Unfortunately, however, life insurance can be harder to get for people have previously survived a critical or severe illness. In this guide we explain how to find life insurance if you have had a stroke, heart attack or other critical illness.
Life insurance policies are generally quite similar, whether the person applying has suffered from a critical illness before or is approaching the application with a clean bill of health.
The major difference is that for those who have survived a critical illness, such as a stroke, the premiums can be much more expensive and it can be harder to even find a company willing to accept the life insurance application. However, by shopping around and comparing policies, it is possible to find cover that's right for you.
As with any kind of insurance company, those offering life cover are concerned by the amount of risk posed by each new customer. Paying out on claims is expensive for the insurance industry so they generally look to minimise the risk by taking on people who are deemed to be healthy and likely to live longer.
Of course, if you have already suffered from a critical illness, you are immediately considered a higher risk to insure, because from the insurer's perspective, you could get ill again or your illness could have taken its toll and decreased your chances of living a long, healthy life.
For those seeking life insurance after surviving an illness, it is most important to compare policies from across the industry. Not everyone will be willing to insure critical illness survivors, and those that do might increase or 'load' your premium based on the perceived risk of insuring you.
When applying for life insurance after suffering a critical illness, it is also a good idea to have the following prepared:
Medical reports indicating your current health and future prospects
What you were diagnosed with and when
What steps you have taken since recovering
Any other medical conditions you still suffer from
To improve your chances of getting life insurance, you could consider cutting back on drinking and quitting smoking, as these factors could impact the total cost of the policy's premiums.
Tips for comparing life insurance for critical illness survivors:
Be prepared and have medical reports and any evidence of your plan to stay healthy
Cut back on drinking and quit smoking
Compare policies from a range of providers to get the best value deal
*Based on £150,000 of level-term cover for 25 years for a 30-year-old non-smoking male with no pre-existing medical conditions (March 2023).