Created in collaboration with The Insurance Surgery

A life insurance policy gives you, and your family, peace of mind and assurance that when you pass away, they have some financial security. Here, we look at how you can source a life insurance policy, even when living with a pre-existing condition. 

Specifying pre-existing health conditions

You can tailor a life insurance policy to meet your individual needs and even include coverage for pre-existing health conditions, such as diabetes.

If you do have any pre-existing health conditions, comparison sites will not be able to provide a comprehensive quote and may omit providing a price altogether. This barrier often gives the perception that insurance is not available for pre-existing conditions, but specialist insurance brokers, such as The Insurance Surgery, can not only help to tailor and find an insurance provision of whatever is most relevant to you and your circumstances, particularly for those with pre-existing medical conditions, but ensure your policy meets the specific needs and nature of your condition. 

Using the diabetes example, they work to ensure, often in conjunction with associated health boards and charities, to fully comprehend the implications of living with diabetes; the categorisation and symptoms of both types – type 1 and type 2, how and what equipment is used to monitor and manage diabetes, and the factors that can help control glucose levels. Therefore, in fully understanding how impactful living with a pre-existing condition can be, they can ensure a fair and meaningful provision that meets your very specific requirements. 

It is important to specify any conditions you may have – and long term medications you take – as not including these could invalidate your insurance, and your loved ones could face a rejection in the event of a claim. Although sourcing a policy when living with a pre-existing condition can seem complicated on the face of it, working with a specialist insurance provider can ensure a more effortless, smooth, and reliable way of organising a necessary provision.  

Additional benefits to working with an insurance specialist

In addition to ensuring the policy meets your medical needs, working with a specialist can help to ensure you have the right level of coverage in place too. Together, you can determine the level of cover you need, and therefore the amount that would be payable in the event of your death. 

Furthermore, they can talk through the different types of insurance policies and whether a Term Life Insurance policy – that gives coverage over a fixed period of time, or, Whole Of Life Insurance policy – that is in place your entire life as long as you maintain the monthly payment, would be the most suitable option for you.

They can even advise and help with putting your life insurance policy into trust. Establishing a trust can help protect your policy from inheritance tax and provide a greater control on who will benefit from the policy in the event of a payout. So, it’s certainly something to consider and outline from the outset. 

Why have a life insurance policy in place

Having a life insurance policy in place is particularly important if you have dependents who rely on you financially. But you may choose to have a life insurance policy for financial reassurance too. Whether you’re wanting to cover any or all outstanding debts, provide a security nest for your spouse and/or children, and/or cover any funeral expenses, life insurance provides your loved ones with some peace of mind, financially, in the event of your death. 

In conclusion

Ensuring your policy meets your needs and individual circumstances not only provides that financial security, but can alleviate any additional emotional turmoil and stress in addition to processing and dealing with your passing. 

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