Best life insurance with pre-existing medical conditions

What is a pre-existing medical condition?

A pre-existing medical condition is defined as any illness or injury that already exists before you apply for life insurance. How that condition impacts your life insurance application will depend on the type of medical condition you have, whether you still suffer symptoms from your medical condition and if the condition is likely to increase the risk of serious illness or death.

There are a number of medical conditions that can make applying for life insurance difficult and we have explained how to get life insurance with these quite common medical concerns in specific articles that explain how to get life insurance. Below is a list of common questions we see relating to pre-existing medical conditions and life insurance:

• Can I get life insurance with Cancer?
• Can I get life insurance with Anxiety, Depression or Mental Illness?
• Can I get life insurance with High Blood Pressure?
• Can I get life insurance with High Cholesterol?
• Can I get life insurance with Diabetes?
• Can I get life insurance with Asthma?

For more information on each of the above conditions and how they impact a life insurance application, simply click on the link to read the full article.

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

The short answer is yes but the outcome of your life insurance application will largely depend on your medical condition and its severity. All life insurance applicants are assessed on the “whole picture” so you may find that the outcome of your application is different to someone else with the same medical condition – this is because insurance companies assess other factors alongside your medical health.

When you apply for life insurance, you are asked a number of questions about your

• health
• lifestyle
• occupation
• family's health history

You will usually be asked to share your smoking habits if you have them as well as how much alcohol you consume and your current height and weight.

All of this information is assessed to establish:

• If you can be accepted for life insurance
• Whether more information is needed from your doctor
• Whether you should be charged more and if so, how much

Increasing the cost of your life insurance premiums is one way that a life insurance company can choose to offer you life insurance cover but you may not need to pay more. Insurance companies have differing guidelines and you should speak to a specialist life insurance broker* before you settle to pay more for your life insurance as you may find that you don't need to.

Do I need to declare a pre-existing medical condition?

Not always, but when applying for life insurance you will need to complete an application form either over the phone, via a physical application form or online. You should take care when answering the health questions on a life insurance application because some questions will ask if you have ever suffered from a condition, whereas other questions may ask if you have suffered in the last 5 years or last 3 months. You could theoretically, therefore, have suffered from a condition more than 5 years ago and completely recovered, with no symptoms and no further treatment required, in which case, you wouldn't need to mention it.

A word of warning, non-disclosure which is when you do not mention something that was relevant to the application, is responsible for the largest percentage of declined life insurance claims and so make sure that you mention everything you can, even if you think it isn't relevant. It can be difficult to remember exact dates and so mention it anyway, just in case.

Will the life insurance company write to my doctor?

Possibly, it depends on whether there is sufficient medical information to assess your life insurance application fairly as the underwriters at the insurance company usually look to make a decision based on your whole health. By writing to your doctor, the insurance company can get all of the relevant information that they need in order to make a decision, including the diagnosis date, types of medication and your particular symptoms as well as your overall health.

Often when an insurance company writes to your doctor for more information the request is targeted to a specific period of your health history or a particular health condition. This helps your doctor to complete the request quickly without sharing your entire medical history with the insurer. The insurer pays your GP for this report regardless of whether you take up the life insurance if it is offered to you.

It can be helpful to those life insurance applicants who do not remember specific details about their health history given that misrepresentation could affect a future claim.

What medical information will I need to share?

The additional information you will need to provide on a life insurance application largely depends on the type of condition or illness you have. In most cases, you will be asked to complete a medical questionnaire over the phone and questions will usually include:

• What is the name of the medical condition that you have?
• When were you diagnosed?
• When did you last have symptoms?
• Have you had any time off of work due to your medical condition?
• Have you had any specialist referrals or hospital admissions?
• What treatment have you had or are you having?

It would be wise to have as much of the above medical information to hand before proceeding with your life insurance application. Occasionally an insurance company may ask that you attend a medical exam but this is usually only required if you wish to buy a large amount of life insurance. The medical exam is paid for and arranged by the insurance company.

What if I already have life insurance?

If you already have life insurance then you should check your paperwork to see what terms were offered at the time. Depending on whether you had a pre-existing condition at the time and how serious it was, you may find that you can get cheaper quotes now, especially if your symptoms are mild or you have fully recovered. Similarly, you may have taken out life insurance prior to suffering a health setback and so it may represent excellent value and will be worth keeping in place.

If you have existing life insurance and you were previously a smoker, it is extremely likely that you could save money by taking out a new life insurance policy. Most insurance companies will treat you as a non-smoker, so long as you haven't had any tobacco or nicotine replacement products in the last year.

Speaking to an independent life insurance specialist can help as they can look at your existing life insurance and compare the cost of taking out a new policy and advise you on the best approach.

What exclusions apply?

Life insurance policies are sold without exclusions which means that if you die for any reason, the policy is guaranteed to pay out. As explained earlier in this article, you may have to pay an increased premium owing to your pre-existing health condition, but crucially, if you die for any reason (including from complications relating to your specific pre-existing condition) then you will be covered.

Which type of life insurance can I get with my pre-existing medical condition?

There are many different types of life insurance available to buy and each is designed to suit different purposes. Most life insurance policies that ask about your health will take your pre-existing medical condition into account but there are life insurance policies that do not ask about your health that you may be able to buy even if you are declined for the others.

