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Back..  How to get life insurance when you suffer from health problems

 

Many people mistakenly assume that if they suffer from any underlying health problems, they either won’t be able to obtain life insurance or will be offered cover at a price they cannot afford. Massive changes in both the medical and financial world means this is simply no longer the case. As a result it is an ideal time for anyone with health issues to look at purchasing life insurance and indeed critical illness cover.

Rapid improvements in the diagnosis and treatment of chronic and lifelong conditions in recent years, has vastly improved survival rates and thus life expectancy making it far more likely that people with health problems will be accepted by insurers. Many conditions such as asthma, diabetes or heart disease which once may have lead to an applicant being automatically declined are now considered on a case by case basis and looked at in far more detail by the underwriters.

An additional factor is the recent upheaval in the global economy which has lead to general uncertainly within the UK financial sector and without a doubt within the insurance industry. As a consequence of this, the market for life insurance and critical illness cover has become far more competitive meaning that premiums have come down in price substantially. Anyone with health problems will still very likely have their premium rated, but with such competitive pricing, life assurance has suddenly become much more affordable.

So much so, it is an excellent idea for anyone who already has a life insurance policy in place that is more than a year old to look at reviewing it and see how their existing cover compares with what is currently available. Generally, the most competitive prices can be obtained from independent insurance brokers who will search the whole market for you to get the most amount of cover for the longest term possible at the lowest possible monthly cost to yourself.

Even if you still do have problems obtaining life assurance, there are other options available especially for the fifty plus age bracket. An over 50’s plan allows you to leave a tax free lump sum to loved ones should you die two years after the policy is taken out. These over 50’s life insurance plans can provide instant cover, offer guaranteed acceptance and there are no medical questions – indeed some providers do not even require knowing if you are a smoker or not.