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Life Insurance & Pre-existing Conditions in 2022

As we enter 2022, the past two years have taught us a lot about protecting our health and trying to live a lifestyle that can combat illnesses such as Covid-19.

From taking vitamins and minerals to boost our immune systems, to losing a few pounds and understanding how important our daily exercise can be for our bodies and minds, living through a pandemic has been an eye-opening experience.

Living with a pre-existing condition is difficult, with or without a global pandemic on top of it. Many people with conditions have chosen to isolate over the last two years, especially those that were deemed high-risk of becoming majorly ill if they were to contract coronavirus.

As we enter the backend of the pandemic and adapt to life with Covid-19, you might be looking to take out life insurance to protect yourself and your family if the worst was to happen.

If you live with a pre-existing medical condition such as cancer, diabetes, cardiovascular issues, or respiratory problems and are struggling to find the life cover you need, The Insurance Surgery can help. We specialise in finding life insurance for people with a pre-existing medical condition, even if you have been declined elsewhere.

If you have tried getting life insurance with pre-existing medical conditions, it can seem like a battle. From the exorbitant premiums to the declined life insurance application, finding life insurance cover when you don’t go through a broker can be frustrating and stressful.

We understand the need to get life insurance cover when you have a pre-existing health condition. In general, getting life insurance when you are young and relatively healthy can get you the best benefits, including lower premiums and faster processing.

However, sometimes it’s not something that has been thought about until you get older or develop a condition. With the right help and guidance from our team of experts, we can find you an insurance policy that you’re happy with.

We look at some of our most frequently asked questions and how the life insurance market is looking in 2022:

Can I get life insurance if I have any pre-existing conditions?

Just because you suffer from a chronic ailment does not instantly disqualify you from getting a life insurance policy. There are providers who will still cover you if you have a pre-existing medical condition.

Granted, the pre-existing conditions insurance application process may take slightly longer, and the premiums may be higher, but the majority of the time, we can help you find a life insurance policy to suit you and your circumstances.

People with conditions such as diabetics, asthma sufferers, cancer patients, and heart problem patients are often classified as high risk by insurers, so will often have a ‘loading’ on the policy making it more expensive than a ‘normal’ policy.

Here are a few things about a pre-existing life insurance policy that you should know:

The type of the pre-existing medical condition

When it comes to life insurance with existing medical conditions, the nature and the type of illness has a lot to do with whether you get insurance or not. Most life insurance companies employ different risk valuations for people with pre-existing medical conditions. Therefore, diabetic life insurance has a different risk valuation than life insurance for people with mental health problems and vice versa.

If you apply for life insurance and have a pre-existing medical problem, insurers typically ask for information related to your medical history. They will want a picture of your overall health to determine the risk.

You will also be asked how much you’re looking to pay out to cover your mortgage, support your family and pay for your funeral. If you’re unsure, we have a free life insurance calculator that you can find here.

You will always be asked whether you’re a smoker or not, and you may also be asked your height and weight to determine whether your BMI is classed as ‘normal’.

The underwriting for life insurance for people with health conditions may also ask for a doctor’s report or further information from your GP, and can even ask for a medical exam to be taken.

The waiting period

The waiting period for applications can vary from instantly being accepted to waiting months for a decision. This varies depending on which medical condition(s) you may have. To ensure your policy goes through as fast as possible, you need to ensure it includes all the relevant information needed about your health. Down the line, false information can give the insurer the ability to withhold your death benefits to your beneficiaries.

For example, there is often a waiting period if you are a cancer survivors who had chemo. The waiting period would be from when you were given the all clear or since your symptoms have become stable, before you are able to take out a life insurance policy.

We can give you all of the information you need about getting life insurance for your circumstances when you have a condition. Companies have differing views on the risks of medical conditions, which is difficult to navigate as every provider has different premiums, waiting periods and loading limits.

We have a full roster of providers so know which companies are the most flexible and which is best for you as an individual. We compare life insurance quotes for pre-existing conditions on your behalf, which can help decide the best insurer.

