Can I Still Get Life Insurance?
Yes, and this is where specialist advice makes a real difference. Depending on your circumstances, you could be offered:
- Standard terms (in some cases)
- Rated premiums (most common)
- Exclusions for specific conditions
- Deferred terms (reviewed after a set period)
Some insurers may decline, while others are far more flexible, which is why applying to the right provider first is so important.
Why Was I Declined?
Being declined for life insurance is more common than you might think. It usually comes down to how a particular insurer assesses risk, rather than your situation alone. Common reasons include:
- Recent diagnosis or ongoing treatment
- Multiple health conditions
- High-risk occupation or travel
- Incomplete or unclear medical information
A decline from one insurer doesn’t mean all insurers will say no.
How Much Does Impaired Life Insurance Cost?
The cost of impaired life insurance varies depending on your individual risk profile. Insurers typically apply a premium loading, which could mean:
- A small increase for mild or well-controlled conditions
- Moderate increases for ongoing or multiple conditions
- Higher loading for more complex or severe cases
Your premium will depend on the type and severity of your condition, how stable or controlled it is, your age and smoking status, and your overall lifestyle.
In some cases, premiums can reduce over time if your health improves or stabilises.
Can My Premiums Be Reviewed?
Yes, and this is an important point many people aren’t aware of. If your health improves or your condition becomes better managed, it may be possible to:
- Review your policy
- Apply for better terms
- Reduce your premium
This is why it’s important to choose the right insurer from the outset, as some are more flexible than others.
Types of Impaired Life Insurance
There are several policy options available:
Level Term Life Insurance
- Fixed payout and premiums
- Ideal for protecting your family
Decreasing Term Life Insurance
- Commonly used for mortgage protection
- Lower cost over time
Whole of Life Insurance
- Lifetime cover
- Guaranteed payout
Guaranteed Acceptance Life Insurance
- No medical underwriting
- Lower cover amounts
- Suitable as a last resort option
How To Improve Your Chances of Acceptance
A well prepared application can make a significant difference. We recommend:
- Being fully honest about your medical history
- Providing detailed and accurate information
- Demonstrating that conditions are stable or controlled
- Avoiding multiple applications without advice
Most importantly, working with a specialist broker ensures your case is presented correctly to the right insurer.
How Will Life Insurance Benefit You?
Life insurance can help your family cover various expenses such as mortgage payments, outstanding debts, education costs, funeral expenses, and everyday living expenses.
The decision to purchase a policy should be based on your individual needs, financial situation, and long-term goals. Consulting with an adviser can help determine whether life insurance is right for you.
