If you have ever been told you have a pre-existing medical condition, you may assume that a new insurance policy is off the table. Many people do. In fact, it is one of the most common reasons people delay or avoid arranging protection altogether.
But the reality is far more nuanced than a simple yes or no.
Understanding what is possible, and what steps you can still take to protect yourself and your family, can make a meaningful difference to your long-term financial security.
Uncertainty leads to inaction
People often worry that:
- They will be automatically declined
- Premiums will be unaffordable
- The process will be invasive or stressful
- There is no point even applying
As a result, many people put protection in the “too hard” category and move on, hoping they will deal with it later. Unfortunately, later is often when protection is most needed.
Why avoiding the question can be risky
Protection is designed to support you when life takes an unexpected turn. If you already have a medical condition, the financial impact of illness or incapacity can be even more significant.
Without protection in place, the consequences may include:
- Loss of income during illness or recovery
- Increased pressure on savings or pensions
- Greater reliance on family members
- Limited options if you are unable to work
It is also important to understand that underwriting decisions are based on current information. Delaying an application does not usually improve outcomes and in some cases can reduce your options further if your health changes again.
What cover may still be available
Having a pre-existing condition does not automatically mean you cannot get cover.
Insurers assess risk individually and outcomes may include:
- Full cover with standard terms
- Cover with a medical exclusion for a specific condition
- Cover with a premium loading
- Limited benefit periods or deferred periods
In many cases, insurers will still offer meaningful protection that covers a wide range of other risks, even if one condition is excluded.
This is where advice matters. Understanding which insurers are more flexible for certain conditions, how to present medical information clearly, and which type of policy is most appropriate can make a significant difference to the outcome.
Why early conversations matter
The earlier you explore your options, the more choice you are likely to have. Even if the outcome is not perfect, having some protection in place is often far better than having none at all.
A review can also help you:
- Avoid unnecessary exclusions
- Ensure premiums are sustainable
- Align cover with your wider financial plan
- Understand how protection fits alongside pensions and savings
The often overlooked piece: Lasting Power of Attorney
When discussing protection, especially where health concerns exist, it is vital not to overlook Lasting Power of Attorney.
If you were to become seriously ill or lose capacity, having insurance alone is not enough. Without a Power of Attorney in place:
- Your family may be unable to manage finances
- Insurance claims could be delayed
- Access to bank accounts and policies may be restricted
Power of Attorney ensures that someone you trust can act on your behalf when you cannot. For clients with pre-existing conditions, this is an essential part of a well-rounded financial protection plan.
Final thoughts
Pre-existing conditions can make protection more complex, but they do not make it impossible. What matters most is having the right information, the right support, and a plan that reflects your personal circumstances.
If you are unsure what cover might be available to you, or how protection and Power of Attorney should work together, a conversation now could prevent significant stress later.
Getting organised today can provide reassurance for whatever tomorrow brings.
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At Willow Tree Financial Services, we offer personalised advice on Financial Planning, Mortgages, Investments, Pensions, Personal & Business Protection, and Wills, Trusts & Estate Planning, all tailored to your individual goals and circumstances.
Call us on 01323 436680, get in touch here, or book an appointment here to get started.
We’re based in Polegate, East Sussex, and support clients across the South East and beyond.
Stay in touch with us on social media:
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http://www.youtube.com/@willowtreefinancialservices
Willow Tree Financial Services is a trading style of Rachael Panteney who is an appointed representative of Quilter Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The value of investments and pensions, and any income they produce, can fall as well as rise. You may get back less than you invested.
The Financial Conduct Authority does not regulate wills, trusts, estate planning, and lasting power of attorney. Will writing is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for this aspect of our business.
