Life insurance is a crucial part of financial planning. It offers peace of mind that your loved ones will be taken care of financially in the event of your untimely death. However, for people with pre-existing medical conditions such as epilepsy, finding the right life insurance policy can be challenging. In this blog post, we will explore the options available for individuals with epilepsy looking to take out life insurance.
In This Guide:
- Can I get life insurance with epilepsy?
- Do you have to declare epilepsy to life insurance providers?
- What information do you need to provide?
- What challenges are associated with epilepsy and life insurance?
- What does epilepsy life insurance cover?
- Factors that may affect epilepsy life insurance
- Is epilepsy classed as a critical illness?
- How much does epilepsy life insurance cost?
- What types of life insurance are right for individuals with epilepsy?
- Life insurance and epilepsy: finding the right policy for your needs
Can I get life insurance with epilepsy?
The short answer is yes, it is possible to get life insurance if you have epilepsy. However, the type of policy you can obtain and the cost of the premiums may depend on the severity of your condition and the frequency of your seizures.
Insurance providers will consider several factors before determining your eligibility and the cost of your policy. These factors may include the type of epilepsy you have, the frequency and severity of your seizures, your age at diagnosis, your treatment plan, and any other medical conditions you may have.
Do you have to declare epilepsy to life insurance providers?
Yes, it is crucial to declare your epilepsy to your insurance provider. Failing to disclose your condition could invalidate your policy, and your beneficiaries may not receive the payout they are entitled to.
Insurance providers will ask you to complete a health questionnaire when you apply for life insurance. The questionnaire will ask about your medical history, including any pre-existing medical conditions, medications you are taking, and any hospitalisations. You should answer these questions truthfully and disclose any medical conditions, including epilepsy.
What information do you need to provide?
When applying for life insurance for epilepsy, you will need to provide detailed information about your condition, including:
- The type of epilepsy you have
- The frequency and severity of your seizures
- The age at which you were diagnosed
- The treatment plan you are following, including any medications you are taking
- The date of your last seizure
- Whether you have any other medical conditions
- Insurance providers will use this information to assess your risk and determine the cost of your policy.
What challenges are associated with epilepsy and life insurance?
Individuals with epilepsy may face challenges when it comes to obtaining life insurance. One of the main challenges is the perception that people with epilepsy are at a higher risk of premature death. Insurance providers will consider the frequency and severity of your seizures and the potential impact on your life expectancy when calculating the cost of your policy.
Another challenge is that some insurance providers may impose exclusions or limitations on your policy. For example, your policy may exclude death resulting from a seizure, or it may have a higher premium to account for the increased risk of death.
What does epilepsy life insurance cover?
Epilepsy life insurance covers the same benefits as traditional life insurance policies, including a payout to your beneficiaries in the event of your death. The payout can be used by your loved ones to cover funeral expenses, pay off outstanding debts, or cover ongoing living expenses. However, you do need to carefully review the terms and conditions of any life insurance policy to ensure that you understand the cover, benefits and any potential exclusions.
Factors that may affect epilepsy life insurance
Several factors can impact your ability to obtain life insurance with epilepsy. Insurance providers will consider these factors when assessing the risk of providing cover and determining the cost of the premiums. These factors include:
Medication: The type and dosage of medication you take to manage your epilepsy may affect your eligibility for life insurance. Some medications have side effects that could increase the risk of other health complications, which could impact the cost and availability of life insurance.
Frequency and severity of seizures: Insurance providers will consider how often you experience seizures and how severe they are when assessing the risk of providing you with life insurance. The more frequent and severe your seizures, the higher the risk to the insurance provider, which could result in higher premiums or policy exclusions.
Age at diagnosis: The age at which you were diagnosed with epilepsy may also affect your eligibility for life insurance. If you were diagnosed at a young age, insurance providers may view your condition as more severe, which could increase the cost of your policy.
Treatment plan: Insurance providers will consider the treatment plan you are following, including any surgeries or other medical interventions you may have had, when assessing your eligibility for life insurance. If you have undergone surgery to treat your epilepsy, this may affect your life insurance premiums or policy exclusions.
Typically, if your epilepsy is mild and you rarely have seizures, you will have no problems finding a life insurance policy. However, if this changes, you may have to inform your insurance provider to make sure your policy will still be valid.
Is epilepsy classed as a critical illness?
Epilepsy is considered a chronic condition rather than a critical illness. Critical illness cover typically pays out a lump sum if you are diagnosed with a serious illness such as cancer, heart attack or stroke. While epilepsy is not classed as a critical illness, it may be considered a pre-existing medical condition that could affect the cost and availability of life insurance.
How much does epilepsy life insurance cost?
The cost of life insurance for individuals with epilepsy may be higher than for those without pre-existing medical conditions. This is because insurance providers may view epilepsy as a higher risk factor for premature death, which could result in higher premiums.
Insurance providers will consider the severity of the condition, the frequency and severity of seizures, the age at diagnosis, and the treatment plan when determining the cost of life insurance premiums. Additionally, the type of policy applied for will impact the cost of cover.
It's important to carefully review the terms and conditions of any life insurance policy to ensure that you understand the cost and cover. In some cases, insurance providers may impose exclusions or limitations on the policy due to epilepsy. But, by managing epilepsy effectively and avoiding seizure triggers, individuals can potentially lower the cost of their life insurance premiums over time.
What types of life insurance are right for individuals with epilepsy?
Epilepsy life insurance can take many forms and there’s no single policy that will work for everyone. If you have epilepsy, one of the following types of life insurance may suit your needs:
Term life insurance
Term life insurance provides cover for a specific period, typically 10, 20, or 30 years. If you pass away during the policy term, your beneficiaries will receive a lump sum payment. Term life insurance is generally the most affordable type of life insurance and may be suitable for individuals with epilepsy who are managing their condition effectively.
Whole life insurance
Whole life insurance provides cover for your entire life, and the premiums are typically higher than term life insurance. The policy may have a savings component, and you may be able to borrow against the cash value of the policy. Whole life insurance may be suitable for individuals with epilepsy who want to ensure that their loved ones are financially protected throughout their lifetime.
Critical illness cover
Critical illness cover pays out a lump sum if you are diagnosed with a critical illness such as cancer, heart attack or stroke. While epilepsy is not typically classified as a critical illness, some insurance providers may offer critical illness cover for individuals with epilepsy who have a high risk of developing additional health complications.
Over 50s life insurance
Over 50s life insurance is a type of life insurance designed for individuals aged 50 and over, which typically does not require a medical examination or health questionnaire. While the premiums may be higher than other types of life insurance, over 50s life insurance may be a suitable option for individuals with epilepsy who have difficulty obtaining cover elsewhere. The policy provides a guaranteed payout to your beneficiaries upon your death, and the premiums are typically fixed for the life of the policy.
Please Note: Not all insurance providers we work with offer all types of policies. Please do your research and compare quotes before proceeding.
Life insurance and epilepsy: finding the right policy for your needs
Epilepsy can make it a little more challenging to find the right life insurance policy, but it's not impossible. By understanding the types of life insurance available, disclosing your condition and providing relevant medical information, you can increase your chances of obtaining the cover you need. Remember that epilepsy life insurance is available, and that there are ways to find the right policy to protect yourself and your loved ones. Get in touch with our experienced brokers and start your life insurance journey.