Life insurance with underlying health
Life insurance might not be the nicest thing to think about, but most people view it as an essential policy to get in order to ensure that their family are financially protected in the event of their death. Life insurance will make sure that if you were to pass away, your family can continue as normal without the additional stress of losing your income. The type of life insurance that you will need will depend on a number of factors including your age, income, policy length, and whether or not you have any underlying health conditions. Since underlying health conditions can put you at a higher risk of death, many insurance companies will not provide a policy or will increase your premium significantly. So, what can you do to drive down the cost of your life insurance policy with an underlying health condition?
Speak to the Insurance Company Direct
If you’re looking for quotes online, algorithms will often work out your premium price as much higher if you indicate any underlying health conditions when filling out the questions required to get your quote. In this case, it might be better to speak to the insurance company directly, especially if your condition is mild. For example, if you have asthma that is well-managed with medication and does not affect your life a great deal, your insurance policy is likely to be lower compared to somebody with severe asthma – but ticking ‘asthma’ on the checklist doesn’t often give you the option to describe your condition in more detail when looking online. Speaking to a representative of the insurance company gives you a better chance to discuss your condition in more detail and improve your chance of getting a better quote.
Use a Specialised insurance Comparison Site
Looking for online life insurance quotes on the general insurance comparison sites might be the first port of call, but for people with any underlying health condition, this is only likely to bring up the most expensive quotes. Consider using a specialised comparison site that is designed to help people with underlying health conditions find the right insurance policy for them, such as diabetes life insurance. Getting life insurance with diabetes at the right price is not always easy, but the good news is that thanks to this website, getting the right insurance policy with type one or type two diabetes does not have to be as expensive or as difficult as you might think. I’m Insured is a comparison site that specialises in finding the right life insurance policy for people with diabetes from a range of providers.
Get Your Medical Notes
If you have a pre-existing condition that is well-managed and not considered by your doctor to be a risk to your life, this can help you get a cheaper quote from insurance companies that would otherwise charge a heavy premium for those with an underlying health condition. It might be worth speaking to your doctor about your plans to get life insurance and ask for a medical note that you can use to support your case and let the insurance know how well your condition is managed by you and your doctor.
Consider a Tailored Life Insurance Policy
It might be worth looking into insurers that work specifically with people who have underlying health conditions. There are various unique policies to consider that offer life insurance to people with specific health conditions including cancer, diabetes, and HIV. Another option to consider is a guaranteed life insurance policy, which does not require a medical exam. These policies are designed to guarantee acceptance as long as you are a certain age and you are not required to answer questions about your health to qualify, which may mean that you end up paying much less for coverage compared to a policy that takes your health into account if you have an underlying health problem.
Take Advantage of Employee Benefits
Some employers offer life insurance as an employee benefit, which may be worth looking into if you have an underlying health condition. Group life insurance is often provided through employers and employees with underlying health conditions can take advantage of this perk. If your employer does not currently provide life insurance for employees, it might be worth making the suggestion – many employers are always looking for ways to provide more perks and benefits to improve job satisfaction and employee retention.
Time Your Application Right
Be mindful of when you apply if you have decided to get a life insurance policy. Applying shortly after a diagnosis of an underlying health condition, for example, means that it’s more likely that the insurer is going to turn you down completely or quote you a policy premium that’s far too expensive for your budget. The best time to apply is when you have been managing your condition well for quite a while, and have medical notes to back up that your treatment has been effective and that you are doing well.
Look After Your Health
Getting life insurance at the right price when you have an underlying health condition means that you will need to look after your health as much as possible. Taking all the necessary steps to manage your condition will show insurers that it is low risk to your life and may enable you to take advantage of better premiums. The first step to getting affordable life insurance is to focus on the things that you can control to manage and minimise the effects of your condition, such as eating a healthy diet, getting enough regular exercise, and taking any medication and treatments prescribed to you by your doctor. Leading a healthy lifestyle outside of your medical condition can affect your life insurance policy quotes when you come to apply.
If You Have Been Denied Life Insurance
If you have been denied life insurance or are struggling to find a policy that is affordable to you with the condition that you have, the good news is that you don’t have to give up. Consider when you applied – if it was shortly after being diagnosed, you may be able to reapply later for a better offer if you manage your condition well in the meantime. It’s also worth speaking to an independent life insurance broker who may be able to help you access life insurance policies suitable for people with your condition that are not generally available online, or get in touch with a specialist insurance company who may be able to help.
What Not to Do
It can be tempting to leave some fields blank when applying for life insurance with an underlying health condition; however, concealing your health condition from an insurer is the worst step to take. Doing this could be classed as fraud and it might lead to your claims being rejected in the future, putting the benefits of having life insurance in jeopardy for your beneficiaries. It may also be shared with other insurance companies, which can damage your ability to get insurance elsewhere in the future.
When you have an underlying health condition, getting life insurance is not always straightforward. Thankfully, there are several steps to take that can help people with a medical condition get a policy that is right for them.
Posted by: Sarah Dixon | Posted on: January 8, 2021 | Posted in: HEALTH & WELLBEING