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Life insurance with pre-existing medical conditions

Many people who have dependants are unaware of the importance of having a life insurance policy in place, to ensure financial stability for loved ones if they pass away while others are relying on their income. However, if you have a pre-existing medical condition, you may be wondering where you stand or you might be putting off applying for life insurance because you’re worried your application won’t be accepted. While it’s true that insurers have the right to decline applications, it is possible to obtain life insurance if you have pre-existing medical conditions – the key is to be truthful about your situation from the outset.

You do not need to worry about pre-existing medical conditions affecting your life insurance application if you are seeking an Over 50s life insurance plan, as most major companies – including Tesco Bank – will not ask you any health questions or expect you to take a medical examination. For this type of cover, the only factor that we take into consideration is your age.

Why your premiums might be higher

If you have an existing medical condition, whether it will affect the cost of your life insurance will depend on its severity and your personal circumstances. Insurers will consider long-standing conditions and illnesses such as cancer, heart disease and diabetes.

The life insurance application will include questions relating to any medical conditions you have, and also any medication you’re taking. In some cases, the insurer will, with your consent, ask for medical information from your GP, or may require you to undergo a medical examination before making an offer of insurance.

How a pre-existing condition could affect your policy

Insurance companies will vary in their views on what constitutes a serious medical condition or not based on perceived risk, and will position their premiums accordingly. They will also vary as to whether they will cover your pre-existing medical condition.

You could be offered a policy without exclusions, but this will almost certainly see your premiums increase as you’d be more likely to make a claim. This type of insurance could be an option for less serious conditions, such as mild high blood pressure.

Alternatively, if you have a more serious medical condition your insurer is not prepared to cover you for you might be offered a policy that excludes that specific pre-existing condition. So if you were to die from that illness, the policy wouldn’t pay out, but if you were to die from another cause it would.

Life insurance for survivors of cancer

With any application, insurers will take into consideration the type of cancer and its stage of development according to the hospital’s staging classifications. It’s worth bearing in mind that most companies will only insure cancer survivors following a two or three-year recovery period.

Honesty makes for the best policy

Don’t be tempted to withhold any information about your medical status and history. Doing so will nullify any cover in the event of your death from a pre-existing condition or symptoms that you didn’t declare in your application. In this case, not only will your loved ones be left without a pay out, but you will have been paying into a policy only for it to be rendered worthless. Always be honest and accurate when applying for life insurance and answer any questions about your health to the best of your knowledge so that you can have confidence in your policy and get back to living life to the full without worrying about the future.