At The Insurance Surgery, we have over two decades of experience in life insurance for people with health problems, specialising in life insurance for individuals with pre-existing conditions.

Covid and the impact on life insurance for pre-existing medical conditions

Traditionally, life insurance and pre-existing conditions have sometimes been a difficult pairing. Of course, the chances of life insurance with medical problems depend on the severity and the type of illness. However, the pandemic situation has made some serious impacts that don’t seem to be going away soon.

It goes without saying that Covid has affected all areas of life across the world. The life insurance industry and its dynamics are no different.

Let’s take an in-depth look at the implications of Covid-19 on the life insurance sector:

Asset liability management risk versus results

Life insurers are inherently tied to liabilities and long-term assets that depend on the stability of the financial markets. However, statistics show that the market indices of the major stock exchanges in the world have changed dramatically due to the pandemic.

According to a recent study, the liability of life insurance companies is significantly higher than pre-Covid due to the lower survival probability.

These major changes have made it difficult even for the best life insurance companies for pre-existing medical conditions to help all of their clients.

However, in 2021 alone, we successfully secured 2,253 life insurance policies for our clients which we’re extremely proud of.
Covid has forced life insurance companies to underwrite several restrictions. Even the top companies reduced the maximum rating for pre-existing condition life insurance plans. This dramatically affected the availability of life insurance for people with pre-existing conditions, and made critical illness even harder to obtain.

In addition, applicants with conditions such as lung, kidney, and heart diseases as well as diabetes were postponed by several top insurers. This, however, has already changed slightly as some ratings have been increased again, but it’s not quite back to pre-covid levels with some insurers. This means that more people will have access to life insurance policies for pre-existing conditions.

Change of stance

Although rates have not increased, many providers changed their stance on whether they will cover individuals or not, meaning some customers have been declined.

However, The Insurance Surgery is constantly monitoring the market and looking out for signs of changes, as well as adapting ourselves to the changing environment. Fingers crossed, it won’t be long before life insurance for people with pre-existing conditions stabilises.

The role of vaccination

Only a few months ago, life insurance for seniors with pre-existing conditions seemed unachievable. The reduction of insurers max ratings, delay in GP reports and restrictions with high-risk applicants all contributed to this.

However, the uptake of Covid vaccinations can improve your chance of getting life insurance. If you have proof of Covid vaccines, some life insurers are more lenient on the cover and cost of a new policy.

Several life insurers are updating their underwritings and giving more people life insurance policies that they may have struggled to acquire before.

Declined life insurance elsewhere?

Insurance providers classify any condition you have before you apply for life insurance as a pre-existing condition, including asthma, MS and diabetes.

If you have a pre-existing medical condition, the chances of you having to pay more for your cover or even have your application declined is higher than if you didn’t have any conditions at all. Some common reasons for being declined include:
  • Your existing medical condition falls under the high-risk category of the company.
  • The nature of your job, lifestyle or hobby is too high-risk for them to insure
  • Wrong disclosure or non-disclosure of information in the pre-existing life insurance policy application.
  • The policy is out of your price range once loadings have been added.
  • The company you are trying to get life insurance with does not cover your condition.
Regardless of the reason, getting declined for life insurance can be very frustrating and stressful. The first thing to do when an insurance provider rejects your application, is to find out the reason why. This will help us find a policy that will accept you. Understanding the reason behind your declined life insurance application for someone with pre-existing conditions is vital to getting it right the next time.

At The Insurance Surgery, 70% of customers declined elsewhere get accepted through us. You can read more about getting life insurance if you’ve been declined elsewhere here.

Finding your policy

Securing life insurance when you have a medical condition is no easy task on your own. The unprecedented situation with Covid had worsened the medical conditions life insurance sphere. Thankfully, things are improving and hopefully 2022 sees the ‘new normal’.

Fill out this easy online application form to get a free quote today.