways to ensure that your BMI (Body Mass Index) doesn’t have a negative impact on the price of your premium.

• Quit smoking. Smoking always negatively impacts your life insurance premium, especially if you have a pre-existing medical condition. If you smoke, are an ex-smoker or vape, life insurance is always going to be more expensive. But quitting for 12 months or more will significantly lower the price.

• Reduce your alcohol intake. Reducing the amount of alcohol you consume and how often will really help to bring the price of your life insurance policy. If you can give up alcohol altogether, that will work massively in your favour too.

• Take out cover sooner rather than later. In general, the older you are, the more expensive your policy is going to be. Taking out a life insurance policy with pre-existing medical conditions is no different.

• Regulate the medical condition. If you have a pre-existing medical condition, learning how to get it under control and minimising any risk factors is a good way to ensure that a life insurance policy doesn’t break the bank.

Why Secure Life Insurance with Life Expert

At Life Expert, we provide free quotes from our panel of insurers. We’ll also help you to conduct a full comparison between the best life insurance options available with pre-existing medical conditions to suit your needs. All of our quotes are tailored to you as an individual. Plus, our experts are always on hand to help guide you through the entire purchasing process.