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Save on medical conditions life insurance

Our 6 top tips for how to save on your life cover if you have pre-existing medical conditions

A photo of Dom Limberg, the author

By Dom Limberg

Published on: 17 February 2022

4 min read

6 tips to save on medical conditions life insurance 

With prices rising everywhere we look recently, value for money is more important than ever. Life insurance is a great way to protect your family’s finances in the long run – but could you be paying too much for your cover? 

Having a medical condition can increase the price of the life insurance quotes you see, especially if you don’t know which insurers will work best for you. There are a few simple things you can do to have the protection you need and still reduce some of your monthly expenses. 

You might think you are stuck with the price you are paying or have no clue how to find lower prices. Even with health issues, it is absolutely possible to lower the cost of your life insurance without having to compromise on the quality of cover.  

Will I pay more for life insurance with medical conditions? 

When you apply for life insurance, your health and medical history will influence how much you pay for your life insurance premiums (monthly payments).  

This isn’t always a huge increase, and if your pre existing condition is well managed you may even be able to find the cover you need at standard prices with certain insurance companies. 

Although your health will play a big part in policy pricing, other factors that insurers will look at include: 

  • Is your lifestyle healthy? E.g. how much you exercise  
  • Family medical history  
  • Amount of cover you need (£s) 
  • Type of life insurance policy (there are a few to choose from) 
  • Age  
  • Height & weight  
  • And more… 

RECOMMENDATION: It is wise to think about the type and level of cover you need before applying and then compare prices across providers. Often, there will be one or two with slightly lower pricing compared to others. 

Are some insurance companies better for medical conditions life insurance? 

All insurance companies work slightly differently, including how they view health conditions. It is always best to shop around a little bit before deciding which insurer to choose. Some providers could be a better choice than others if you have high blood pressure, have had cancer etc.

As with anything you buy, you might prefer what is on offer in one place compared to another – and you might get more for your money! 

Top tips to save on medical conditions life insurance 

Here are our top recommendations for saving money on your life insurance cover: 

1. Consult an insurance expert 

If you aren’t sure what level of cover you need and who is offering the best prices, it can be a good idea to speak to someone who knows what they are talking about. An independent insurance specialist can talk you through your options and medical history, to work out the best provider for your needs. 

If you are worried your health will stop you getting the cover you need, they can advise you about the medical questions you could be asked to prepare you. They can even help you finds policies that don’t require medical information/medical exams (known as guaranteed cover).

2. Try to apply when your health is good 

Understandably this can be a difficult recommendation to follow, as more often than not we become ill unexpectedly. We recommend if you are in generally good health, you should consider putting in a life insurance application sooner rather than later. Prices tend to get higher if you have a medical condition, particularly if you were diagnosed recently. 

3. Compare quotes from different insurance providers  

We all know how frustrating it is to buy something and then realise later that we could have got it for less if we had bought it somewhere else. This goes for life insurance too (as well as other policies like critical illness cover and income protection). There are literally thousands of policies on the market, so comparing the prices each provider is offering can help you save significantly. 

4. Improve your general health and lifestyle 

This might seem like an obvious tip, but it’s still one worth mentioning. Life insurance is generally cheaper the healthier you are.

If you smoke, quitting or reducing how much you smoke is a good first step. Believe it or not, smokers can pay up to DOUBLE the price of non-smokers. Quitting for 12 or more months will mean far lower prices. 

5. Review your existing policy (if you have one) 

You can save even if you already have life insurance. Believe it or not, you can change or even cancel your life insurance policy at any point if you find a better deal elsewhere.

A few small changes to your policy can have a big impact on how much you pay each month. Many people think that once they have a policy in place they can’t change it, but this simply isn’t true. Speak to your insurance provider to see if you can get a better deal by adjusting the length of policy term or amount of cover. 

6. Choose a policy you can afford long term 

If you take on board any of our tips, it should be this one. The price of life insurance varies a lot depending on the policy and provider. It is easy to get carried away and end up paying too much for extra cover you don’t even need.

You need to consider whether the price of your policy is something you can reasonably afford long term.  It is better to take out slightly less cover that is affordable, than to get stuck with a monthly expense you could struggle with later. 

You can also learn more in our guide ‘How can I reduce my life insurance premiums?’

Resources – Life insurance statistics

Office for National Statistics – People with long-term health conditions in the UK

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