How to get affordable life insurance when you have a pre-existing medical condition

Lots of people who have pre-existing medical conditions, such as diabetes or heart disease, worry that it won’t be possible to find an affordable life insurance policy. However, the good news is that this is not the case.

While it’s true that your premiums are likely to be higher than they would be if you were perfectly healthy, you will almost certainly still be able to find a policy that provides good cover without breaking the bank. This in turn can give you peace of mind that your loved ones will have financial security after your death.

Keep reading to find out how to secure affordable life insurance no matter what pre-existing medical conditions you have.

Be honest about your health

The first point is that you must always be honest with insurance companies about the state of your health. You might think that withholding information will get you a cheaper deal, but what it will actually do is raise the risk of your policy being invalidated and your dependents left with nothing. Insurers do investigate, and it’s not worth taking a chance on this. By being completely truthful – even if it means paying a little more – you can rest assured that your family will be taken care of after you pass.

Use a specialist broker

Perhaps the best tip for finding life insurance when you have a pre-existing medical condition is to use a company that specialises in high-risk cases like yours. A broker such as The Insurance Surgery will have the expert knowledge and in-depth experience required to get you the best cover for your needs and circumstances – and at an affordable price. This is true even if you’ve been denied cover in the past. Depending on your age, another option would be to choose an over 50s life insurance policy, for which no medical questions are asked.

Compare multiple options

Even with existing medical conditions, it’s likely that a specialist broker will be able to find you more than one possible policy. As a general rule, it’s always wise to get multiple quotes and then compare them to ensure that you’re getting the best deal. After all, even a smaller difference in the cost of your monthly premiums can add up to large savings over the span of the policy. It’s not only about the price though – compare all the details to make sure that you’re getting the cover you need and not overpaying for features that aren’t necessary for you.

Improve your health in other ways

It might not be possible to get rid of your pre-existing medical condition, however there are other steps you can take to improve your health that might drive down the cost of your premiums. The two main factors that insurers will consider are your smoking habits and your BMI (Body Mass Index). As such, if you’re a smoker, then one of the first steps you should take (for many reasons!) is to quit the habit. Secondly, if you’re overweight then try to eat a more balanced diet and increase the amount of exercise you do in order to achieve a healthier BMI.