Ensuring your family’s financial security is at the heart of life insurance. We understand the importance of protecting your loved ones - that’s why we do what we do! But, sometimes, it can be hard to know if you can get the cover you want, especially if you have pre-existing conditions.
What are pre-existing conditions?
So what is a pre-existing condition? It’s a medical or physical condition that you know about before applying for life insurance. It affects your life insurance because some pre-existing conditions may mean your risk of dying earlier is higher than usual - in which case it gets flagged. Some pre-existing conditions may affect your premium, and it doesn't necessarily mean you can't get life insurance.
Examples of pre-existing conditions include diabetes, cancer, respiratory disease as well as covid-19 or other minor illnesses.
How Pinnacle Life Approaches Pre-Existing Conditions:
At Pinnacle Life, we assess your health at the time of your application to ensure that the price of your premium reflects the risks associated with your health. The importance of this assessment at the time of the application means there should be no hiccups or delays in the instance of a claim. Having a health condition shouldn’t stop you from applying. It’s also important that if you’re waiting for test results or if you just have symptoms, you should still let us know.
How your health condition might affect your application:
Your health is assessed via our online application form. If after you’ve answered all the questions, we see a pre-existing condition, we may ask for more details. We might also ask your permission to get notes from your doctors so we can make a fair and accurate assessment of your application for cover by understanding your health.
Depending on what your pre-existing condition is, Pinnacle Life may;
- Accept your application at standard premiums
- Ask for a higher premium than the standard due to the increased risk (called a loading)
- defer your application for up to 12 months
Transparent Communication:
It’s best to give us as much information as possible at the time you apply for your insurance policy to ensure there are no issues or questions come claim time. When applying for life insurance with a pre-existing condition, it's crucial to provide accurate and detailed information. This helps us provide you with the best insurance policy for a fair price.
Benefits of Life Insurance with Pre-Existing Conditions:
You may wonder if Life Insurance is worth it if you have pre-existing conditions, especially if there’s an increased cost. We think it is:
- Financial Security > Life insurance provides a financial safety net for your loved ones in the event of your passing, helping cover expenses such as mortgage payments, education costs, and everyday living expenses.
- Peace of Mind > Knowing that your family is protected can bring peace of mind for you, and them. Our policies are designed to offer reassurance, especially when facing the uncertainties that may come with pre-existing conditions.
Life insurance with pre-existing conditions doesn’t have to be complicated or expensive and it shouldn’t prevent you from applying. At Pinnacle Life, we are dedicated to helping you find financial protection and peace of mind - just reach out to us and we’ll be here to help. If you want to chat to someone about your condition before you apply give us a call on 0800 22 22 23.
