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Life Insurance and income protection for those with pre-existing conditions

    If you have a pre-existing medical condition, you might have a lot of worries about taking out a life insurance policy or an income protection policy, especially about the cost and you might feel like you’re being judged by the insurance company and that you might be rejected. Do not let your medical history put you off from getting life insurance, income protection, or critical illness cover. Everyone deserves to have peace of mind, regardless of their medical history.

    No matter what your medical history is, the insurance companies are not here to judge you. They know that no one’s health is perfect, especially when you consider family history, and you can still get a life insurance policy. It’s important to be honest with your insurance company about your medical history so you can get the best coverage for your needs. If you do not disclose, you run the risk of the insurance company denying your claim and not paying out and that is the most common reason for a payout being denied. Most life insurance claims are successful with about 96.9% of them being approved. 

    An insurance company will ask you about your diagnosis, family history, any medications that you’re on to manage your conditions, and if you’ve been admitted to hospital for any medical conditions. For those with less serious conditions, they might be able to get a regular insurance plan but with a slightly higher premium. 

    In general you can get a life insurance policy with or without exclusions. The ones with exclusions will be less expensive, but will require a lot more disclosure, while those without exclusions will still ask you about your medical history and the more severe your conditions are, the more it will cost. You can choose to exclude your condition and get a cheaper policy, but there are risks that come with that.

    In general, the sooner you get life insurance, the better. Shop around to find the best deal like you would with any other big purchase. Also, some things about your health are under your control so focus on things about your health that you can control like quitting smoking or vaping and eating a healthy diet and exercising so you can get to a healthier weight. Ask your insurance company about the possibility of re-evaluations if you’re on a journey to better health.

    Looking at life insurance policies can be a bit overwhelming to do on your own and one of our services as a financial adviser is helping you figure out what the best life insurance policy is for you. If you’re looking for help with that or something else finances related, get in contact with Neil by booking a free one hour discovery meeting.