According to the British Heart Foundation, there are 7.4 million people in the UK living with a heart or circulatory disease. 280 hospital admissions every day are due to a heart attack, and more than 4,500 babies are born every year with a heart defect.
Considering these statistics there is a strong chance that you, or someone close to you, will have a heart condition. And, you may have assumed that your chances of being accepted for life insurance with a heart problem were zero.
The truth is that many insurers will consider applications for life insurance from people with heart conditions. Here’s what you need to know.
Good news: you may be able to get the cover you want
While heart conditions affect many millions of people in the UK, heart problems vary significantly from person to person. There is also a wide spectrum of how these conditions affect people in their day-to-day lives.
Experiencing heart issues does not mean that you have any less need for life insurance or other types of protection. However, it’s easy to assume that if you have been diagnosed with a heart condition – particularly if you have previously had a heart attack – that you won’t be ‘eligible’ for cover.
You may also believe that even if you were accepted for cover, your insurance would not pay out in the event you died because of a heart condition.
Here’s the good news: it may very well be possible for you to obtain the life insurance you need.
How an insurance broker can help you
Talking to an insurance broker and comparing life insurance quotes if you have a heart condition can help you to get the cover you need.
Firstly, your broker will ask you about why you need cover and request more information about your medical history. This information is needed in order that they can approach underwriters at the main life insurers on your behalf.
Insurers will then provide a response. Some are likely to decline the application, as their underwriting criteria simply doesn’t account for the condition you may have.
Others may well offer terms, with a premium based on their perceived risk. It’s likely that you will pay more then the ‘standard’ premium for cover, depending on the condition you have. Insurers will provide indicative terms at this stage.
Your broker will then make an application to the insurer. You’ll need to provide all the information required on the application form, and this may include detailed medical information such as dates of diagnosis, any treatment, and the specific nature of your condition.
The insurer will then underwrite your application. This could take several weeks or months as they are likely to request GP reports and other medical information – perhaps from your cardiologist.
Once the insurer is satisfied with your application, they will issue final terms for the cover. Once you agree, your protection is in force and you will begin to pay the premiums.