It is possible to get life insurance if you are having a pre-existing condition, but it does depend on the condition. If possible, it may cost more and take extra time for the acceptance of your application.
What is a Pre-Existing Condition?
If you have symptoms, medication, treatment, advice, or diagnostic tests of a particular disease before taking out life insurance, then it is a pre-existing medical condition. The insurance companies have their own definitions of such conditions. In general, a pre-existing condition can be heart disease, asthma, cancer, or diabetes. A pre-existing condition is one of the factors that insurers consider while covering you. Besides a pre-existing condition, they also consider a range of other variables.
How does an insurer know your pre-existing condition?
You are required to tell your insurer about your lifestyle and health in your insurance application. This application contains various questions in this regard like how much alcohol you drink, your height, your weight, whether you smoke, and if you have any pre-existing condition.
It is your responsibility to answer the questions in your application. In most cases, your policy might be cancelled by your insurer if you do not answer truthfully. The validity of your cover is important as your insurer will not pay out on invalid claims.
Is it possible to get life insurance with a pre-existing condition?
As mentioned, it is possible to get life insurance but it depends on the condition. However, you have to consider various things in this regard as your insurer may ask for extra medical information if you have a pre-existing condition. It could be a report from your GP, a mini screening, a call from a nurse, or a medical examination. This is so the insurer can make an informed judgement about your pre-existing condition.
As a rule, life insurance with a pre-existing condition will cost more. The underwriters analyse your application to consider the likelihood of you making a claim. The more serious the condition, the more expensive the premiums.
Under some medical reasons, your application can be declined by the insurers. However, there are other options available to you such as a Funeral Policy. You should check the policy wordings carefully to know the cover’s right for you.
Is there any Life Insurance that does not ask about Pre-existing Conditions?
Yes, over 50s life insurance policy does not ask about pre-existing conditions if you are eligible for it. You do not have to go through a medical exam and answer any health-related questions under this policy. It is a whole of life insurance policy that remains active until your death.
Your dependents will get a guaranteed payout upon your death. The premiums for whole of life policy are higher than the premiums for term insurance policies.
Under this policy, the insurer will pay out the full assured lump sum if you die of an accident within the first year of your cover or if you die after the first full year. Insurers will only pay back already paid premiums if you die within the first year, and an accident is not a cause of your death.