Can I get life insurance if I have a bleeding disorder?
Can I get life insurance if I have a bleeding disorder?
Yes, you can secure life insurance if you have a bleeding disorder. Many people assume that life insurance is unaffordable or too difficult to obtain if you have a pre-existing medical condition or a health issue. However, this is not always the case.
With more than 32,000 people in the UK suffering from bleeding disorders and 30% of the UK population living with one or more long-term conditions[1], having a health condition is very common and doesn’t mean you’re unable to secure life insurance.
It’s possible that your monthly premiums will be more expensive (or loaded) if you have a bleeding disorder, as you may be considered as high risk (more likely to make a claim on your policy) by insurers. However, by comparing quotes and exploring the market, it’s possible to find affordable life insurance to meet your specific needs.
Continue reading this helpful 2023 guide to learn more about taking out life insurance with a bleeding disorder.
What is life insurance?
Life insurance provides your loved ones with a financial safety net should anything happen to you. It’s particularly important to have a policy in place if you have a partner and/or children who depend on your income to cover essential costs, such as mortgage payments and essential bills.
You can choose from several different policies, the main options being:
- Term life insurance (level or decreasing)
- Whole of life insurance
- Over 50 life insurance
With term and whole of life insurance, you’ll need to disclose that you have a bleeding disorder which could affect your premium cost.
For over 50s life insurance, you won’t need to disclose your medical condition, but you’ll need to be aged 50 – 80 (or 85 with some insurers) to be eligible.
Do I need to tell insurers about my bleeding disorder?
Yes, it’s important to tell insurers about all pre-existing or current health issues when applying for life insurance, otherwise you run the risk of your policy being invalid (excluding over 50 life insurance policies).
Not telling the insurer about your condition is called non-disclosure and this could invalidate your policy, preventing a future pay out. This means all the premiums you’ve paid would be wasted, so it’s not worth being dishonest on your application. With no pay out, your loved ones won’t be financially covered.
If you already have a policy in place and have developed a bleeding disorder since, you may want to inform your insurer but it most likely won’t affect your policy or premium costs. Developing a medical condition won’t affect the validity of an existing life insurance policy either.
How to find the best life insurance providers for people with bleeding disorders?
Shopping around and comparing quotes from different providers is the best way to find your right life insurance policy. This is because all insurers will each assess your application differently and employ different underwriting processes. However, if your condition is severe, you may need to go through a specialist provider, such as MetLife or The Exeter.
The easiest and fastest way to compare quotes is to use an FCA-regulated, fee-free broker. A broker has access to a wide range of standard and specialist providers, allowing them to match your application with those that will be most suitable.
How much does life insurance cost if I have a bleeding disorder?
Life insurance is likely to be more expensive when having a pre-existing health issue, but this doesn’t mean you can’t find an affordable price. As previously mentioned, by comparing quotes and exploring your options, you may be able find a policy in your budget and suitable to your unique needs.
Specialist life insurance providers are more likely to accept people with pre-existing medical conditions and for a more reasonable price over the standard insurance companies, who may charge more or decline an application (depending on the severity of your condition).
You can minimise the chance of your premiums being hiked by improving your lifestyle and other aspects of your health. For example, not smoking, cutting down on your alcohol intake, as well as regulating your medical condition (eating healthy and exercising regularly) could help to reduce your premiums.
Lastly, whether you have been diagnosed with a medical condition or not, your age at the point of application dramatically impacts the cost you will pay. The younger you are, the cheaper your premiums will be (as statistically the chances of a pay out increase as we age). To lock in the lowest premium it is best to take out cover in early adulthood, if budget allows.
What questions will I be asked about my condition?
When filling out your life insurance application form, you’ll be asked about the following as standard:
- Health & wellbeing
- Age
- Weight/BMI
- Lifestyle (drinking habits, smoking status and hobbies)
- Occupation
- Policy type
- Length of cover and level of cover
Once you’ve disclosed that you have a bleeding disorder, you may also be asked these following questions:
- What type of blood disorder do you have?
- When were you diagnosed?
- How severe are your symptoms?
- Are you taking any medication or undergoing any treatment?
- Do you have any other health conditions or complications?
Insurers will then calculate your life insurance premium using all this information.
Will I need to have a medical exam?
It’s not always necessary to undergo a medical exam, it may depend on the severity of your condition or the insurer in question. It’s quite uncommon, however, insurers do have the right to request a medical if they feel necessary.
It’s more likely for insurers to request a medical report from your GP if they require more information about your health. Although, they cannot request a medical report from your GP without your permission.
If you do have to undergo a medical exam, the insurer will cover the cost and it will be arranged for a time and date that suits you. This excludes over 50s life insurance applications as medical information is not required.
What if I am declined life insurance due to my bleeding disorder?
Even if you have been declined cover, this does not mean you’re unable to secure a policy, there may still be suitable options available for you. For example, if you’re aged over 50 you could secure an over 50s policy as no medical questions are asked (your bleeding disorder would not affect the premium cost).
All insurers have different underwriting criteria. If you had been declined previously, it does not mean you will be declined every time. The best thing to do is to contact a life insurance broker who can provide you with more options and insurers that are most likely to accept your application.
How to secure affordable life insurance with a bleeding disorder
By doing your research and leading a healthy lifestyle, you should be able to find a life insurance policy that’s suitable for you and at a reasonable cost. Having life insurance in place can be vital if you have a family who rely on you financially, so don’t be put off taking out a policy due to your bleeding disorder. Additionally, premium prices increase as you get older so it’s important to secure cover sooner rather than later.
Sources:
https://www.reassured.co.uk/life-insurance/life-insurance-with-pre-existing-conditions/