The simple answer is yes, you absolutely can. However, generally speaking if you suffer from a medical condition your monthly premiums will inevitably be more expensive.
Why?
Because insurers will always mitigate their risk, and so the higher the probability of a claim, the higher your premium.
But that should not put you off securing cover and protecting your loved ones’ future financial security. Especially during these very uncertain times surrounding the Covid-19 pandemic. Here’s some tips to help:
Use a specialist insurer
Depending on the severity of your pre-existing condition traditional insurers may not be a viable option for you.
If your condition is deemed too serious for a standard insurer to cover you, rest assured there are other options available; a specialist insurer. For example, ‘The Exeter’.
Alternatively, FCA regulated brokers such as Reassured, offer a free to use impaired risk service, helping non-standard applicants secure affordable cover by searching the market on your behalf.
Be honest on your application
If you have a pre-existing condition, regardless of whether it is diabetes, Crohn’s disease, heart disease or high blood pressure, it is vital that you are always 100% honest on your life insurance application.
It may be tempting to withhold certain information concerning your health in order to secure cheaper cover. This is called ‘non-disclosure’.
However, if it is discovered at a later date that you mislead the insurer, your policy may be deemed invalid and your dependants denied a pay out, rendering your selfless investment a total waste of money.
You may be surprised to learn that insurers even have the authority to investigate the nature of your passing.
Improve your health
Whether you suffer from a pre-existing condition or not, there are obviously steps we can all take to improve our general wellbeing. As regards life insurance, this can help drive the cost down significantly.
Two key areas that all insurers place a high importance on, are your smoking status and your weight (BMI). Obviously, being severely overweight and/or smoking increases the chances of falling ill with certain conditions and therefore the probability of a claim.
So why not consider quitting smoking or losing weight if necessary (saving you money).
Over 50 plans, (no medical questions)
Level term, decreasing term and whole of life policies all ask medical questions during the application process to determine the level of risk you pose.
However, if you are a UK resident and over 50 years of age, there is another option – an over 50s plan.
With an over 50s plan you are guaranteed acceptance if aged between 50 – 85 without any medical exam or questions whatsoever.
If you have suffered a very serious medical condition, such as cancer or a stroke, this could be a good option. However, it is important to understand that these policies only offer up to £25,000 worth of cover. Enough to provide an inheritance or perhaps pay for your funeral, but unlikely to clear a mortgage debt.
Always compare multiple quotes
Insurers all use different underwriting processes and will evaluate your wellbeing based on their own unique criteria. As a result, the cost of cover can vary wildly between providers.
Therefore, it is imperative that you compare multiple quotes to ensure you secure the best available deal. How you do this is up to you.
You can source and compare quotes yourself, use a comparison website or use a credible broker. Whatever method you use, compare, compare, compare.
Remember a life insurance policy term can be up to 40 years long. So, a monthly saving of even £1 could save you a significant sum in the long term.
Life insurance starts from around 20p a day. What’s more the younger you are, the lower the cost. Why not seize the day and prepare for the unexpected?
