Living with a health condition is hard, made even more frustrating by seemingly the simplest of things, such as taking out life insurance. Insurance providers have a list of health conditions that you must declare when taking out a policy; including asthma, cancer, diabetes, epilepsy, heart disease, obesity, kidney disease, and even anxiety.
All you want is peace of mind that your family will be looked after in the future, but can you be sure that your insurance will pay out in the event of your death? Can you get life insurance if you are living with a disease, illness or injury? Read on to find out more.
Firstly, it is crucial that you are honest with your provider or intermediary; although taking out insurance without offering the full details of your condition may result in a cheaper policy, it will be a policy that is unlikely to pay out, making it worthless. Many conditions won’t make a huge difference to the cost of your policy and, as each policy is assessed on a case-by-case basis, you may be pleasantly surprised when your quote comes back.
If you are refused insurance or the payments are prohibitively high due to your pre-existing condition, you may be offered an alternative policy with exclusions, meaning it will pay out as long as your death is unrelated to the declared conditions. Your insurance provider may ask to see GP records or undergo a medical assessment in order to set up the policy. It is entirely your right to refuse this, although it is possible that they may refuse to insure you if you haven’t followed the steps they require to ascertain the impact of your medical condition(s).
If you are living with a health condition, illness or injury and wish to take out a life insurance policy, speak to one of our experts who will be able to help you choose suitable life cover, tailored to your needs.
