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Last updated: 10/09/2020 | Estimated Reading Time: 5 minutes

Life Insurance with Pre-Existing Medical Conditions

Taking out a life insurance policy is something that many of us will have to do at some point in our lives. While a rather daunting prospect, the knowledge that those close to us are secure in the case of the unthinkable can help bring some peace of mind.

For those with pre-existing medical conditions however, the idea of getting a policy becomes more complicated as insurers will take into account the chances of a claim being made when deciding whether to issue a policy. To help you navigate this rather tricky subject, we have put together a quick guide to make sure you’re informed on making this big decision.

In This Guide:

What is life insurance?

Life insurance is a type of insurance that covers you for a set period of time and pays money to a beneficiary if you die. The general concept behind a life insurance policy is that somebody will have one set period of time to make sure that their loved ones are looked after financially should anything happen during that time period. A company will take a look at an individual's medical history, current situation and general state of health before deciding how much a policy will cost. There may also be certain stipulations and rules that you need to follow or things you are not allowed to do within that period. There are also some instances, such as with a pre-existing medical condition, that a company might deem you too high a risk which could affect your ability to take out a policy.

How do you define a pre-existing condition?

Unfortunately, everyone at some point runs into a bout of poor health. Whether it’s the common cold or something far more serious, it is an almost unavoidable aspect of life. If you are suffering from a particular injury or illness at the time you are trying to take out life insurance, then this will be deemed to be a pre-existing condition and will therefore have an effect on the cost of the policy, if you are allowed to take one out at all.

It’s important to note that a company is unlikely to refuse you a policy based on a sprained ankle or a cold you have when you apply. It will be for something that increases the chances of you passing away and therefore making a claim within the agreed time period. When a company checks your medical record it will be one of the first things that they ask, and while many people might think it smart to omit any such information, doing so will ultimately void your contract, meaning that you will not receive any payout.

How will a pre-existing medical condition affect my policy?

This will depend entirely on what kind of medical condition you have. For example, if you are young and have been diagnosed with something that is not life changing, you might find that this does not have a dramatic effect on whether an insurance company will accept your application.

If, however, you and have suffered from a serious and debilitating illness which poses an immediate risk to your health, then you might find that you are not able to take out a policy at all as you are deemed to be too high of a risk. If your pre-existing condition is serious and you do find an insurer to cover you, you will find that your premiums will be far higher than usual, which in some cases will prevent the policy from being worth it. Your policy may also come with certain caveats that require you undertake certain tasks such as taking regular medication or treatments in order to mitigate the risk that your current medical situation requires.


Am I able to take a policy if I have had a heart attack?

While a heart attack might not always count as a pre-existing medical condition, it will be considered by a policy maker when they decide on your case. If you are still affected by symptoms of the heart attack, then that will certainly come into play when someone is deciding whether you can take out a policy

What happens if I am cured of a long-standing illness while having a policy that covered it?

Some policies will allow for regular assessments where the cost of your premium will be altered based on your changing state of health

Am I able to take out a policy if I have recovered from cancer?

Even if you are fully cured of cancer there is a high chance that you will be deemed a risk of getting it again, which will affect your ability to take out a reasonably priced policy

How can I get the best deal on life insurance?

As with many things the best way to get the best deal is to compare life insurance policies across the board. While this might seem like a daunting task, we have a life insurance comparison tool to make the process easier for you.