Below we provide a brief description of the different types of life insurance you can buy:

• Level term life insurance – the amount of cover remains the same throughout the term of the policy and the life insurance premiums are fixed. You will usually be required to answer health questions for this type of policy and it can be used to pay off a mortgage or to provide a guaranteed lump sum of cash to your family.
• Decreasing term life insurance – the amount of life insurance reduces each year on this type of life insurance as it is usually used to cover a repayment mortgage where the balance of the mortgage reduces each year too. You will usually be asked about your health when you apply for this type of life insurance.
• Family income benefit life insurance – a type of term life insurance policy that pays out a monthly or annual income instead of a lump sum upon death. This type of life insurance usually suits families where an income is needed if the insured person were to die but it will be medically assessed and you will usually need to disclose your previous health to qualify.
• Over 50s life insurance – this type of life insurance usually pays up to around £20,000 as a cash lump sum whenever you die so there is no term attached to the policy. However, acceptance is guaranteed meaning you do not have to answer any medical questions about pre-existing medical conditions. Over-50s life insurance is usually bought to cover funeral expenses or to provide a small lump sum upon death for other reasons and as the name suggests, you have to be 50 years old or older to qualify. A good option for those who have been declined level term assurance in the past or who cannot afford the increased premiums.
• Whole of life insurance – this policy has no end term meaning you will pay premiums until you die or sometimes until you are 90 years old. Medical questions usually are asked as part of the application process for this type of life insurance.
• Critical illness cover – an additional benefit that you can include with most types of life insurance which pays a lump sum if you are diagnosed with a serious illness that is listed in the terms and conditions of the policy. Common illnesses that are claimed for are cancer, heart attack and stroke. You can read more about this type of cover in our article, ‘Best critical illness insurance with pre-existing medical conditions‘.

How much does life insurance cost with a pre-existing medical condition?

The cost of your life insurance depends on several factors including the type of medical condition you have, the severity, what symptoms you have (if any) and how well it is controlled. Your life insurance application will be assessed by a team of medical underwriters and it is their job to understand the risk that you pose for a claim. Each insurance company has its own unique criteria, meaning it is often difficult to know which insurance company is best to approach. The cheapest insurance company at the initial quote stage may well turn out to be the most expensive once it has been fully medically assessed.

To give you an idea of how your life insurance may be assessed if you have a pre-existing medical condition, we have chosen a fairly common condition – high blood pressure. The table below shows you how a pre-existing condition such as high blood pressure can impact a life insurance application.

The figures are based on a 35-year-old non-smoker applying for £200,000 level term assurance.

The impact of high blood pressure on a life insurance application

The key is to understand which insurance company will make the fairest decision based on your own unique situation. Knowing this before you apply will save you time, hassle and money.

How to get the best life insurance quote with a pre-existing medical condition

A mistake that people often make when applying for life insurance with a pre-existing medical condition is going with the company that provides the cheapest initial quote. The cheapest company at the initial quote stage will rarely be the cheapest company once your pre-existing medical condition has been taken into account. Life insurance applications are assessed by a team of medical underwriters and the set of rules that they use to assess applications changes regularly.

It can be difficult to know which insurance company will provide the cheapest life insurance quote once the application has been medically assessed and so you should speak to an independent life insurance specialist who can do all of the hard work for you. Rather than simply taking a guess or having to apply to multiple insurance companies, a specialist life insurance broker will speak to the insurance companies on your behalf and recommend the best insurance company based on your own unique circumstances. Often experienced life insurance brokers will know which life insurance companies to select and which ones to avoid as they have helped other life insurance customers in similar health.

LifeSearch* is one of the UK's biggest specialist life insurance brokers and the advisers here are skilled at speaking to the insurance companies on your behalf ensuring that you get the best and cheapest life insurance. They will also help you to complete the application forms and can even be on hand if your family ever needs to claim, guiding you through the process. Simply complete this short form* to get started with no obligation to take things further. Don't forget, you'll qualify for up to £100 cashback if you take out a policy.

Best life insurance providers for pre-existing medical conditions

There is not one life insurance provider that is best for a particular pre-existing medical condition and so it is often best to speak to an independent insurance specialist who can ask all of the relevant questions to understand your condition fully and offer a recommendation. We have provided a list of the top 10 insurance companies below and give some insight into which insurer is best based on certain criteria.

The top 10 life insurance providers for pre-existing medical conditions

• AIG – typically good if you have a family history of diabetes
• Aviva – typically good for younger applicants who are overweight
• Beagle Street – typically good for dangerous sports or hobbies
• Guardian – typically good for fast payouts and improving cover
• L&G – typically good for those who work in the armed forces
• LV= – typically good if you have a family history of raised blood pressure
• Royal London – typically good for those who want multiple policies
• Scottish Widows – typically good for heavier drinkers
• Vitality – typically good for people who want to be incentivised with health rewards
• Zurich – typically good for heavy smokers

The above insurer summaries are for guidance only and are provided to demonstrate that every insurer has a different set of underwriting rules and so is likely to assess your application differently. The best way to understand which insurer is best based on your own pre-existing condition is to speak to an independent specialist.

Summary

• A pre-existing medical condition is defined as any illness (or injury) that exists before taking out life insurance.
• Having a pre-existing medical condition does not necessarily mean you will automatically pay more or that you will be declined for life insurance
• If you have existing life insurance it is worth getting a new quote to see if it is cheaper now
• Don't go with the cheapest initial quote, understand which insurer is best based on your pre-existing medical condition
• An independent specialist* can save you time and money by searching the market, comparing quotes and selecting the insurer that will offer the best price and product given your health

If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses and do not wish to qualify for the cashback referred to in the article – LifeSearch