Medical conditions life insurance, critical illness cover and income protection
The facts about getting medical conditions life insurance
People with pre-existing medical conditions are often able to obtain standard life insurance quotes for medical conditions life insurance. If your pre-existing condition is more serious, your medical conditions life insurance may have a higher premium or in some cases special terms such as ‘exclusions’. When taking out a medical conditions life insurance policy you will be required to provide insurance companies with your medical history before you can receive life insurance quotes.
What does Medical conditions life insurance cost?
The cost of your medical condition’s life insurance will depend upon the severity of your pre-existing condition and your insurance companies underwriting criteria. Some questions you may be asked during your application for medical conditions life insurance are:
- Have you had any serious health conditions (e.g. Heart attack, high blood pressure)?
- What pre-existing medical conditions do you have?
- What treatment/medication do you require for your health condition?
- Have you had to take any time off due to your pre-existing condition?
Your premiums for Medical conditions Life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Medical conditions life insurance rates/ratings
If you pre-existing medical conditions are considered to be severe, you will likely be quoted higher premiums for your medical conditions life insurance policy. Insurance companies use a risk-based scale to decide if there are additional risks of claim to your medical conditions life insurance. Higher premiums are applied to accommodate this and rates available to you for medical conditions life insurance will vary between insurance companies.
Percentage (%) loading for Medical conditions life insurance
Any pre-existing medical conditions could lead to your paying a higher premium for you medical conditions life insurance. Percentage losing will raise your medical conditions life insurance premiums by a set percentage to accommodate additional risk. The amount of available loading will vary between insurance companies, so if you have been declined for medical conditions life insurance in the past another company may be able to accommodate you.
Per mille loadings for Medical conditions life insurance
‘Per mille loading’ is often only used for very severe pre-existing medical conditions (e.g. cancer). If ‘per mille loading’ is applied to your medical conditions life insurance policy, your premium will be raised by a set amount (e.g. £1, £2) per thousand £’s of cover. Per mille loading’ is very flexible and insurance companies can apply this type of loading to medical conditions life insurance for specified periods.
Exclusions for Medical conditions life insurance, critical illness cover or income protection
If insurance companies choose to include an ‘exclusion’ in your medical conditions life insurance policy, you will be unable to claim for anything related to your pre-existing condition. ‘Exclusions’ can make your medical conditions life insurance impractical and are very strict. If you agree to a medical conditions life insurance policy featuring an ‘exclusion’, be sure to check your policy closely so you are aware of what will not be covered. Please note that an ‘exclusion’ could also impact your ability to claim benefits such as Total and Permanent Disability, Waiver of Premium and Guaranteed Insurability.
How much cover do I need?
Without knowing your personal circumstances, we cannot tell you how much medical conditions life insurance you should apply for. We can, however, provide a few simple guidelines to help you make an informed decision. Please note that your medical conditions life insurance premiums are likely to increase post underwriting, and this could affect the affordability of your life insurance policy.
- The amount left to pay on your mortgage.
- Any outstanding debt (e.g. Loans, second charge, credit cards and other)
- Spouse or Partner
- Annual Income (after Tax)
- Any financial assets (e.g. car, house, business etc.)
If you feel unsure or require more information to decide how much medical conditions life insurance you will require to secure your family and home, see our Iam Insured insurance calculator [LINK].
Critical illness cover is a type of medical conditions life insurance that will provide you with a tax-free lump sum should you become unable to work. Critical illness cover is often available for many health conditions at standard rates. However, if your pre-existing condition is severe or you have had to take time off work in the past you may receive life insurance quotes with higher premiums or ‘exclusions’. When considering how much medical conditions life insurance critical illness cover you may require, look closely at:
- Your annual Income (after Tax)
- Mortgage/rental payments (annual)
- Cost of living (annual)
- Any other potential costs (e.g. medical treatment or adaptations)
Medical conditions life insurance income protection provides monthly payments if you become unable to work. Like critical illness cover, you may have difficulty obtaining income protection if you have a very severe pre-existing condition or a history of time off work. You may be quoted higher premiums or have ‘exclusions’ applied to your medical conditions life insurance income protection policy. Some things you should consider when choosing an amount of income protection are:
- Monthly income (after tax)
- Mortgage/rent payments
- Debts (other)
- Cost of living
Life insurance for people with pre-existing medical conditions is often available from most insurance companies at standard rates. If your conditions are more severe you may find it difficult to obtain competitive life insurance quotes for medical conditions life insurance without a specialist provider. If you have been declined for medical conditions life insurance in the past or are searching for better life insurance quotes, Iam Insured can find the right insurance for you.
Iam Insured are a medical conditions life insurance specialist, authorised and regulated by the financial conduct authority and registered in England and Wales financial services register. To speak with a member of our expert team, call us now on [TELE] or send us an email [EMAIL].
Critical illness cover and income protection is often available to people with pre-existing medical conditions. Depending on the severity of your condition, you may benefit from seeking out a specialist insurance company, like Iam Insured, in order to find the best medical conditions life insurance quotes.
Our team of insurance experts will help you to get some of the best deals from the UK’s top companies to save you money.
Get a quote
All it takes is a couple of minutes to get covered.
Request a callback
Speak to a an expert adviser for tailored advice.