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This is an insurance policy that will pay out to your beneficiaries whenever you die, at whatever age.

If you cannot afford to cover your full mortgage balance, it is worth getting a policy with a lower payout. It is better than not having anything in place. As with all health-related insurances, pre-existing conditions will not be covered.

You can qualify for a life insurance policy even if you already have pre-existing health problems.  You need to complete a medical questionnaire, and the providers will give you an indicative decision.

Pre-existing conditions that you have before taking out the plans will not be treated on a new plan.

Private Medical Insurance is there to provide quicker access to treatment for acute medical conditions. The appointments will be often quicker and therefore if you have an underlying condition, this may be diagnosed quickly.

You may also have quicker access to various hospitals, consultants and treatment that may be difficult with the often long NHS waiting lists.

Many consumers have struggled to claim on policies such as wedding and travel insurance as a result of the Covid 19 pandemic, no similar issues have been reported in the life insurance industry. 

In fact, data from the Association of British Insurers (ABI) shows that during the height of the COVID-19 crisis, insurers received 7,000 life insurance claims and paid out £90 million – the equivalent of £980,000 every day – to support the families of those who died due to coronavirus.

The age is 18 to buy a plan, the maximum age is the day before 60th birthday to buy a plan.

Life insurance policies is always cheaper in annual premiums the younger you are when you buy the policy. Also if your health is good it will also translates to lower insurance costs and buying a policy younger also lowers the chances of having an illness like diabetes or heart disease.

Some conditions are genetic and can run in families, e.g. diabetes or certain cancers. If the insurer deems you a high risk for the condition they may request a medical screening or they may add on exclusions or raise the monthly premium.

It’s very important that you are sure about the family member, the exact name of the condition and when they were diagnosed, otherwise you may have an incorrect outcome to your application.

As with any insurance policy, if you do not disclose all information required, you may not receive a payout.

If you have decided to take out life insurance plan to provide a lump sum or a regular income to your loved ones when you die, there is usually no income or capital gains tax to pay on the proceeds of the policy.